The Gauge Invariant ERG
  We sketch the construction of a gauge invariant Exact Renormalization Group (ERG). Starting from Polchinski's equation, the emphasis is on how a series of ideas have combined to yield the gauge invariant formalism. A novel symmetry of the ERG allows the flow equation to be modified, in such a way that it is suitable for the computation of the (universal) two-loop beta-function. This computation has now been performed, within the framework of the ERG and, as such, in a manifestly gauge invariant way for the very first time. 
Oliver J. Rosten (Southampton U.), Tim R. Morris (Southampton U.) and   Stefano Arnone (Rome U.)