HORST UNGERER is guest lecturer at universities in Europe and the United States. He has had a distinguished career, spanning more than three decades, in central banking and international finance. Ungerer was a senior official in the Deutsche Bundesbank and the International Monetary Fund, from where he retired in 1991 as Assistant Director in the European Department. Ungerer is author and coauthor of many papers on European monetary policy issues published in the United States and Europe.