STEPHEN F. FROWEN is Fellow Commoner of St. Edmund's College, University of Cambridge, and Senior Research Associate at its Von Hügel Institute; Honorary Research Fellow in the Department of Economics, UCL; and Contributing Editor, Central Banking. Amongst many other previous appointments, Frowen has been Research Officer at the NIESR, London, and Editor of The Bankers' Magazine (now Financial World), established in 1844. In 1987 he became the first holder of the newly established Bundesbank Chair at the Free University of Berlin. He has published extensively on monetary economics and in banking and is the editor of a number of collective works. In 1993, he was awarded the Commanders Cross of the Order of Merit of the Federal Republic of Germany (COM (Germany)), and in 1996 was honoured with a Papal Knighthood (KSG).