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Over the past seven years Polish companies have had to restructure to survive. New accounting rules have helped improve the quality of management. And Polish workers have begun to understand that foreign investment brings with it security and new technology. By Graham Field

by David Roche

Which banks do users of the capital markets like best? And which are most respected by their peers? Our annual poll has the answers. Research by Rebecca Dobson.

Komarovsky and Ingersoll sit at the feet of Wall Street's self-styled literary genius

The top 100 Arab banks

The Philippine government is recruiting the private sector to develop and upgrade the country's infrastructure. But how will the private sector raise the financing it needs on the international capital markets? By Maggie Ford

The next cycle of sovereign debt default will be different from the last. Lawyers hope that the mechanisms for coping with it will have evolved as well. By Christopher Stoakes

Brazil's finances are being taken in hand. But fiscal reform depends on constitutional changes, and so far president Cardoso hasn't fulfilled any of his promises. The team implementing the Real Plan for recovery believes some measures can be taken without a battle in congress, but these ideas are still on paper. Although inflation is down, external investment is up and privatization has sped up, the markets will give Brazil only so long. Danielle Robinson reports

Edited by Steven Irvine

Competition in French banking is distorted by an outdated legal framework. French banks need to be downsized and made more profitable. Their returns on equity and cost/income ratios are deplorable. Strong statements. But those aren't Euromoney's views, they're the views of Marc Viénot, chairman of one of France's biggest banks, Société Générale. He spoke to Felix Salmon

On his first day as treasurer of the World Bank ­ March 1 this year Gary Perlin was winding up a trip to China, the bank's biggest borrower. By contrast, the first overseas trip of his predecessor Jessica Einhorn (now promoted to managing director) was to Japan, the biggest investor in the bank's bonds.

The Euromoney country risk assessment uses nine categories that fall into three broad groups: analytical indicators, credit indicators and market indicators. The weighted scores are calculated as follows: the highest score in each category receives the full mark for the weighting; the lowest receives zero. In between, figures are calculated according to the formula: Final score = weighting/(maximum score minimumscore) x (score minimum score). The country risk ranking shows only the final scores after weighting.