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Out goes Napoleon, in comes King Arthur as Wim Duisenberg factors in the views of his five new colleagues on the European Central Bank directorate. Whose dogma will prevail at this latter-day round table? Laura Covill reports.

Pensions are the greatest pyramid scheme ever, argues Arnab Banerji. As Europe turns from unfunded to funded schemes it will need the higher returns that only emerging markets can provide.

A last-minute deal commits Europe to bailing out former French colonies; Jacques Chirac rails against speculators; a loophole in the Maastricht treaty allows Europe to impose exchange controls to protect itself from international capital flows. Coincidence? Bernard Connolly doesn't think so.

Controversial rules designed to monitor and control borrowing by private and public-sector companies are being finalized by Egypt's ministry of economy. Senior government officials say the measures will prevent the economy from becoming vulnerable to an Asia-style collapse. If they aren't blocked by another government department, the new regulations, the Sphinx Protocol, should be published in coming weeks. The ministry of economy's plan would create a database of all current and potential bond issuers. Advance details of issues would be required, including the volume, maturity, coupon, currency and market of issuance. The reporting system will also be used to control the quality and quantity of borrowings.

Something strange is happening in the Taiwanese banking sector. Despite the ministry of finance having stated its aim of allowing banks a universal remit, it is now planning to issue industrial banking licences. As Rachel Wu, banking analyst at Warburg Dillon Read in Taipei points out: "Industrial banks create another niche within the financial sector." Acting as an industrial bank in Taiwan entitles the licence holder to arrange a variety of funding instruments for corporates including commercial paper and to undertake venture capital projects. To date, only state-run Chiao Tung Bank has such a license.

Looking for a convergence play in Europe? There's still one bet left: Greece, potentially the last of the euro-bubbles. Investors keen to gamble on Greece's entry to Emu may find their chance in the country's privatization programme.

According to Moody's Investors Service, there were 82 downgrades of US corporate credit ratings in the second quarter of 1998, the most for any three-month span since 1991 when the US economy was deep in recession. For the first time in nine quarters, the number of downgrades outstripped the number of upgrades (79 ratings were upgraded from April to June 1998).

The world's biggest company, General Electric, has passed another milestone. On July 15 its market capitalization exceeded that of the entire Hong Kong stockmarket by $10 billion. At the close of business it was worth $306 billion. GE is covered by 42 analysts, Hong Kong by 498 analysts. So does that make Hong Kong overbroked or GE overvalued? SI

Euromoney's cover story in April "Sinking the unsinkable" raised the issue of apparent unwillingness among European governments, official bodies and even private-sector financial institutions to address the possibility of a break-up of European monetary union in the first years following the introduction of the euro in 1999. Consultants at Mitchell Madison, a firm set up in 1992 by five ex-McKinsey professionals and now employing more than 600 people worldwide, have been investigating the same question. In July, the firm released the findings of a survey of UK-based financial institutions including asset managers responsible for £1.1 trillion ($1.8 trillion), or 40% of the UK's assets under management.

What's the chance now of an Emu break-up? Euro-agnostics say the most likely event is the exit of a single country because euroland is too tough for it, or too weak. But just as likely, if not more so, is a fudge and fix by member governments desperate to keep the show on the road - ways would be found of pumping money into a country threatening default.

For some, life after a career in finance means the priesthood or opending a restaurant. But Anthony Hotson left Warburg Dillon Read last month to study old stones.

It's not often investors buy stock for reasons of charity, but Jardine Fleming achieved this feat on June 16 when celebrating its inaugural day as a member of the Singapore stock exchange. It decided to give half of its commissions to charity.