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Ireland’s high inflation, say eurosceptics, shows that Emu is a failure. Without higher interest rates, the boom will shortly turn to a bust, they argue. Emu supporters recognize the problem but think a soft landing is still possible. The outcome may have profound consequences for Europe. An Irish crisis could hasten the arrival of a common economic government in the eurozone. It clearly shows the dangers of tying export-led tiger economies, such as Ireland, to mature restructuring economies, such as Germany. But in the end, the failure to raise productivity may be more crucial to Ireland’s future than its euro difficulties, reports Brian Caplen

Best retail internet bank

For a horse-racing enthusiast like Martyn Arbib, the sale of Perpetual, his pride and joy, will prompt mixed feelings.

The traffic may have eased a little in Bangkok since the crash, but there is still gridlock in Thailand's banking system.

Four tobacco companies have agreed to pay a proportion of their revenues to 46 US states and territories as compensation for the costs of treating tobacco-related conditions. This amounts to $206 billion over the next 25 years. The master settlement agreement is the largest civil settlement in US history. It has created a massive opportunity for the securitization market, as recipients become keen to turn these future flows into cash now. Even the lawyers want their future fee receivables securitized. Recipients are worried lest any future settlements or event risk bankrupt tobacco companies before they make over these windfall payments. They want bond holders to take that risk. Kay Binnie reports

Collectively the world’s leading commercial and investment banks are making rather a mess of transferring parts of their businesses to the internet. Many are committing fundamental business mistakes they would never allow in their traditional operations. Leadership of internet initiatives is often confused, as are their objectives. A few banks may have built good sites for specific businesses but none has come close to putting together a complete set of internet offerings. So say the editors and journalists at euromoney.com who put together this year’s inaugural awards for the best sites in wholesale finance. Matt Ball reports

Demand for structured medium-term notes, particularly equity linked, has exploded over the past two years. Yet it is retail buyers rather than sophisticated institutional investors who are purchasing these complex products. It’s not just the investor profile that has changed. The route map for the origination and distribution of structured debt is being redrawn too. In the heart of euroland some surprising new players and alliances have emerged to service structured debt’s most important new client: the man on the street. Mike Tims reports