Professor Morten Balling has been the President of the Aarhus School of Business, Aarhus, Denmark, since 1993. He holds many directorships of Danish companies and institutions and has written widely on monetary, banking and financial topics.Eduard Hochreiter is General Sectretary of SUERF and Senior Advisor and Head of the Economic Studies Division at Oesterreichische National Bank.Elizabeth Hennessy is a freelance writer and editor. Her She is currently an editor of Treasury and Management International magazine

• Introduction Morten Balling 1. In search of anchors for financial and monetary stability Andrew Crockett 2. Banking consolidation in Europe Jacques de Larosière 3. Monetary policy and financial stability in a dynamic world Klaus Liebscher 4. A new capital adequacy framework for Europe Claes Norgren 5. Is a Euroland banking system already emerging? Tommaso Padoa-Schioppa 6. Fiscal discipline and exchange rate regimes: A case for currency boards? Enrique Alberola and Luis Molina 7. Country risk analysis in the light of emerging market crisis Josef Christl and Thomas Spanel 8. Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina B. Gerard Dages, Linda Goldberg and Daniel Kinney 9. Financial stability in the euro area - some lessons from US financial history E. Philip Davis 10. Strategies developed by Spanish banks for adapting to financial globalisation: Mergers, acquisitions and other strategies Ignacio Fuentes and Teresa Sastre 11. Globalisation and Payment Intermediation Hans Geiger 12. A theoretical model of consumer behaviour in the financial services industry Barry Howcroft 13. Inflation, monetary transparency, and G3 exchange volatility Kenneth N. Kuttner and Adam S. Posen 14. Challenges to the structure of financial supervision in the EU Karel Lannoo 15. Financial industry mergers and acquisitions: Evaluating the strategies of diversification or concentration Gary Santry 16. Impact of globalisation on efficiency in the European banking industry: What can we learn from the cost to income ratio? Peter Van Dijcke

Professor Morten Balling has been the President of the Aarhus School of Business, Aarhus, Denmark, since 1993. He holds many directorships of Danish companies and institutions and has written widely on monetary, banking and financial topics.Eduard Hochreiter is General Sectretary of SUERF and Senior Advisor and Head of the Economic Studies Division at Oesterreichische National Bank.Elizabeth Hennessy is a freelance writer and editor. Her She is currently an editor of Treasury and Management International magazine

• Introduction Morten Balling 1. In search of anchors for financial and monetary stability Andrew Crockett 2. Banking consolidation in Europe Jacques de Larosière 3. Monetary policy and financial stability in a dynamic world Klaus Liebscher 4. A new capital adequacy framework for Europe Claes Norgren 5. Is a Euroland banking system already emerging? Tommaso Padoa-Schioppa 6. Fiscal discipline and exchange rate regimes: A case for currency boards? Enrique Alberola and Luis Molina 7. Country risk analysis in the light of emerging market crisis Josef Christl and Thomas Spanel 8. Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina B. Gerard Dages, Linda Goldberg and Daniel Kinney 9. Financial stability in the euro area - some lessons from US financial history E. Philip Davis 10. Strategies developed by Spanish banks for adapting to financial globalisation: Mergers, acquisitions and other strategies Ignacio Fuentes and Teresa Sastre 11. Globalisation and Payment Intermediation Hans Geiger 12. A theoretical model of consumer behaviour in the financial services industry Barry Howcroft 13. Inflation, monetary transparency, and G3 exchange volatility Kenneth N. Kuttner and Adam S. Posen 14. Challenges to the structure of financial supervision in the EU Karel Lannoo 15. Financial industry mergers and acquisitions: Evaluating the strategies of diversification or concentration Gary Santry 16. Impact of globalisation on efficiency in the European banking industry: What can we learn from the cost to income ratio? Peter Van Dijcke

Professor Morten Balling has been the President of the Aarhus School of Business, Aarhus, Denmark, since 1993. He holds many directorships of Danish companies and institutions and has written widely on monetary, banking and financial topics.Eduard Hochreiter is General Sectretary of SUERF and Senior Advisor and Head of the Economic Studies Division at Oesterreichische National Bank.Elizabeth Hennessy is a freelance writer and editor. Her She is currently an editor of Treasury and Management International magazine

• Introduction Morten Balling 1. In search of anchors for financial and monetary stability Andrew Crockett 2. Banking consolidation in Europe Jacques de Larosière 3. Monetary policy and financial stability in a dynamic world Klaus Liebscher 4. A new capital adequacy framework for Europe Claes Norgren 5. Is a Euroland banking system already emerging? Tommaso Padoa-Schioppa 6. Fiscal discipline and exchange rate regimes: A case for currency boards? Enrique Alberola and Luis Molina 7. Country risk analysis in the light of emerging market crisis Josef Christl and Thomas Spanel 8. Foreign and domestic bank participation in emerging markets: Lessons from Mexico and Argentina B. Gerard Dages, Linda Goldberg and Daniel Kinney 9. Financial stability in the euro area - some lessons from US financial history E. Philip Davis 10. Strategies developed by Spanish banks for adapting to financial globalisation: Mergers, acquisitions and other strategies Ignacio Fuentes and Teresa Sastre 11. Globalisation and Payment Intermediation Hans Geiger 12. A theoretical model of consumer behaviour in the financial services industry Barry Howcroft 13. Inflation, monetary transparency, and G3 exchange volatility Kenneth N. Kuttner and Adam S. Posen 14. Challenges to the structure of financial supervision in the EU Karel Lannoo 15. Financial industry mergers and acquisitions: Evaluating the strategies of diversification or concentration Gary Santry 16. Impact of globalisation on efficiency in the European banking industry: What can we learn from the cost to income ratio? Peter Van Dijcke