Contributors from member organizations of the Tokyo Club discuss the topics ""Reflections on the Economies of Three Major Western Players,"" ""Assessment and Responses to Financial Turmoil,"" ""In Search of an Exchange Rate Regime,"" and ""Managing Risks in an Integrating World Financial System."" Members of the Tokyo Club include the Brookings Institution (USA), IFO-Institut Fur Wirtschaftsforschung (Germany), Institut Francais des Relations Internationales (France), The Royal Institute of International Affairs (UK), and Nomura Research Institute, Ltd. (Japan).