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The Russian economy has responded positively to Boris Yeltsin’s retirement and to a commodity boom. Can the bullish mood last or will reform get bogged down and Vladimir Putin’s “strong government” put a straitjacket on enterprise? And does finance minister Mikhail Kasyanov have the breadth of experience to control the economy? We also look at Alfa, the only Russian bank to come out of the crisis stronger than it went in.

Extraordinary scenes have unfolded as Asian investors rush to buy shares in new vehicles set up to profit from growing use of the internet. The police have even been called in to restore order among hopeful punters. Asia's new economy is changing the face of capital markets in the region. Hong Kong no longer sees itself as a property-based economy but as a centre for capital formation in the internet age. Growth estimates for internet revenues are mouthwatering, with the Chinese language market as the ultimate prize. But this is still Asia. The new economy entrepreneurs are the old economy billionaires minus their suits. Their plan might be to use temporarily overvalued internet shares as currency to grab real assets, reports Phillip Moore

The endgame being played out in the Polish banking sector is messy and aggressive and cuts to the heart of the attractions and the problems faced by strategic and portfolio investors in this emerging European market. The protagonists include three of the world’s powerhouse banks: Citibank, Deutsche Bank and Commerzbank. Minority shareholder rights have been ignored in the scramble for market position. Ian Dawson reports on the fight for the last seats at the top table

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.