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The New International Monetary System brings together twelve original contributions by leading scholars and practitioners to a conference convened in May 2008 on the occasion of the retirement of Alexander Swoboda. The contributions are arranged in three main parts. Part I deals with the international financial architecture, Part II examines the ever-controversial role of exchange rate regimes and Part III takes stock of the conduct of monetary policy and the challenges posed by the inflation-targeting strategy. The chapters provide considered assessments of virtually all the hotly debated issues that concern monetary policies seen from an international perspective. Edited by and with an introduction from Charles Wyplosz, the collection includes contributions from some of the key international figures in the field of monetary policy, central banking and exchange rate regimes to discuss contemporary international monetary issues. Contributors include Michael Bordo, Barry Eichengreen, Ronald McKinnon and Charles Goodhart. The volume also contains tributes from Paul Volcker and Jean-Pierre Roth.

PAGEOPH, stratosphere, these differences provide us with new evidence, interpretation of which can materially help to advance our understanding of stratospheric dynamics in general. It is now weil established that smaller-scale motions-in particular gravity waves and turbulence-are of fundamental importance in the general circulation of the mesosphere; they seem to be similarly, if less spectacularly, significant in the troposphere, and probably also in the stratosphere. Our understanding of these motions, their effects on the mean circulation and their mutual interactions is progressing rapidly, as is weil illustrated by the papers in this issue; there are reports of observational studies, especially with new instruments such as the Japanese MV radar, reviews of the state of theory, a laboratory study and an analysis of gravity waves and their effects in the high resolution "SKYHI" general circulation model. There are good reasons to suspect that gravity waves may be of crucial significance in making the stratospheric circulation the way it is (modeling experience being one suggestive piece of evidence for this). Direct observational proof has thus far been prevented by the difficulty of making observations of such scales of motion in this region; in one study reported here, falling sphere observations are used to obtain information on the structure and intensity of waves in the upper stratosphere.