Scaling algebras, the renormalization group and the principle of local stability in algebraic quantum field theory

We summarize the new scaling algebra approach to the structural analysis of the short distance behaviour of quantum field theories in the operator algebraic formulation which has recently been proposed by D. Buchholz, R. Verch (Rev. Math. Phys. 7(1995) 1195), and further studied by D. Buchholz (Ann. Inst. H. Poincare' 64(1996) 433, Nucl. Phys. B469(1996) 333). We also report on an extension of this framework to quantum field theory in curved spacetime.