  The subject of this talk was the review of our study of three ($2+1$)
dimensional Quantum Chromodynamics. In our previous works, we showed the
existence of a phase where parity is unbroken and the flavor group $U(2n)$ is
broken to a subgroup $U(n)\times U(n)$. We derived the low energy effective
action for the theory and showed that it has solitonic excitations with Fermi
statistic, to be identified with the three dimensional ``baryon''. Finally, we
studied the current algebra for this effective action and we found a
co-homologically non trivial generalization of Kac-Moody algebras to three
dimensions.
