Criticism of the course followed by the Deutsche Bundesbank has been increasing recently. Professor Dr. Otmar Issing explains the theoretical concept of German monetary policy and the basic principles of the Bundesbank's monetary targeting.

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...

Last weeks' dollar crisis which ended with the devaluation of the dollar emphasised once more the need for a reform of the international monetary system. It also brought to the open the necessity to reorganise the EEC monetary relations. The floating of pound and lira seems to support this case.

This article discusses the frustrations both sides of the Atlantic regarding security, commercial and monetary policies. It suggests, however, that with the European Community, Japan and the USA all in difficulties together they might now possess the political will to arrest through negotiations...