The appearance of the international financial markets is changing rapidly; new instruments are constantly being hatched and marketed, often with considerable success. However, the ingenuity of the markets does not always meet with applause; the banking supervisory authorities and central banks...

The decisions of the EC conference in Nyborg last autumn were designed to consolidate and expand monetary integration in Europe. What degree of integration have the many years of effort achieved? What are the prospects for the future of the European Monetary System?

International barter transactions are becoming increasingly important in world trade. The following article examines the reasons for this as well as its implications for competition and the international division of labour, and presents an assessment of future developments.