· Highlights of this issue

· A European Central Bank

The following conference was discussed in this issue:

· Intergenerational Justice - Workers versus Pensioners

· Economic policy 7

The following Discussion Papers were discussed in this issue:

· Non-tariff Barriers and Rationing: UK Footwear Imports by Paul A Brenton and L Alan Winters

· Monetary Disinflation, Fiscal Expansion and the Current Account in an Interdependent World by Frederick van der Ploeg

· European Integration and Trade Flows by Damien J Neven and Lars-Hendrik Röller

· The Optimal External Tariff in an Enlarging Customs Union by Christopher J Bliss

· The `New' EMS by Francesco Giavazzi and Luigi Spaventa

· Deterministic Chaos in the Foreign Exchange Markets by Paul De Grauwe

· Tax Reform, Trade Liberalisation and Industrial Restructuring in Hungary by David M G Newbery

· Target Zones and Interest Rate Variability by Lars E O Svensson

· Banking Competition and European Integration by Xavier Vives

· Structural Adjustment of the Greek Economy by Louka T Katseli

· Inflation, Growth and External Debt: A View of the Landscape by Thorvaldur Gylfason