The National Bureau of Economic Research (NBER) held its 34th International Seminar on Macroeconomics (ISoM) in Malta on 16 and 17 June 2011. The Seminar, which was hosted by the Central Bank of Malta, brought together twenty eight renowned economists from around the world, mostly from Europe and the USA, and included names such as Professor Francesco Giavazzi and Professor Andrew K. Rose. A wide range of papers were presented, featuring the latest research and the most current trends in macroeconomics. The Seminar was organised and co-ordinated by Professor Jeffrey A. Frankel from Harvard's Kennedy School and Professor Christopher Pissarides from the London School of Economics. During an official dinner hosted by the Central Bank of Malta for the participants of the Seminar, the Governor of the Bank, Mr Michael C Bonello, delivered a talk on policy challenges of euro adoption for small open economies.