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  • Will Belgium turn its economy around in time for European monetary union? Without Emu, the Belgian government fears that Belgian franc and government debt issues will be punished by the markets
  • A FORECAST BY UNION BANK OF SWITZERLAND
  • BY NOMURA INTERNATIONAL PLC
  • Newly-appointed global foreign exchange chief, Guy Whittaker, fell silent when Euromoney informed him that the new Chase had topped our annual foreign exchange poll. He simply asked how we put the results together, and took a sip of water.
  • Luxembourg was in at the start of European unity and is as committed to it as ever. But the things that have made the Grand Duchy great - tax advantages, strict banking secrecy, the Luxfranc bond market and the absence of minimum bank reserve requirements - look likely to be swept away by the tide of EU harmonization. Philip Eade reports on Luxembourgeois bankers' bullishness in the face of adversity
  • A FORECAST BY CARNEGIE BANK A/S
  • After eight years as Belgium's finance minister, Philippe Maystadt is said to be the leading candidate to replace Michel Camdessus as director of the International Monetary Fund in Washington. Those who know him well think he may stay to win Belgium a place in European monetary union.
  • Edited by Brian Caplen
  • As bond markets develop in emerging economies, local rating agencies have sprung up, often at the bidding of the regulators. But investors remain sceptical about their objectivity, and the big two - S&P and Moody's - look set to defeat the newcomers. Ronan Lyons reports on differing approaches to similar goals
  • Jean-Claude Komarovsky hears a mating call in the high Alps and meets an old friend from California.
  • Bahrain's reputation as the pre-eminent financial centre on the Arabian Gulf is being challenged by the threat of civil unrest, a domestic sector which is overbanked and foreign banks questioning their need for a presence in the region. But local and regional opportunities arising from privatization programmes and economic restructuring offer banks a way forward. By Nigel Dudley