  We study theoretically the dc Josephson tunnel current for a junction of two
proximity S/F bilayers of a massive superconductor (S) / a thin ferromagnet (F)
separated by an insulating (I) barrier. The dependence of the critical current
on the relative orientation of the F layers magnetization is analyzed within
the microscopic theory of the proximity effect for an S/F bilayer. We
demonstrate that for the S/F-I-F/S contact critical current can reverse its
sign (\pi-state of the junction) for the parallel orientation of the F layers
magnetization, while for antiparallel alignment an enhancement of the critical
current takes place. The results provide a new effect of the interplay between
superconductivity and ferromagnetism in hybrid structures.
