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Top emerging market officials reveal the ambitions of the new Sino-led development institutions. But emerging markets ignore the opportunity costs of state-led project financing at their peril.

Emerging markets are working for a multipolar monetary world. Beijing is spearheading the push to establish rivals to the World Bank to globalize the renminbi, establish markets for its excess capacity and plug the infrastructure deficit. But, for now, a post-Bretton Woods era is fantasy.

Bad debts, low valuations and a lack of appetite for expansion among strategic players have kept a lid on banking sector M&A in emerging Europe since the financial crisis. Now the recovery of key regional banks and the emergence of new investors is driving a resurgence in activity. But will it last?

This year’s presidential election in Argentina is likely to be the first to be decided in a second and final round of voting since the constitution was changed in the 1990s. The outcome for the country – and its economy – will be as important as it will likely be close. Euromoney talks to economic advisers to the two leading candidates about how they view 2016 and beyond.

A prolific bank buyer but notoriously publicity-shy, Igor Kim is little known outside his native Russia. In his first major interview with the international media, he talks about expanding into Europe, surviving a spell on Canada’s sanctions list and why global banking models are doomed to failure.

Strategic planning has helped Banco de Crédito del Peru outperform despite economic headwinds. The CEO explains how that and rigorous control of risk and costs – all the way down to how much paint is used in its branches – can keep returns on equity above 20%.

Colombian banks are moving into Central America as international banks depart. Regulation could drive further consolidation. The locals will need strength to survive – and thrive.

Roberto Zamora, president of Lafise, says that money-laundering regulation is the pertinent driver of consolidation throughout the region.

Overall Hard infrastructure Technology and Innovation Education Healthcare Environment Tax system Financial competitiveness

Quality of mass transit transport Law, order and security Quality of roads and driving experience Quality of long distance travel Technology and Innovation: Availability of funding Quality of technological infrastructure Education: Availability of qualified employees Sickness and absenteeism of employees Healthcare accessibility Promotion of green policies and initiatives Air quality Efficiency of tax system Forward visibility of tax liabilities Financial competitiveness: Connectivity Breadth and diversity of financial services Quality and efficiency of regulatory framework Ability to attract foreign direct investment

As pan-African banks expand across the continent at lightening speed, experts have started to highlight the inadequacy of cross-border banking regulation. Regulatory progress is slow, while pan-African banks admit that the issue is not yet top of their priority list.

Euromoney’s Best China Cities survey melds a combination of executive opinion (qualitative ratings) with hard data (quantitative data) from various sources in the market, across a variety of categories, to produce an authoritative ranking of the best cities in the country.