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Contents:PrefaceKlaus Liebscher, Josef Christl, Peter Mooslechner andDoris Ritzberger-GrunwaldPART I: HOW CURRENCY AND COMPETITIVENESS CONTRIBUTETO GROWTH AND STABILITY1. Competitiveness Still has CurrencyKlaus Liebscher2.Financial Market Turbulence and Global Imbalances John Lipsky3. Are GlobalImbalances a Problem? John Williamson4. Financial Globalization and ExchangeRate Arrangements Graciela Laura Kaminsky5. Exchange Rates from aMultilateral and South-East Asian PerspectiveHans GenbergPART II:UNDERSTANDING EXCHANGE RATES 6. Fundamentally Lost? On the Role ofFundamentals in Exchange Rate Economics in History and TheoryPeterMooslechner7. Macroeconomic Fundamentals and the Exchange Rate RonaldMacDonald8. Understanding Exchange Rates: A Micro-based Perspective on theImportance of FundamentalsMartin D.D. Evans9. Real Exchange Rate Dynamics inTransition Economies: The Role of Investment in QualityJan Brůha andJiři Podpiera10. The Impact of Exchange Rate Interventions andCommunication Over the Medium-term Marcel Fratzscher11. Using theMicrostructure Approach to Foreign Exchange Markets at a Central Bank ronGereben12. How do Central Banks and FX Traders Interact?Antonio ScaliaPARTIII: UNDERSTANDING ECONOMIC COMPETITIVENESS13. Competitiveness in a MonetaryUnionJosef Christl14. Real and Nominal Convergence: Policy Challenges in aMonetary UnionLorenzo Bini Smaghi15. Product Quality and InternationalCompetitiveness in the New Member States of the EUDeniz Igan16. StructuralAspects of CompetitivenessJulia Woerz17. Assessing the Sustainability ofExternal Positions in New EU Member StatesEnrique Alberola and Jose MariaSerenaPART IV: POLICY CHALLENGES ON THE ROAD TO AND WITHIN MONETARY UNION 18.Preparing for the Euro - Perspectives from the Monetary Policy Strategy inCyprusAthanasios Orphanides19. Economic Challenges on the Path to the Euro -The Maltese ExperienceMichael Bonello20. Slovakia's Road to the Euro -Lessons Learned and Challenges AheadIvan Aeramko21. Euro Area Enlargement:Lessons and ChallengesServaas Deroose, Paul Kutos and Massimo SuardiIndex