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                                NEWSLETTER
 
                             AUGUST 31, 2004

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Dear Dynstochers,

Today is the last day of the Dynstoch-contract with the EU-Commission,
but I am sure that it is not the last day of Dynstoch.

As we agreed here in Copenhagen when we met in June, we will ensure that
the infrastructure of Dynstoch will continue to work. That mean that the
main Dynstoch web-site www.math.ku.dk/~michael/dynstoch/ and the local
web-sites of the teams will be kept updated, and that this Newsletter 
will continue to be sent from time to time. Therefore, please inform 
the person in charge of the Dynstoch web-site of your team about your
preprints and publications, so that the publication lists can continue
to be a useful tool for exchange of information about research in
Dynstoch.

We will also continue to meet as often as possible. The next time we
will meet will be in 

                    Le Mans, January 6-8, 2005 

at a meeting in the series of meetings that Yuri Kutoyants has organized  
for a number of years. More information will follow later.

I think our network has been a great success. Certainly, we have all
benefitted from the lively interaction between Dynstochers across Europe.
Moreover, some five years ago our ares was considered a rather odd and
largely unknown corner of statistics, but recently there are many signs 
that inference for stochastic differential equation models (in the 
broad sense) has come into the main stream of statistics. Even the 
Annals of Statistics has now appointed associate editors who can
actually evaluate papers in our area! I like to think that Dynstoch 
has contributed more than a little to this development. We have 
certainly contributed a lot of good and important research.

Let us continue to collaborate to develop our field by meeting and 
exchanging information and ideas, and thus keep Dynstoch alive.

Best wishes
Michael.