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The majority of Arab banks enjoyed a good year in 2000 as most of the main Arab countries recorded solid rates of GDP growth, benefiting from the continued high price of oil. Reflecting this, the top 100 Arab banks saw net profit rise by 15% in 2000 on an aggregated basis. The overall return on equity rose to 14.1% in 2000 from 13.2% in 1999, and the return on assets increased to 1.3%.

There are few bigger jobs in finance than US Treasury undersecretary for international affairs. So meet John Taylor, the former academic economist who finance ministers and central bank governors from around the world will be courting for the next few years. Taking time out from the negotiations over Argentina he delivers some tough messages on official sector financing packages: they should come with fewer conditions, but those conditions should be strictly monitored and enforced, before funds are disbursed. He offers to share useful experience with Japan, expresses confidence in the European single currency project and explains to James H Smalhout why the US current account deficit is sustainable

Legislation is pending that should liberalize Saudi Arabia’s capital markets and attract foreign investment and returning Saudi capital. The extent of these reforms will show how far the country’s leaders intend to open up an economy that needs capital investment and job creation.

Being an investment banker in the Philippines is rarely dull. One day you might find yourself being blamed for triggering a collapse in the currency, the next winning a mandate for an unplaceable bond deal. Nerves and tempers are being frayed in the country’s financial markets by fears about collapsing exports, a weakening currency, fiscal deficits and exclusion from international capital markets. Everyone hopes that the new president can clean up the mess.

This summer the euro began to strengthen, the European Central Bank pleased markets and politicians with a long-awaited quarter-point rate cut and criticism of the policy conduct of the ECB receded. It may be time for a new assessment of how the bank has been doing. Clearly it has inherited flaws from the political compromises made to set it up. Is it in such a hopeless state that mistakes will happen again, or were past errors excusable gaffes in an otherwise reasonably successful performance?

Even after China has joined the World Trade Organization, there will be a grace period of five years before foreign banks can compete head-on with local banks. But that still represents an ambitious timetable for reform. There has been progress, but the sheer scale of China’s banking system, the need to adopt new accounting standards and the number of bad loans present hurdles.

The tango effect is being felt in the international bond and currency markets and in the halls of the central bank in Brasilia, but so far it has had relatively little effect on the average Brazilian.

Since the start of economic recovery in 1992, the UK economy has enjoyed a remarkable nine years of steady and stable growth - averaging just under 3% per year - and low inflation - averaging just under 2.5% per year - with falling unemployment. Though storm clouds are now gathering, with UK manufacturing in recession, exporters suffering from sterling's overvaluation against the euro and uncertainty about the consequences of the US slowdown, it's worth recalling that that nine year record has withstood shocks, such as the emerging market financial crisis of 1998.

Investors fearful that the crisis in Argentina might spill over into the largest Latin American economy, Brazil, generally draw some comfort from the fact that the country’s central bank is led by former speculator Arminio Fraga. Fraga, who took up his post just after the floating of the real in 1999, has implemented an inflation-targeting system, enhanced bank supervision, and garnered universal respect and admiration. Brazil might have been hit by Argentina, but now the country should be seen as a turnaround story, he tells Felix Salmon

Saudi Arabia has demonstrated strong growth in the midst of the falling global economy, and that growth can be attributed to more than just oil. Natural gas and tourism also have contributed to this boom, but it is unclear whether Saudi Arabia can generate enough jobs for its growing population.

Russia has done little to reform a banking sector that is still littered with hundreds of thinly capitalized and barely functioning institutions. But there are some signs of improvement. A stronger economy has made it more attractive for the larger commercial banks to start lending to Russian companies. It’s a new game for them.