The contributions are concerned with the theoretical and empirical analyses of fixed and flexible exchange rate systems, the role of central bank and other government policies in such systems, the prospects, workings and effects of a European Monetary System, and capital mobility and economic integration.

Notes on the Contributors - Introduction; P.Maillet - PART 1 EUROPEAN MONETARY SYSTEM AND MONETARY INTEGRATION - The Entry of Southern Countries into the European Monetary System; P.Artus & C.Dupuy - Perfect Capital Mobility and the Italian Economy; G.Gandolfo & P.C.Padoan - Discussion; J.S.Flemming - Floating Exchange Rates and Capital Mobility; E.Aurikko - Discussion; J.Siebke - Monetary Integration of Eastern Europe into the World Economy; C.Buchheim - Discussion; P.Maillet - PART 2 FLEXIBLE EXCHANGE RATES AND CENTRAL BANK POLICY - Nonsterilized Intervention and the Floating Exchange Rate; S.Djajic - Discussion; A.M.M.Kolodziejak - On the Effectiveness of Daily Intervention by the Deutsche Bundesbank and the Federal Reserve System in the U.S. Dollar-Deutsche Mark Exchange Market; S.C.W.Eijffinger & N.Gruijters - Discussion; G.Winckler - The Credibility of Central Banks in Controlling Inflation and the Effect on Exchange Rate Volatility, Theory and Evidence; O.Davanne & V.Vijayraghavan - Discussion; E.Baltensperger - PART 3 EUROPEAN MONETARY UNION - Economic and Monetary Union (EMU) in Europe; C.A.E.Goodhart - Discussion; E.Streissler - Good Money Driving Out Bad; E.Streissler - Discussion; C.Dupuy - A European Central Bank: The Issue of Independence; R.Caesar - Discussion; H-J.Dudler - Economic Policy and European Integration; A.Knoester, A.M.M.Kolodziejak & G.Muijzers - Discussion; H-W.Sinn - Index