A joint CEPR conference with the Associació Barcelona Centre Financer Europeu, on `The Impact of European Monetary Union', took place in Barcelona on 11/12 March. The conference was organized by Vittorio Grilli (Birkbeck College, London, and CEPR). The following papers were presented:

`The Objectives for, and Conduct of, Monetary Policy in the 1990s', Charles Goodhart (LSE)

`On the Feasibility of a One- or Multi-Speed European Monetary Union', Alberto Alesina (Harvard University and CEPR) and Vittorio Grilli (Birkbeck College, London, and CEPR)

`The Workings of the ECB: Lessons From the Federal Reserve', Peter Kenen (Princeton University)

`European Monetary Policy in Stage Three: What are the Issues?', Carlo Monticelli (Committee of Governors of the EC Central Banks, Basle) and José Viñals (Committee of Governors of the EC Central Banks, Basle, and CEPR)

`Monetary Policy in the EC: Position of the Commission', Henning Christophersen (Commission of the European Communities)