PETER BACKE Economist, Central Bank of Austria GONZALO CAPRIOLO State Undersecretary and Chief Economist, Ministry of Finance of Slovenia ATTILA CSAJBOK Deputy Head of the Monetary Analysis Division, Economics Department, Magyar Nemzeti Bank (Central Bank of Hungary) CASPER G. DE VRIES Professor of Economics, Erasmus University, Rotterdam, The Netherlands JARKO FIDRMUC Economist, Central Bank of Austria RAOUL LAETTEMAEE Economist, Bank of Estonia VLADMIR LAVRAC Senior Research Fellow, Institute for Economic Research, Ljubljana, Slovenia ELISABETH LEDRUT Economist, Central Bank of The Netherlands ROMAN MATOUSEK Associate Lecturer, London Guildhall University BRUNO MERLEVEDE Researcher, Faculty of Applied Economics, University of Antwerp, Belgium JOSEPH PLASMANS Professor, Faculty of Applied Economics, University of Antwerp, Belgium LUKASZ W. RAWDANOWICZ Economist, Center for Social and Economic Research, Warsaw, Poland MARTTI RANDVEER Head of Research Department, Bank of Estonia URMAS SEPP formerly Head of Research Department at the Bank of Estonia from 1993 until his death in 2002 ANITA TACI Economist, Chief Economist Office, European Bank of Reconstruction and Development, London PIETER W. VAN FOREST Erasmus University, Rotterdam, The Netherlands CEZARY WOJCIK Assistant Professor, University of Warsaw, Poland