The analysis of the political economy of currency policy has focused on two sets of questions. The first is global, and has to do with the character of the international monetary system. The second is national, and has to do with the policy of particular governments towards their exchange rates. These two interact. National policies, especially of large countries, have an impact on the international monetary system. By the same token, the global monetary regime influences national policy choice. For ease of analysis, however, it is useful to separate analyses of the character of the international monetary system from analyses of the policy choices of national governments.