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  • Why Achilles heel? Because the Bonn government - once the single-minded champion of European economic union - is paralyzed by problems in its own backyard. It has pumped billions of Deutschmarks and man-years of management into its five new Länder, but they show little sign of surviving without life-support. And Germany's slide into recession, in the west and the east, could jeopardize an early move to European economic and monetary union. David Shirreff reports.
  • The senior executives who read Euromoney are a loyal and conservative group. This magazine's annual business travel poll shows a strong consistency in the executives' decisions on how to travel when they are away on business.
  • A special report prepared by VUB
  • ...and sensible Germans
  • Inside London's St Paul's Tavern, Billy Whitbread sups his first pint. He thinks it highly hopped and attenuated - a process whereby you get as much alcohol out of the sugar solution as possible. "It's Gales or Pedigree," he concludes, verging finally on the former, because Pedigree "has more of an effect on my head".
  • A special report prepared by Merita Bank
  • Issuer: GPA Amount: $4.05 billion Launched: March 11 Lead manager: Morgan Stanley
  • The French government has found a novel way of paying off its social security debt - a bond issue that will be paid for out of an earmarked tax. It's not exactly state-backed but there is an implicit guarantee. It may prove popular when investors get a clearer idea of the details. Daniel Evans reports.
  • There are still offshore banking centres that cater for the sleazier end of the market, but most of these are new. The others would have us believe they've grown respectable in their old age. Jules Stewart reports.
  • Telecoms deregulation has hit the land-of-the-free local call. Danielle Robinson reports on the rich pickings for bankers from the freeing-up of US telephone and broadcasting services as the players fight for a share of integrated markets.
  • Jacques de Larosière ran the IMF, then the Banque de France. Now he's in charge of something halfway between - a development institution favouring private-sector investment, transferring the best of western wealth and know-how to eastern Europe. But should it all have such a French flavour? Jonathan Ford reports.