The third volume of this yearbook provides articles, comments, and analyses of developments throughout 1998. A special focus section highlights the most significant legal issues raised by the formation of a single currency in the ongoing process of economic and monetary union in the European Union. Commentary is provided on subjects including international financial standards and the transition economies, legal and practical aspects of recovering debt from Russian financial institutions, New Zealand's alternative approach to banking supervision, and regulation of foreign bank access in China. Recent developments, as with previous editions, cover all major areas of the world.