DAVID COBHAM is Professor of Economics at Heriot-Watt University in Edinburgh, UK. He has published extensively in the field of UK monetary policy, and also has substantial interest in the fields of European monetary integration, financial systems and Middle East economies.

• Introduction; D.Cobham Understanding the Link Between Money Growth and Inflation in the Euro area; K.Assenmacher-Wesche & S.Gerlach Monetary Policy Shifts and Inflation Dynamics; P.Surico Is European Monetary Policy Appropriate for the EMU Member Countries? A Counterfactual Analysis; B.Hayo Fiscal Policy, Labour markets, and the Difficulties of Inter-Country Adjustment within EMU; C.Allsopp & D.Vines The Economic Importance of Fiscal Rules; M.Artis & L.Onorante Has EMU had any Impact on the Degree of Wage Restraint?; A.Posen & D.Gould Structural Reforms and European Monetary Union: What Can a Panel Analysis for the World versus OECD Countries Tell Us?; A.Belke, B.Herz & L.Vogel The Euro and Financial Integration; P.Lane & S.Walti The Impact of the Euro Changeover on Inflation: Evidence from the Harmonised Index of Consumer Prices; M.Ercolani & J.Dutta Issues and Problems Related to Eurozone Entry of the New Accession Countries: An Analytical Review; M.Beblavy A Portfolio Based Analysisof Movements in the Euro Dollar Rate; A.Al-Eyd, R.Barrell & D.Holland