Economic Policy 74

The Managing Editors of Economic Policy: Tullio Jappelli is CSEF Director and Professor of Economics at the University of Naples Federico II. Philip Lane is Professor of International Macroeconomics at Trinity College Dublin. Philippe Martin is Professor at the Universite Paris-1 Pantheon Sorbonne and CERASENPC and a Research Fellow at CEPR. Jan van Ours is Professor of Economics at Tilburg University and Professorial Fellow at Melbourne University. The Senior Editors of Economic Policy: Georges de Menil works at the Delta Ens, France. Richard Portes lectures in the Department of Economics, London Business School. Hans-Werner Sinn is based at the Centre for Economic Studies, University of Munich.

• Editor s Introduction 189 Trends in European real exchange rates 193 Martin Berka and Michael B. Devereux Discussant: Gianluca Benigno Panel discussion A Monetary policy strategy in good and bad times: lessons from the recent past 243 Stephan Fahr, Roberto Motto, Massimo Rostagno, Frank Smets and Oreste Tristani Discussants: Romain Ranciere and Tommaso Monacelli Panel discussion Bank ratings: what determines their quality? 289 Harald Hau, Sam Langfield and David Marques-Ibanez Discussants: Isabel Schnabel and Thorsten Beck Panel discussion Why banks are not too big to fail evidence from the CDS Market 335 Andrea Barth and Isabel Schnabel Discussants: Fabiano Schivardi and Vasso Ioannidou Panel discussion and appendix