Quarterly Bulletin
November 1997 Contents

Monetary operations (149k)
Box on the single monetary policy in Stage 3 of EMU

The international environment (57k)

Public sector debt: end March 1997 (82k)
Box on decisions on Maastricht debt and deficit accounting rules

The external balance sheet of the United Kingdom: recent developments (1.7mb)
Box on a geographic analysis of UK banks' direct investments

Decomposing exchange rate movements according to the uncovered interest rate parity condtion
(96k)
Box on uncovered interest parity in practice

The relationship between openness and growth in the United Kingdom: a summary of the Bank of England Openness and Growth Project (263k)

Rationalisation of European equity and derivative exchanges
(42k)
Box on cross-listings on derivative markets

Implied exchange rate correlations and market perceptions of European Monetary Union
(185k)
Box on deriving implied correlations
Box on forward implied correlations

The Bank's regional Agencies (44k)

The Bank's Centre for Central Banking Studies - an update (23k)

Prospects for the City - in or out of EMU (20k)
Speech by the Governor on 24 October at the Royal Institute of International Affairs Conference

The inflation target five years on (54k)
Speech by Mervyn King on 29 October at the London School of Economics