The Managing Editors of Economic Policy: Giuseppe Bertola is Professore Ordinario di Economica Politica, Facolta di Scienze Politiche, Universita di Torino. Philippe Martin is Professor at the Université Paris-1 Panthéon Sorbonne and CERASENPC and a Research Fellow at CEPR. Paul Seabright is Professor of Economics at Université des Sciences Sociales de Toulouse, a Director of Research at the Institut d'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.