* International reputation for identifying current and emerging policy topics early. * Invaluable for keeping track of key International issues. * Hot topics, from the experts. * Papers specially commissioned from first--class economists and experts, all based at top European economic institutions.

1. Some Simple Economics of GM Food: Ditmar Harhoff (University of Munich), Pierre Regibeau (University of Essex) and Katharine Rockett (University of Essex). 2. Should we Beware of the Precautionary Principle? Christian Gollier (University of Toulouse). 3. The Political Economy of Direct Legislation: Direct Democracy and Local Decision--Making: Lars P. Feld (University of St. Gallen) and Gebhard Kirchgassner (University of St. Gallen and Swiss Institute of International Economics and Applied Economic Research). 4. Monetary Policy Implementation and Transmission in the European Monetary Union: Ilian Mihov (INSEAD, Fontainebleau). 5. International Bailouts, Moral Hazard and Conditionality: Olivier Jeanne (International Monetary Fund) Jeromin Zettelmeyer (International Monetary Fund). 6. Currency Unions and Trade: How Large is the Treatment Effect? Torsten Perrson (Stockholm University and London School of Economics). 7. Currency Unons and Trade: the Efect is Large: Andrew Rose (University of California, Berkeley).