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Contrary to the pessimists' view, Europe will show economic recovery this year and next. And that will ensure monetary union stays on track for 1999. In core Europe, super-cheap money has been complemented by weak exchange rates. And those easy monetary conditions are likely to win out over Europe's Maastricht fiscal masochism to produce economic recovery.

Thailand in mid-1997 has an economic fight for survival on its hands. Can things get worse? Gill Baker examines the market

A special report prepared by Frankfurter Hypothekenbank Centralboden

A special report prepared by Commerz Financial Products

Issuer: Porsche International Financing plc

Bank atlas 1997: The world's leading banks

The use of credit derivatives is set to expand dramatically. Christopher Stoakes explains some of the legal pitfalls.

Can Ujiie clean up Nomura?

Thailand's first yankee bond in five years has been a success against the odds. Did honesty pay off, or was it underpriced?

At this year's Euromoney borrowers and investors conference, one of the bond market's most respected and outspoken heads of borrowing will be notably absent from the borrower panels and roundtables. Mark Cutis, former treasurer of the EBRD, has jumped back into the banking world, whence he came following stints at Merrill Lynch and Dresdner Bank. After six years at EBRD - he originally committed to stay for just 18 months - he now sits on the management committee of Nomura International, running its international market division.

Corporate risk management is advancing dramatically because of computer power, communications, the Internet, and the value-at-risk (VAR) concept borrowed from banks. Several companies are leading the charge, and attempting to quantify risks that aren't just financial. But can that help the treasurer do his job? By David Shirreff.

Saudi Arabia's capital markets will require reform and liberalization if the kingdom is to build a dynamic economy on what is left of its oil wealth. The Saudi authorities are as aware of this as outside observers and their own bankers, but have been ultra-cautious about implementing change. Philip Moore reports on signs of a quickening pace.