Economic Policy is written for all those with an informed interest in economic policy problems. All articles are submitted to rigorous scrutiny by a panel of distinguished economists from around the world, resulting in a volume of authoritative and accessible articles, each followed by the comments of panel members.

1. Editors' Introduction. 2. More power to the European parliament?: Abdul G. Noury and Gerard Roland. 3. Delocation and European integration: is structural spending justified?: Karen Helene Midelfart-Knarvik and Henry G. Overman. 4. Unions and labour market instititutions in Europe: Daniele Checchi and Claudio Lucifora. 5. Can training and employment subsidies combat European unemployment?: Jochen Kluve and Christoph M. Schmidt. 6. Corporate income tax reforms and international tax competition: Michael P. Devereux, Rachel Griffith and Alexander Klemm. 7. A European VAT on financial services?: Harry Huizinga. 8. Analysis of spreads in the dollar/euro and deutchemark/dollar foreign exchange markets: Charles Goodhart, Ryan Love, Richard Payne and Dagfinn Rime. 9. Features of the euro's role in international financial markets: Carsten Detken and Philipp Hartmann. 10. Theoretical perspective on euro liquidity: Richard K. Lyons.