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The evolution of monetary policy (goals and targets) in Western Europe
This chapter charts the evolution of monetary policy in the United
Kingdom, France, and Germany since the late nineteenth century. It
shows how the monetary authorities in the three largest European
economies transitioned from the classical gold standard through the gold
exchange standard and the Bretton Woods regime to European Monetary
Union, while dealing with war, reconstruction, and inflation along the
way. It outlines the changing goals of monetary policy and the targets,
instruments, and devices deployed to achieve those goals. In doing so,
it highlights the constraints within which policy makers operated under
different monetary regimes