  This talk contains a subjective selection of interesting results on Z$^0$
decays, presented by the LEP and SLC groups. The emphasis is on soft and
semihard QCD physics. Results are put in a theoretical context, and the limits
of our current understanding are stressed. Topics covered include event
measures, prompt photons, coherence and string effects, data and theory for
particle rates and spectra, particle correlations and Bose--Einstein effects.
