The Managing Editors of Economic Policy: Richard Edward Baldwin is Professor of International Economics at the Graduate Institute of International Studies, Geneva. Giuseppe Bertola is Professore Ordinario di Economica Politica, Facolta di Scienze Politiche, Universita di Torino. Paul Seabright is Professor of Economics at Universite des Sciences Sociales de Toulouse, a Director of Research at the Institut da Economie Industrielle and a Research Fellow at CEPR. The Senior Editors of Economic Policy: Georges de Menil works at the Delta Ens, France. Richard Portes lectures in the Department of Economics, London Business School. Hans--Werner Sinn is based at the Centre for Economic Studies, University of Munich.