| This dissertation evaluates the role of the Bundesbank in negotiations of international monetary agreements. The study finds that conflicts between the German Federal Government and the Bundesbank were often the cause of the favorable terms which Germany negotiated in international monetary agreements. The Bundesbank, because of its statutory independence, was able to act as a domestic ratifier and thereby negotiate rules of the regime which accorded to its preferences. Moreover, the role and stature of the Bundesbank increased over time as a result of earlier currency regimes such as the European Monetary System, which reinforced the stability norms of the Bundesbank. Finally, this study shows that the importance of the Bundesbank continued after the Maastricht Treaty was signed despite the fact that the Bundesbank had a limited formal institutional role. |
