Recently, De Nederlandsche Bank in coope:ration with the CentER for Economic Research of Tilburg University organised an international conference on monetary policy. This volume contains the papers, comments and speeches given on that occasion. The organisation of such a conference and the publication of this book were possible only through the efforts of a number of people. More in particular I would like to thank the organising committee (prof Onno de Beaufort Wijnholds, assoc prof Sylvester Eijffinger, dr Lex Hoogduin and Broos van der Werff) , Hans Haan the conference manager, Imelda Drubbel and Nicolette Ligtenberg who constituted the conference secretariat, Bert Groothoff who acted as press officer and Eric Schaling for their assistance. A special word of appreciation is due to mrs Bodil Andersen (Denmarks National Bank) and mr Kumiharu Shigehara (Organisation of Economic Cooperation and Development) who accepted the difficult task of chairing the meetings which they did most admirably. Of course, a conference cannot even take place without participants and cannot be a success without good participants. I am very pleased that we could be the host of the eminent group of people who in my view made the conference such a success. Before the conference I thought it would be a one-time-event. After the event I am not so sure.

Zusammenfassung
Focuses on various aspects of monetary policy such as the final objective of monetary policy, the position of the central bank, the design and implementation of monetary policy, the relationship between monetary policy and exchange rate regimes, and the consequences of financial reforms in Central and Eastern Europe and in Latin America.

Inhalt
A Thursday October 21, 1993.- Opening Speech by the President of De Nederlandsche Bank.- Keynote Speech by the Vice Chairman of the Federal Reserve Board: A Framework for Monetary Stability A Policy Maker's Perspective.- Formal Targets for Inflation Reduction: The Canadian Experience.- The Costs and Benefits of Disinflation.- Comment on C. Freedman: Formal Targets for Inflation Reduction: The Canadian Experience.- Comment on S. Fischer: The Costs and Benefits of Disinflation.- Commitment through Delegation, Political Influence and Central Bank Independence.- Central Bank Autonomy: Policy Issues.- Comment on A. Cukierman: Commitment through Delegation, Political Influence and Central Bank Independence.- Comment on Onno de Beaufort Wijnholds and Lex Hoogduin: Central Bank Autonomy: Policy Issues.- Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy.- Monetary Policy Strategy in the EMU.- Comment on B.M. Friedman: Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy.- Comment on O. Issing: Monetary Policy Strategy in the EMU.- Dinner Speech by: To Cut or Not to Cut Interest Rates: Some Remarks on the ERM.- B Friday October 22, 1993.- Rules versus Discretion in Monetary Policy.- The Role of Monetary Policy in IMF Programs.- Comment on A.D. Crockett: Rules versus Discretion in Monetary Policy.- Comment on M. Guitián: The Role of Monetary Policy in IMF Programs.- Italy's Experience within and without the European Monetary System: A Preliminary Appraisal.- Monetary Policy and Exchange Rates: The French Experience.- Comment on M. De Cecco and F. Giavazzi: Italy's Experience within and without the European Monetary System: A Preliminary Appraisal.- Comment on A. Icard: Monetary Policyand Exchange Rates: The French Experience.- Can Russia Control Inflation?.- Stabilization and Monetary Reform in Latin America.- Comment on R. Layard: Can Russia Control Inflation?.- Comment on R. Dornbusch: Stabilization and Monetary Reform in Latin America.- A Framework for Monetary Stability General Report.- List of Participants.