EDITORIAL

Carlo Cottarelli:
Sovereign Debt Crises: Why in Europe and not Elsewhere?

FORUM

Dorothea Schäfer, Donato Masciandaro, Stephan Schulmeister, John Vella, Francesco Passarelli, Ross P. Buckley:
The Financial Transaction Tax – Boon or Bane?

ARTICLES

Manuel Frondel, Christoph M. Schmidt, Colin Vance:
Emissions Trading: Impact on Electricity Prices and Energy-Intensive Industries

Karl Heinz Hausner, Silvia Simon:
The Impact of the Euro Crisis on Switzerland

Christine Laabsch, Helge Sanner:
The Impact of Vertical Separation on the Success of the Railways

ECONOMIC TRENDS

Bernd Braasch:
Global Monitoring of International Capital Flows