Aerdt Houben is Head of the Monetary Analysis Division at De Nederlandsche Bank. He is also a member of the Monetary Policy Committee of the European System of Central Banks. He has written extensively on macroeconomic policy and monetary issues for both Dutch and international publications. He was previously employed by the International Monetary Fund and holds a Ph.D. from the University of Groningen, in the Netherlands.

'The book is well written and uses a non-formal approach, making it accessible to an audience broader than just the inner circle of monetary policy experts. In my opinion, Houben has done a good job in providing both a complete overview of the theoretical arguments and consideration that are of relevance for an optimal choice of monetary policy strategy and the Europe's experience with these choices since 1975.' De Economist 150:2, 2002

• 1. Introduction.- One: Conceptual Issues.- 2. Key considerations governing the choice of monetary policy strategy.- 3. Targeting options for monetary policy.- Two: The European Experience.- 4. The historical setting.- 5. The evolution of money targeting, 1975–1998.- 6. The evolution of exchange rate targeting.- 7. The evolution of inflation targeting, 1992–1998.- 8. The monetary policy strategy of the Eurosystem.- Author Index.

Aerdt Houben is Head of the Monetary Analysis Division at De Nederlandsche Bank. He is also a member of the Monetary Policy Committee of the European System of Central Banks. He has written extensively on macroeconomic policy and monetary issues for both Dutch and international publications. He was previously employed by the International Monetary Fund and holds a Ph.D. from the University of Groningen, in the Netherlands.

'The book is well written and uses a non-formal approach, making it accessible to an audience broader than just the inner circle of monetary policy experts. In my opinion, Houben has done a good job in providing both a complete overview of the theoretical arguments and consideration that are of relevance for an optimal choice of monetary policy strategy and the Europe's experience with these choices since 1975.' De Economist 150:2, 2002

• 1. Introduction.- One: Conceptual Issues.- 2. Key considerations governing the choice of monetary policy strategy.- 3. Targeting options for monetary policy.- Two: The European Experience.- 4. The historical setting.- 5. The evolution of money targeting, 1975–1998.- 6. The evolution of exchange rate targeting.- 7. The evolution of inflation targeting, 1992–1998.- 8. The monetary policy strategy of the Eurosystem.- Author Index.

Aerdt Houben is Head of the Monetary Analysis Division at De Nederlandsche Bank. He is also a member of the Monetary Policy Committee of the European System of Central Banks. He has written extensively on macroeconomic policy and monetary issues for both Dutch and international publications. He was previously employed by the International Monetary Fund and holds a Ph.D. from the University of Groningen, in the Netherlands.

'The book is well written and uses a non-formal approach, making it accessible to an audience broader than just the inner circle of monetary policy experts. In my opinion, Houben has done a good job in providing both a complete overview of the theoretical arguments and consideration that are of relevance for an optimal choice of monetary policy strategy and the Europe's experience with these choices since 1975.' De Economist 150:2, 2002

• 1. Introduction.- One: Conceptual Issues.- 2. Key considerations governing the choice of monetary policy strategy.- 3. Targeting options for monetary policy.- Two: The European Experience.- 4. The historical setting.- 5. The evolution of money targeting, 1975–1998.- 6. The evolution of exchange rate targeting.- 7. The evolution of inflation targeting, 1992–1998.- 8. The monetary policy strategy of the Eurosystem.- Author Index.