Past, Present and Policy is sponsored by the Institut d’Etudes Politiques de Paris and the Center for Economic Policy Research in London. Its motivation derives from the considerable advances in policy-relevant Economic History and the growing recognition of its contribution to our understanding of current economic problems. Since Economic History does not speak with one single voice, it is important that alternative views about policy lessons be debated. Finally, it is clear that Economic History has a strong potential for inspiring new theoretical research and should therefore be given the widest possible audience. PPP1 Vienna 2005, was hosted and sponsored by the Austrian National Bank (organisers: Marc Flandreau and Edi Hochreiter). PPP2 London 2006 was hosted and sponsored by the Bank of England (organisers: Forrest Capie and Marc Flandreau). The topic of the third meeting will be “Foreign Exchange Reserves and the International Monetary System: Management, Cooperation, and Stability”. We are interested in submissions that promise to develop new historical information with the potential for challenging existing views and fostering policy debate. Policy relevant implications will be stressed – for example, reserve-currency competition in the past, and historical episodes that may help one to better judge the sustainability of the dollar positions of Asian central banks reserves. There are no time boundaries since we recognize that the phenomenon is a very old one.