The effective field theory approach allows a rigorous disentangling of high
and low energy effects in the heavy quarkonium dynamics. Focusing in particular
on the spectrum, we describe the nature of the non-perturbative effects and
discuss our present knowledge of them.Comment: Invited talk presented at the Fifth Workshop on Quantum
Chromodynamics, Villefranche-sur-Mer, France, 3-7 January 2000; 9 pages,
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