DAVID G. MAYES is currently Advisor to the Board of the Bank of Finland and Professor of Economics at Southbank University, London. He was previously Chief Manager and Chief Economist at the Reserve Bank of New Zealand and has been Director of the New Zealand Institute of Economic Research. He has published widely in economics and is currently working on a book on monetary policy. - LIISA HALME is Chief Legal Counsel for the Financial Supervisory Authority of Finland. - AARNO LIUKSILA is the Director of IA Management, based in Washington. Until recently, he worked for the legal service of the International Monetary Fund.