This is a paper for anyone wanting to make sense of the new Europe. The Bundesbank is crucial for the processes of both German and European Economic and Monetary Union. It may provide the model for any future European Central Bank or Euro-Fed. To understand the implications of this for the future of European monetary integration one must also understand the history and structure of the Bundesbank, its ethos and objectives. This book examines these issues and in particular how the Bundesbank has reacted to international pressure.