The relation between structural reform and macroeconomic policy underlies the widespread perception that the large European economies have under-performed in the past decade in comparison both with their own standards and with the contemporaneous performance of the United States. This book, edited and introduced by Noel Laureate Robert M. Solow, provides analyses of how these economies could take a co-ordinated and simultaneous approach to reform in labour and product markets and the demand side.

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HANS GERBASCH Alfred-Weber Institut, Universit�t Heidelberg, Germany TAKATOSHI ITO University of Tokyo, Japan MARKUS KNELL Oesterreichische Nationalbank, Vienna, Austria EDMOND MALINVAUD Coll�ge de France and CREST, Paris, France KARL PICHELMANN Directorate for Economic and Financial Affairs, European Commission, Brussels, Belgium WERNER ROEGER Directorate for Economic and Financial Affairs, European Commission, Brussels, Belgium GILLES SAINT-PAUL Universit� des Sciences Sociales, Toulouse, France

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