The first workshop of a CEPR research group on `Monetary Policy and Exchange Rates in Europe' was held at Georgetown University on 7 May. The meeting was organized by Vittorio Grilli, member of the Italian Treasury Ministry's Council of Experts, and Axel Weber, Professor of Economics at the Universität Bonn and the Universität Gesamthochschule Siegen, both Research Fellows in the Centre's International Macroeconomics programme. It formed part of CEPR's research initiative on `Macroeconomics, Politics and Growth in Europe', funded by the Commission of the European Communities under its Human Capital and Mobility programme. The workshop followed on from a CEPR joint conference with Georgetown University, reported in this issue of the Bulletin. The following papers were presented:

`Exchange Rate Volatility, Monetary Policy and Capital Mobility: Empirical Evidence from the Holy Trinity', Andrew K Rose (University of California, Berkeley, and CEPR)

`Liquidity and Exchange Rates: Puzzling Evidence from the G-7 Countries', Vittorio Grilli (Ministero del Tesoro, Roma, and CEPR) and Nouriel Roubini (Yale University and CEPR)

The meeting concluded with an extensive panel discussion on `Monetary Policy in Europe', led by Alberto Giovannini (Columbia University, Ministero del Tesoro, Roma, and CEPR)