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I review recent evaluations of the hadronic contribution to the shift in thefine structure constant and to the anomalous magnetic moment of the muon.Substantial progress in a precise determination of these important observablesis a consequence of substantially improved total cross section measurement bythe CMD-2 and BES II collaborations and an improved theoretical understanding.Prospects for further possible progress is discussed.Comment: 17 pages 7 figures 2 tables, update: incl. CMD-2 data, reference

Hadronic contributions to the photon vacuum polarization and their role in precision physics