The balance of payments may be the most important constraint on macroeconomic policy in the majority of industrial and developing countries. CEPR held a workshop on 26/27 June on `Macroeconomic Policy and the External Constraint: The European Experience', in order to investigate the relevance of the external constraint in Europe since the establishment of the EMS.

The workshop discussed presentations on the general interaction between macroeconomic policies and the need to maintain external balance over time, and on the individual experiences of five European countries. It was organized by George Alogoskoufis (Birkbeck College, London, and CEPR) and funded by the Ford and Alfred P Sloan Foundations, as part of their support for the Centre's International Macroeconomics programme. The workshop is expected to lead to a conference in 1990.

General Studies
George Alogoskoufis and Chris Martin (Queen Mary College, London) on `Macroeconomic Policy and the External Constraint: The European Experience'
David Currie and Paul Levine (London Business School and CEPR) and on `The External Constraint and Policy Consequences'
Andrew Newell (University of Sussex) and J S V Symons (University College, London) on `Incomes Policy and the External Constraint: The European Experience'
Vittorio Grilli (Yale University) and Fabio Schiantarelli (Boston University) on `Empirical Structural Modelling in Open Economies'
Peter Smith (LBS) and Michael Wickens (University of Southampton and CEPR) on `Testing for Speculative Bubbles in Exchange Rates'
Country Studies
Charles Bean (LSE and CEPR) on `The UK Experience'
Giampaolo Galli (Banca d'Italia) and Francesco Giavazzi (Università di Bologna and CEPR) on `The Italian Experience'
Hugo Keuzenkamp (Universiteit van Tilburg) and Frederick van der Ploeg (Universiteit van Tilburg and CEPR) on `Prospects for the Dutch Economy after Seven Years of Mr Lubbers'
George Alogoskoufis on `Macroeconomic Policy and the External Constraint in the Dependent Economy: The Case of Greece'
Juan Dolado, Samuel Bentolila (Banco de España) and José Viñals (Banco de España and CEPR) on `Macroeconomic Policy and the External Constraint: The Case of Spain'.