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The conformal algebra provides powerful constraints, which guarantee thatrenormalized conformally covariant operators exist in the hypotheticalconformal limit of the theory, where the $\beta$-function vanishes. Thus, inthis limit also the conformally covariant operator product expansion on thelight cone holds true. This operator product expansion has predictive power fortwo-photon processes in the generalized Bjorken region. Only the Wilsoncoefficients and the anomalous dimensions that are known from deep inelasticscattering are required for the prediction of all other two-photon processes interms of the process-dependent off-diagonal expectation values of conformaloperators. It is checked that the next-to-leading order calculations for theflavour non-singlet meson transition form factors are consistent with thecorrections to the corresponding Wilson coefficients in deep inelasiticscattering.Comment: RevTex, 29 pages, minor correction

Restricted conformal invariance in QCD and its predictive power for virtual two-photon processes