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 East, an evaluation of an alternative, narrow band based on a moving average of the exchange rate following the EMS crisis of 1992-3, an explanation of why French unemployment is so different from that in the United States, and an assessment of corporate governance in Europe: its performance and links with financial market regulation.