We show that the dynamics of spiral waves in excitable media can be re
duced to a nonlinear equation of motion for the wave tip that is asymp
totically exact in a parameter range where the motion takes place arou
nd a large central core region. The onset of meander is shown to occur
naturally in this range in the usual free-boundary limit where the me
dium exhibits an abrupt response to a stimulus. This equation provides
a simple understanding of the physical origin of the meandering insta
bility of spiral waves and of the quasiperiodic motion of the wave tip
.