This paper examines the European experiences with four basic types of monetary policy regimes: 1) monetary targeting, 2) exchange-rate targeting, 3) currency board, and 4) inflation targeting. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. Because the devil is in the details in achieving transparency and accountability, what strategy will work best in a country depends on its political, cultural and economic institutions and its past history.