Policymaking in the European Central Bank makes an important contribution to the literature on European monetary cooperation. In contrast to the prevailing literature’s emphasis on the institutional structure of the European Central Bank, Karl Kaltenthaler skillfully examines the factors that explain the policy choices of independent central bankers. Based on public choice theory, he presents a compelling explanation for the decision by Europe’s central bankers to largely emulate the policy strategy of Germany’s central bank, the Bundesbank. This book is essential reading for those interested in the European Union and monetary policymaking more generally.