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A quarterly magazine of the IMF
Volume 35, Number 4
European Economic and Monetary Union

The Implications of EMU for IMF Surveillance
Michael C. Deppler
How will EMU affect the way the IMF monitors economic developments in its European members?

Policy Challenges for the Euro Area
Klaas Knot, Donogh McDonald, and Karen Swiderski
Improved economic performance and a sound policy framework in the euro area provide a solid basis for EMU. But important challenges remain: making an eclectic approach to monetary policy transparent, strengthening public finances further, addressing the structural causes of high unemployment, and ensuring an appropriate mix of economic policies.

The Euro Area and the World Economy
John Green and Phillip L. Swagel
European monetary union will bring both new opportunities and fresh challenges for economic policies in countries outside the euro area.

Ensuring Financial Stability in the Euro Area
Alessandro Prati and Garry J. Schinasi
The introduction of the euro is expected to spur the creation of pan-European financial institutions and markets, with considerable benefits for consumers and investors. Challenges remain within the euro area institutional framework for the management of systemic risk and financial crises.

Capital Account Liberalization

Capital Account Liberalization and the IMF
Barry Eichengreen and Michael Mussa
Capital account liberalization may have substantial benefits, but recent experience also underscores its risks. How should liberalization be sequenced and managed to ensure that the benefits dominate?

Sequencing Capital Account Liberalization
R. Barry Johnston
A country that is liberalizing its capital account faces the challenges of strengthening financial institutions to ensure they are capable of operating in a more market-oriented system and deciding how to achieve monetary aims and maintain macroeconomic stability in a freer, more open environment.

Capital Account Liberalization in the Southern Mediterranean
Saleh M. Nsouli and Mounir Rached
The debate on capital mobility has intensified in the wake of East Asia's recent financial crisis, largely because of the risk of sudden reversals. The crisis demonstrates the importance of a strong macroeconomic stance, sound institutions, and an orderly sequencing of reforms to maximize the benefits and minimize the risks of capital account liberalization.

Other Topics

Financial Crises in Emerging Markets
Donald J. Mathieson, Anthony Richards, and Sunil Sharma
Since 1982, emerging markets have been rocked by three major financial crises. How can they manage the risks associated with greater integration into the international financial system?

Are Banking Crises Predictable?
Daniel C. Hardy
Many countries have experienced financial sector distress at some time. Although bank failures can come as a surprise, information is often available that can signal a banking system's vulnerability to crisis.

Monetary Policy in Russia
Tom�s J.T. Bali�o
Over the last few years, Russia has succeeded in developing the tools to carry out an effective monetary policy in a market economy. What monetary policy instruments has the central bank used to achieve this objective, and what lessons has it learned in the process?

Are Currency Boards a Cure for All Monetary Problems?
Charles Enoch and Anne-Marie Gulde
Currency board arrangements may be coming back into fashion. What recent successes have countries had with currency boards and in what circumstances are they most likely to be effective?

From Grandmotherliness to Governance: The Evolution of IMF Conditionality
Harold James
IMF conditionality has evolved steadily over the years. It continues to evolve. Recent developments have produced both a fresh approach and new challenges.


Letter from the Editor

Letters to the Editor

Book Reviews

Global Development Fifty Years after Bretton Woods: Essays in Honour of Gerald K. Helleiner edited by Roy Culpeper, Albert Berry, and Frances Stewart
Vinod Thomas and Sarwar Lateef

Has Globalization Gone Too Far? by Dani Rodrik
Lant Pritchett

Current Issues in Economic Development: An Asian Perspective edited by M.G. Quibria and J. Malcolm Dowling
Qaizar Hussain

Privatization and Entrepreneurship: The Managerial Challenge in Central and Eastern Europe edited by Arieh A. Ullmann and Alfred Lewis
Raj M. Desai

Foundations of International Macroeconomics by Maurice Obstfeld and Kenneth Rogoff
Peter Clark

Books in Brief