Two developments are currently shaping Europe's financial and foreign exchange markets: Innovations, including the private use of the ECU, and the erratic fluctuations of the US dollar. Professor Nydegger analyses the causes and effects of these developments from the perspective of the world...

The tremendous importance of small and medium-sized enterprises within the German economy is repeatedly stressed in policy discussions. That makes the disproportionately low level of involvement by SMEs in the Asian growth region stand out all the more prominently. What are the factors...