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Pedro Solbes, Commissioner for monetary and economic affairs, European Union

NatWest gambled on bancassurance, lost its acquisition target and its chief executive and triggered a raid on itself from Scotland. Many in the City of London are pointing the finger of blame at adviser JP Morgan for encouraging NatWest's delusions. How did an investment bank that prides itself on telling clients which deals not to do get so much egg on its face? Marcus Walker reports

To the casual visitor Prague seems a very civilized place. The city is bristling with church spires, historic buildings, museums and elegant squares. Every night is a cultural feast with opera, classical music and theatre of the highest quality. In this rarefied atmosphere, artistic and intellectual endeavours thrive and it is difficult to believe that the country was once under the dead-hand of communism.

Want to buy a bank stacked full of bad loans and losing money? The Czech Republic may be able to oblige. While the second-largest, Ceska Sporitelna, looks like going to Austria's Erste Bank, the biggest, Komercni Banka, is still up for grabs. Finally, after years of dithering and excuses, bank privatization is now happening. But the assets are worth much less since the banks ran into serious trouble. Czech government problems don't stop there. Many companies the banks lent to are floundering, capital markets are still in their infancy and the legal framework falls short. The Czech Republic is a case study of how not to handle transition. Brian Caplen reports.

When the president gets tied down

When the president gets tied down

When the president gets tied down

The amorphous sector challenge

E-Force One glides into the Gare du Midi, Brussels. The band strikes up buongiorno il duce and Prodi emerges from the presidential train, glowing from his triumph at the G3 summit in Bruges.

The amorphous sector challenge

The amorphous sector challenge

Keeping faith from bust to boom