side or a state behind it, just as the euro, Europe’s common currency that the ECB is tasked with guarding, is a … ‘denationalised’ currency. The euro area is a rare exception to the global ‘one state, one currency’ rule. But the ECB is not the only … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps ‘cockpit’) of the Eurosystem, the …

Monetary Union (EMU), focusing on the German intellectual and historical traditions behind the euro policy regime and its … the euro's guardian of stability, and ultimately the euro itself. Essentially, the national success of the Bundesbank … general perception in Germany today is that the euro crisis has confirmed the soundness of the key “stability …