In foreign exchange it's a truism that size matters. Niche players are being squeezed out of the market because they can't compete with the big banks on price, and even the heavyweights are swallowing each other up in a bid to become the most powerful institution. For now, there's one clear leader.

Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly. The response was four times that of last year, with nearly 340 firms replying to our questionnaire. The winners were two bulge-bracket US firms and two of the largest European banks.

It was a volatile year in the capital markets, as the telecoms sector clearly showed but still there were standout deals amid the chaos. Antony Currie, Anja Helk, Peter Lee, Julian Marshall, Jennifer Morris and Felix Salmon look back over 2000.

Protests against her austerity package and calls for her resignation have failed to stop Brigita Schmögnerovà from doing the most exciting job she has ever had. By Jonathan Brown.

Other central bank governors may lead a sedate life, contemplating the economy through half open eyes and jumping into action once or twice a year to notch the prime rate up or down by 25 basis points before they go back to watching the fiscal grass grow. Not Turkey’s Gazi Ercel. Metin Munir reports.

Local banks are now in foreign hands. Farewell to the domestic bank! Deutsche Bank has transformed itself. Morgan Stanley Dean Witter builds on its successful franchise. BSCH flies the flag for the Spanish. Ben Beasley-Murray, Simon Brady, Brian Caplen, Chris Cockerill, Antony Currie, Anja Helk, Peter Lee, Julian Marshall, David Shirreff.

Euromoney FX poll 2000: Deutsche topples Citi

Euromoney polled 80 big investors on which firms they rated for credit analysis, and for which sector. The poll showed that credit investors rely extensively on banks' research. They want high quality, timely and independent analysis and access to the analysts. Euromoney's poll shows which firms investors rank highest across various sectors

In 1999, the European single currency brought with it a flourishing new market in corporate bonds for a range of different quality issuers. The dollar bond market also thrived on a diet of jumbo global offerings. Syndicated loans integrated ever more closely with the capital markets to deliver huge amounts to acquisitive companies. Equity markets saw the first ever pan-European retail deal and the US markets were innovative as ever. Brian Caplen, Antony Currie, Peter Lee, David Shirreff and Marcus Walker profile the deals of 1999.

In difficult markets during 2001, issuers and managers needed to show their ingenuity to get deals done. Here we single out those who succeeded in coming up with intriguing structures. Euromoney’s writers assess the outstanding deals, region by region. By Chris Cockerill, Antony Currie, Jennifer Morris, Felix Salmon and Kathryn Tully.

Plummeting oil prices, turmoil in world markets and natural disasters: José Angel Gurría's first months as Mexico's finance secretary were a baptism of fire. But his legendary powers of persuasion enabled him to make vital budget cuts to keep Mexico on track. By Brian Caplen

When Armínio Fraga quit his job at Soros Fund Management to become Brazil's central banker he was dubbed a "poacher turned gamekeeper". But he is no stranger to the public sector. With stability restored he is now modernizing Brazil's finance sector. Brian Caplen reports

Global Winners

FX Poll: Life after execution

As credit research burgeoned last year there probably were analysts who could command seven-figure salaries. Demand is still high but supply is catching up. The best research houses are formalizing their approaches and a pecking order is developing. Rebecca Bream looks at what's on offer.

In a year in which deals of all shapes and sizes were pulled, plaudits go to all equity and bond issuers who were able to complete their deals at all. Some stars of the past - Asian project deals, Latin American corporate bonds and eastern European privatizations - barely made it to the finishing line. But one muscle-clad team of super-athletes swept the board in 1998. This was the year of the telecoms industry: from the stodgiest emerging-market monopoly to the most glamourous builder of fibre-optic networks, telecoms operators were everybody's favourite performers.

Brazil long needed a heavyweight in the central bank chair and now it's got one. Gustavo Franco earned his spurs in last October's Asian meltdown. His policy regime, especially the use of capital controls, is being studied around the world. Brian Caplen reports.

Long, long ago, when half the world was ruled by men who still believed in state control of the economy, Poland took the gamble of letting the market decide the price of goods. That dose of shock therapy in 1989 became a model for eastern Europe. The man who imposed it became one of the region's leading economic thinkers. Now he is back at the helm of the Polish economy. James Rutter talks to Leszek Balcerowicz about history, movies and the trials of coalition government.

The financial markets have never stood still. But rarely have they moved as quickly as they do today. The winners of all our awards by product sector are facing the same forces. Globalization is driving the market and firms are responding by consolidating. Take a careful look at the winners. They are sure to be very different next year.

FX poll 1998: A tough race gets tougher

Banks are building up their European credit research in the run up to Emu. Teams are being bolstered and specialists hired. But who is getting it right? The first ever poll of European credit research gives investors the chance to decide. SBC Warburg, Merrill Lynch and JP Morgan all did well, writes Brian Caplen. The poll was conducted by Rebecca Dobson.

It's been the year of the emerging markets with many of Euromoney's 50 best deals of the year coming from key countries such as China, Russia, Brazil and Argentina. Our selection focuses on the important, interesting and innovative transactions from January to August. We have selected five for special mention and also highlighted some deals that were, frankly, dogs. By Robert Minto.

His combative approach - along with $70 billion reserves - has seen off all the currency speculators so far. But does Joseph Yam sleep easy at night?

Since Anatoly Chubais became finance minister, Russia's stock has risen dramatically. The architect of privatization is now pushing ahead with wide-ranging economic reforms, to the delight of the international community.

Euromoney's Awards for Excellence continue to generate enormous interest and to be regarded as the industry leader in independent recognition. Each year as the vetting process gets under way, our editorial offices are besieged by bankers and their public relations teams lobbying for their institutions. The excitement continues long after the results are decided as banks rejoice over the awards they have won and fret over the ones they missed.

The foreign exchange business is entering a period of rapid change. The lack of volatility in the market over the past 12 months has forced the big commercial banks, which have long dominated the business, to close offices and cut staff. In their place, our annual poll reveals, investment banks are winning a larger share of the business. The biggest surprise: Merrill Lynch, which jumps into the top 10 at number three. Antony Currie explains why.

It will be hard to beat last year's crop of deals. Here are some of the best.

Antonio Fazio, governor of the Banca d'Italia since May 1993, has steered the Italian economy towards low inflation and further enhanced the central bank's reputation for independence.

Robert Rubin, secretary of the US treasury, has faced tough situations and made tough decisions. In a remarkably short time, he dealt with the Mexico crisis and put the dollar back on course, demonstrating a rare grasp of both domestic politics and global markets. By Katharine Morton

This year, Euromoney's Awards for Excellence are broader in scope than ever before. A number of new categories have been introduced to reflect changes in the structure of international markets.