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Why are journalists and politicians still sniping at the European Central Bank? Except for the euro’s gentle decline, it hasn’t put a foot wrong. Apart, that is, from bad public relations, grand plans to eclipse the national central banks, and a still crazy auction system. What could be better than that? David Shirreff reports

Never underestimate the tribal powers that rule investment banks. The stand-off between Deutsche Bank's global markets division and Dresdner Kleinwort Benson - threatened with integration - is a case in point. Edson Mitchell, Deutsche's head of global markets, was hailed by his chairman Rolf Breuer last year as an Indian chief. By clever use of animal magnetism and the bonus pool, he inspires a Fierce loyalty among his warriors.

The Securities & Exchange Commission wants to impose new responsibilities on audit committees, but the potential liability might put off the highly qualified people companies need to attract. By Mark Kessel

France's turn at the EBRD? The scribblings of journalists are rarely immortal. But Euromoney's former Frankfurt correspondent Laura Covill can proudly look back on the day, nearly two years ago, when she wrote the following in a profile of Horst Köhler, following his appointment as EBRD president. "If he is successful in London, Köhler may yet advance further still - to the IMF's top position."

Any deal that creates a country's largest domestic bank, its top fund manager and the second biggest insurer will have ramifications for all market participants. The Commonwealth Bank of Australia's (CBA's) takeover of Colonial Limited also provides a springboard for CBA to launch its international aspirations.

As I write, the euro stays deep in its despond at just $0.96/e. That's a far cry from $1.15/e at its launch. Why does the euro stay weak?

Brazil’s economy is in surprisingly good shape following last year’s devaluation. Now the challenge is to make further progress in reducing the fiscal deficit, to overhaul the tax system and make reforms in pensions, health and education. It’s a tall order and Brazil is not noted for making swift progress but the direction is broadly correct.

As cash flows into the hands of high yield bond investors in Europe, the sector is performing strongly and new issues are being snapped up. There has been a curious reversal of roles between European and US buyers. US investors used to provide a comforting guarantee of success for European deals. Now, as the US high yield market turns bearish, Europeans fear that the presence of desperate US buyers will infect deals with the taint of failure.

EU membership has its down-side. As eastern Europe seeks to join up, its raw capitalism could be stifled by all the rules and regulations. Recovering from years of central planning the last thing these economies need is dirigisme and subsidies, Brussels-style. But that’s what they are about to get. Although it has failed to reform itself, the EU insists that new entrants implement all its 80,000 pages of directives. Some candidates are so enthusiastic they also want to adopt the euro. Economists warn that these ambitions could cost them dearly, killing off enterprise and making economic management difficult if not impossible.

The spectacular revival of the samurai, Euroyen and global yen markets, begun in the second half of 1999, has continued this year and shows no sign of abating. Bankers expect the queue of corporate and sovereign borrowers to remain long for the rest of the year and for Japanese buyers and international investors moving into yen bonds to keep on buying corporate and even emerging market issues on the primary and secondary markets.

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

One Russian bank not only survived the rouble crisis. It came out stronger.