*  *  Economic policy challenges facing Germany  When asked recently whether or not it was possible to slowly but surely wrap up the topic of structural reform, the president of the Bundesbank’s Regional Office in North RhineWestphalia replied, “We’re not done yet.” One such item of unfinished business for the Bundesbank in North Rhine-Westphalia is the building of the new superbranch in Dortmund, which, as the largest branch in Germany, will take over cash operations from five other branches in North Rhine-Westphalia.
Moreover, attention should be paid to (1) the effects of the continued appreciation of the yen since autumn 1998; (2) those of the recent rise in long-term interest rates; and (3) the uncertainty in financial and economic developments abroad.