CONTENTS

1. Editorial (Cartapanis A. 3)
2. Systemic Risk and New International Financial Architecture: Reconciling KEYNES and Neo-Liberalism? (Cartapanis A. and Herland M. 5)
3. What Exchange - Rate System For Emerging Countries? (Artus P. 27)
4. Financial Crises in 1997 – 2001 Shortcomings of the International Financial Architectur e (Steinherr A. 61)
5. The Equilibrium Value of The Euro/$ US Exchange Rate: An Evaluation of Research (Stein L. 73)
6. Emerging Stock Market Liberalization And Currency Crises (Dropsy V. 109)