Introduction

Investors have woken up to the fact that policy makers are engaged in a tough battle against tenacious inflation. Liquidity stresses in the european electricity market serve as a salutary reminder of the challenges of shielding the real economy from financial shocks. The recent sell off in markets has confirmed that investors have been rather sanguine over the past three months about the economic challenges and how they would be resolved. I will now give the floor to hen if we will talk about recent developments in commodity markets and the special features in the edition of the quarterly.