Michael T. Belongia, in the second article in this issue, examines the performance of the European Monetary System. This group of countries has agreed, since 1979, to peg bilateral exchange rates within specified bounds, presumably to enhance overall economic performance. In “Prospects for International Policy Coordination: Some Lessons from the EMS,” Belongia compares the performance of this group of countries against a group that did not (explicitly) peg exchange rates. He finds no systematic difference in performance, either between groups of countries or before and after the EMS was formed. Thus, policy coordination appears to have had no important influence on economic performance, one way or another.