Economic Policy is the premier European review of analysis of economic affairs. It is written by leading economists for all those with an informed interest in policy problems in a readable and non–technical format. All articles published have been submitted to rigorous scrutiny by a panel of distinguished economists from around the world. The result is a volume of authoritative and accessible articles, each followed by the comments of panel members. Non–partisan, Economic Policy acts as a forum for debate between analysts with a wide range of views. It emphasizes the possibilities for cross–country comparisons; the balance between conflict and cooperation in national policy formation; and the constraints imposed on individual economies by their integration in the world economy. Issue 24 includes: an arbitrage–based test of target zone credibility based on evidence from ERM cross–rate options; a detailed analysis of the costs and benefits of the EU?s enlargement to the...

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