The fiscal equalization program is one of the cornerstones of Canadian fiscal federalism. The proceedings of a conference held in May 1997, this collection of papers and commentaries focuses on a range of issues and implications surrounding the evolution, structure, and reform of the equalization program. Papers include a survey of the principles against which the equalization program ought to be evaluated, an assessment of the functioning of the program as presently structured, a consideration of the political climate within which the commitment to fiscal equalization will find its definition, a response to the proposition that there is too much equalization in Canada through an examination of the degree of interprovincial revenue redistribution resulting from the program, and a comparison with the German, Australian, and United States federations in search of lessons for Canada. Contributors include Robin Boadway (Queen's), Doug Clark (formerly of the Department of Finance), David Milne (UPEI), Paul Hobson (Acadia), and Sam Wilson (Alberta). Commentaries are provided by Tom Courchene (Queen's), Francois Vaillancourt (Montreal), and Wade Locke (Memorial).