A workshop of the European Science Foundation Network in Financial Markets on `Financial Regulation' was held at Toulouse on 4/5 June, with the participation of the Association pour la Défense de la Recherche en Economie et Statistiques. The workshop was organized by Jean-Charles Rochet and Jean Tirole, both Professors of Economics at the Institut d'Economie Industrielle, Université des Sciences Sociales, Toulouse, and Research Fellows in CEPR's Applied Microeconomics programme. A full report will appear in issue no. 7 of the Newsletter of the ESF Network in Financial Markets, September 1993. The following papers were presented:

`US Commercial Banking: Trends, Cycles and Policy', John Boyd (Federal Reserve Bank of Minneapolis) and Mark Gertler (New York University)

`The Causes and Costs of Thrift Institution Failures: A Structure-Behaviour-Outcomes Approach', Rebel A Cole (Federal Reserve System, Washington DC), Joseph A McKenzie (Federal Housing Finance Board, Washington DC), and Larry White (New York University)

`The Prudential Regulation of Banks', Mathias Dewatripont (Université Libre de Bruxelles and CEPR) and Jean Tirole (Université des Sciences Sociales, Toulouse, and CEPR)

`Efficient Regulation of Banks' Solvency', Bernard Bensaïd and Henri Pagès (Banque de France) and Jean-Charles Rochet (Université des Sciences Sociales, Toulouse, and CEPR)

`Sharing Default Information as a Borrower Discipline Device', Jorge Padilla (Centro de Estudios Monetarios y Financieros, Madrid, and CEPR) and Marco Pagano (Università Bocconi, Milano, and CEPR)

`Reputation and Discretion in Financial Contracting', Arnoud Boot (Universiteit van Amsterdam), Stuart Greenbaum (Northwestern University) and Anjan Thakor (Indiana University)

`The Design of Bank Loan Contracts, Collateral and Renegotiation', Gary Gorton (University of Chicago) and James Kahn (Rochester University)

There were also round tables on `Deposit Insurance', chaired by Richard Portes (CEPR and Birkbeck College London), on `Banks and the Financial System', chaired by Oliver Hart (Harvard University), and on `Separation of Authority in Supervision', chaired by Jean-Jacques Laffont (Université des Sciences Sociales, Toulouse).