Abstract. -We re-examine the Peierls insulator to Mott insulator transition scenario in the one-dimensional Holstein-Hubbard model where, at half-filling, electron-phonon and electron-electron interactions compete for establishing charge-and spin-density-wave states, respectively. By means of large-scale density-matrix renormalization group calculations we determine the spin, single-particle and two-particle excitation gaps and prove-in the course of a careful finite-size scaling analysis-recent claims for an intervening metallic phase in the weak-coupling regime. We show that for large phonon frequencies the metallic region is even more extended than previously expected, and subdivided into ordinary Luttinger liquid and bipolaronic liquid phases.The challenge of understanding the subtle interplay of electron-electron and electron-phonon interaction effects in low-dimensional condensed matter systems, such as conjugated polymers, charge transfer salts, inorganic spin-Peierls compounds, halogen-bridged transition metal complexes, ferroelectric perovskites, or organic superconductors, [1][2][3][4] has stimulated intense work on generic fermion/spin-boson models. In this respect the one-dimensional (1D) Holstein 1 -Hubbard 2 model (HHM) is particularly rewarding to study. [5-14] It accounts for a tight-binding electron band, an intra-site Coulomb repulsion between electrons of opposite spin, a local coupling of the charge carriers to optical phonons, and the energy of the phonon subsystem in harmonic approximation: The physics of the HHM is governed by three competing effects: the itinerancy of the electrons (∝ t), their onsite Coulomb repulsion (∝ U ), and the local electron-phonon (EP) coupling (∝ ε p ). Since the EP interaction is retarded, the phonon frequency (ω 0 ) defines a further relevant energy scale. Hence one is advised to introduce besides the adiabaticity ratio,two dimensionless coupling constants:Both Holstein and Hubbard interactions tend to immobilize the charge carriers, and even may drive a metal-insulator transition at commensurate band fillings. For the half-filled band case (one electron per lattice site), most previous analytical and numerical studies of the HHM reveal that Peierls insulator (PI) or Mott insulator (MI) states are favored over the metallic state at zero temperature. Whereas the PI is characterized by a distortion of the underlying lattice accompanied by dominant charge-density-wave (CDW) correlations, the Mott insulator is basically a spin-density-wave (SDW) state without any lattice dimerization. The physical excitations differ accordingly: while "normal" electron-hole excitations are expected in