The papers collected in this volume are those presented at the eighteenth Colloquium arranged by the Societe Universitaire Europeenne de Recherches Financieres (SUERF), which took place in Dublin in May 1994. The Society is supported by a large number of central banks and com­ mercial banks, by other financial and business institutions and by personal subscriptions from academics and others interested in monetary and financial problems. Since its establishment in 1963, it has developed as a forum for the exchange of information, research results and ideas among academics and practitioners in these fields, including central bank and treasury officials responsible for formulating and applying monetary and financial policies, national and international. A major activity of SUERF is to organise and conduct Colloquia on subjects of topical interest to its members. The titles, places and dates of previous Colloquia for which volumes of the collected papers were published are noted on the last page of this volume.

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Preface. Part A: Opening Addresses. I. Introduction; C. de Boissieu. II. The Irish Financial Sector in the European Context; M. O'Connell. III. European Financial Intermediaries and Markets: Lines of Development in an International Context; R. Masera. IV. Is Competitiveness a Dangerous Obsession in the Financial World? J.-P. Abraham. Part B: Technologies, Products and Markets. V. Banking on Real Estate; M.K. Lewis. VI. Les surcapacités bancaires en France; M. Dietsch. VII. The Screen-Based Market in Government Securities in Italy; L. Rondelli. VIII. Economies, Inefficiencies and Technical Progress in Swiss Banking; G. Sheldon. Part C: The Strategies of Financial Institutions. IX. Efficiency and Banking Strategies in Spain; F. Pérez, J. Quesada. X. A Case Study on Business Strategies of Austrian Banks; G. Fink, P. Haiss, R. Petschnigg. XI. Estonian Strategies in the Reconstruction of its Monetary System; M. Sörg. XII. Wholly-Owned Ventures versus Strategic Alliances in Financial Services Diversification; H. Ingham, S. Thompson. XIII. New Competitive Strategies in the Italian Financial Services Industry; P. Modiano, L.E. Mollame, V. Valenti. XIV. Bridge, Poker and Banking; L. Engwall. Part D: Competitiveness and the Competitive Position of International Centres in Europe. XV. The Paris MATIF in Light of Globalization and Intense Competition; P. Simonnet. XVI. The Competitive Position of Germany as a Financial Centre as Seen by a CentralBanker; G. Häusler. XVII. Dublin's International Financial Services Centre: a Review; T. O'Connell, N. Kennedy. XVIII. Japan's Financial Markets: their Competitiveness and Internationalization; W. Takahashi, H. Taguchi. XIX. The Internationalisation of the Belgian Banking Sector: a Comparison with the Netherlands; S. Pintjens. XX. Competition and Financial Centres in Europe: London as a Case Study; D.G. Raikes, A. Newton. XXI. The Swiss Financial Centre Revisited; N. Blattner. Part E: Regulatory Issues and the Management of Systemic Risks in the New Competitive Environment. XXII. Financial Fragility and Macroeconomic Performance: an Overview; J.J. Sijben. XXIII. Market Liquidity Risk; E.P. Davis. XXIV. Bank Stability, Deposit Insurance and Regulation; P. Bourke. XXV. Les systèmes de paiements dans l'intégration européenne: enjeu pour les banques centrales; M. Aglietta. XXVI. Deregulation and Financial Fragility: a Case Study of the UK and Scandinavia; H.A. Benink, D.T. Llewellyn. XXVII. Default Risk Exposure in Foreign Exchange Rate Derivatives; P.B. Mokkelbost. XXVIII. Governments' Strategies: the Nordic Banking Industries after the Crises; S.A. Berg. Part F: Concluding Address. XXIX. General Report on the Colloquium; R. O'Brien.