This article was presented at the “international Conference on The ‘New Inflation’ and Monetary Policy” held June 24-26, 1974 in Milan, Italy. The Conference was sponsored jointly by Banca Commerciale Italiana and the Department of Economics, Universita Bocconi. Professors Gaetano Stammati and Innocenzo Gasparini were joint chairmen of the Conference. Papers on inflation and the problems it implies for monetary analysis were presented by Professors John Hicks, Karl Brunner, Franca Modigliani, and Robert A. Mundell. Papers discussing the inflationary experience in specific countries were presented for Brazil, the European Econonmic Community, France, the Federal Republic of Germany, Italy, Japan, the United Kingdom, and the United States. The authors of individual country papers were asked to direct their comments to specific questions about the inflationary experience in their countries.