Introduction / Paul J.J. Welfens and Holger C. Wolf -- A. Banks, Capital Markets, R & D and Economic Growth in Europe / Paul J.J. Welfens -- B. Policy Options for Prudential Supervision in Stage Three of Monetary Union / Johannes Priesemann -- C. Banking, Privatization and Economic Growth in Russia / Evgeny Gavrilenkov -- D. Historical Lessons of Foreign Banking in Eastern Europe: The Case of Tsarist Russia / Peter Hertner -- E. Restructuring and Privatization of Polish Banks / Miroslaw Bojanczyk -- F. High Public Debt: Consequences for Investment and Growth / Timothy Lane -- G. Banking, Foreign Investment, Endogenous Growth and Systemic Transformation / Jozef M. van Brabant -- H. Capital Flows in Eastern Europe: Some Lessons from the Emerging Markets in Latin America and Asia / Elmar B. Koch -- I. Catching Up of Economies in Transformation / Thomas Gries and Stefan Jungblut -- J. Savings, Credit Markets and Economic Growth in Europe / Holger C. Wolf -- K. US Multinationals and Europe: An Update / Edward M. Graham -- L. Multinational Investment and Economic Growth in Eastern Europe / Jan Stankovsky -- Recent Developments in the Hungarian Financial Sector / Rezso Nyers -- The Present Situation of the Banking Sector in the Transition Countries / Werner Varga.