Current topics of photon-induced reactions are discussed, summarizing the r
esults of Photon '99. Special emphasis is put on the determination of the n
on-perturbative properties of the long-distance photon component and the st
udies of the perturbative-QCD dynamics in short-range interactions, Signals
at HERA and LEP for BFKL dynamics and a partonic structure of virtual phot
ons are critically examined.