Abstract
We develop a coarse-graining procedure for two-dimensional models of fluctuating loops by mapping them to interface models. The result is an effective field theory for the scaling limit of loop models, which is found to be a Liouville theory with imaginary couplings. This field theory is {\it completely specified} by geometry and conformal invariance {\it alone}, and it leads to exact results for the critical exponents and the conformal charge of loop models. A physical interpretation of the Dotsenko-Fateev screening charge is found.
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