This volume is the tenth in an annual series in which top economists provide a concise and accessible evaluation of major developments in trade and trade policy. Each annual volume examines key issues pertinent to the multilateral trading system, as well as regional arrangements and policy developments at the national level. Each volume also provides assessments of the World Trade Organization’s recent Trade Policy Reviews.The 2003 issue focuses on the influence of politics on the operations of the International Monetary Fund. The contributors consider how politics encroach into the various stages in the life-cycle of IMF-supported programmes. Contributions also focus on regional and national issues, such as trade liberalisation in South Asia and trade policy in Slovenia and India. The volume as a whole should help readers to think constructively about the future of the IMF, appropriate issues for the WTO and the development of national policies.