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This is the risk they won't talk about in Brussels, Bonn or Paris - that monetary union, once entered into, goes horribly wrong, scuppering the SS Euro. Prudent financial management demands that the risk of failure, exit by one country or dissolution should be considered. Research suggests it isn't negligible and that its consequences for financial contracts and exposures will be devastating. David Shirreff reports.

Last month, Kendrick Wilson, a vice-chairman of Lazard Freres in New York and one of the firm's most senior bankers, left to join Goldman Sachs. Goldman now boasts the strongest line-up of all financial-institutions groups in the US. Wilson, and Goldman's head of FIG, Christopher Flowers, are the two biggest names in the M&A advisory business. Wilson worked on several of last year's tie-ups between commercial and investment banks and was also involved behind the scenes in one of the biggest deals that got away, representing American Express in talks with Citicorp

Business travel poll 1998: A hard landing in Asia

Ghana has built a framework to enable economic takeoff. But sufficient investment is still lacking and development has now been further hampered by an energy shortage. By Christina Katsouris and Philip Eade

Romania was slow to restructure its communist-era economy. And now reforms are stalled again. But foreign institutions are confident of the country's long-term potential and the competition for the first privatization mandates has been fought hard. Meanwhile, some banks are concentrating on building a presence in the retail market

If you want a loan from a Turkish state-owned bank, don't talk to its manager. The man who makes the real decisions is a cabinet minister. As Metin Munir reports, this set-up is crippling Turkey's banking system and distorting its economy, but there is little political will to change things

Some feared the Luxor massacre would knock Egypt's economy off course, but it is proving resilient. Fiscal discipline, low inflation and privatization have made Egypt a regional success story. Jules Stewart reports on an economy finding its feet

Despite persistently high inflation and international financial turmoil, the Turkish economy continues to defy gravity. The country's banks lend to the treasury in lira at high interest rates. As a result, they can offer attractive interest rates on foreign currency deposits too. Armed with a fictitious $50,000, Metin Munir finds out just how good these rates can be and explores the role played by the banks in propping up Turkey's "unsustainable" economy

Only invest in Russia, say old hands, if you can afford to - and can't afford not to. Companies building factories and brands in Russia face formidable difficulties. Agreements thrashed out with the federal authorities in Moscow are overturned by local officials. Taxes, operating licences and regulations are all subject to change at a moment's notice

With more proven reserves than they know what to do with, Russia's oil companies are keen to take on the world. But to become world beaters they need to restructure, improve their management and form partnerships with western companies

Peregrine's last days, by Andre Lee

How can an investor get exposure to below investment-grade risk while investingin AAA rated bonds? Credit-linked notesprovide an answer, but does anyone really know how to price them? By James Rutter.