List of Tables - List of Graphs - Notes on the Contributors - Presentation and Synthesis of the Volume; P.Karadeloglou - Introduction; R.Raymond - PART 1: ECONOMETRIC ASPECTS OF EXCHANGE RATE DETERMINATION IN EUROPE - Are Dollar Exchange Rates Cointegrated after All?; E.Girardin & V.Marimoutou - Modelling Exchange Rates Using MARS; J.de Gooijer & H.Krager - Sterling's Relationship with the Deutschmark: a Probabilistic Reduction Approach; G.M.Caporale & N.Pittis - Purchasing Power Parity and Cointegration: the Case of Greek Exchange Rates; G.Hondroyiannis & E.Papapetrou - PART 2: EMS AND EXCHANGE RATE POLICY - German Interest Rates and the European Monetary System; P.J.G.Vlaar - Currency Substitution and Exchange Rate Policy within the European Union; E.Pentecost - Budgetary Implications of a European Central Bank: a Purely Strategic Perspective; B.van Aarle, A.L.Bovenberg & M.G.Raith - PART 3: INTERVENTION ON EUROPEAN EXCHANGE RATE MARKETS - Target Zones: Testing the Intervention Mechanism for the European Currencies; P.Karadeloglou & C.Papazoglou - Modelling the Behaviour of Exchange Rates in the EMS; A.Parikh & C.Karfakis - Intervention Policy on the Foreign Exchange Market: a Tale of Dissidents and Conformists; A.Cartapanis & P.Laurent - Index