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Edited by Peter Lee

The launch of the euro seems to have strengthened German banks' competitive advantage, rather than undermining it as some had expected. Despite increased competition, the capital market is going from strength to strength. And feeding on this growth is Frankfurt - home to the European Central Bank - fast becoming the financial epicentre of euroland. Is this all too good to last? Laura Covill reports.

Edited by Peter Lee

Developing countries don't need central banks, argues Steve Hanke. They may not even need their own currencies. Argentina should lead the way by unilaterally adopting the dollar.

While Europe's states integrate, its regions come to the fore as economic actors. None is more determined to make itself noticed than the Basque Country, historically one of Europe's leading financial and industrial centres. It's part of a growing club of regions who tap international capital markets, looking for cheap funds and self-promotion. It's also a standard-bearer for the argument that euroland regions can be better credits than states. Marcus Walker reports.

Euromoney received replies from 32 economists at leading financial and economic institutions. They gave each country's economic performance for 1999 and 2000 a score out of 100. The world's fastest-growing, best-performing economy in an ideal year would score 100; the worst economy in a disastrous year would score zero. Respondents were asked to consider economic growth, monetary stability, current-account balance, budget balance, unemployment and structural imbalances. Economists also gave GNP growth forecasts for 1999 and 2000. Countries which received no votes are excluded from this table.

Euroland Municipal Bonds: New city states

Portuguese Banking: Carving out a new role

A slowdown in domestic economic growth and meltdown in Russia and Brazil have put pressure on financial institutions across the Andean region. Justine Newsome examines what it will take for the banks to survive the storm.

Euroland Municipal Bonds: New city states

Portuguese Banking: Carving out a new role

Bankers who risk billions every day at work often turn out to be adrenaline addicts in their spare time. Guy Hands, the UK's highest-paid financier and enigmatic leader of Nomura's principal finance group is one such. He has just pumped a sizeable chunk of his £40 million-a-year package into Rockingham motor-racing track in Northamptonshire, the first purpose-built oval track to open in the UK since 1907.