in this issue

The shadows that gathered last year have started to recede. The banking sector has shown signs of a sustained recovery, but concerns remain over institutions in certain countries

Central and eastern Europe to outpace west as lenders think local

Pickup in global trade predicted to accelerate growth and boost outlook for financial sector, with greater focus on local currency funding. By Neil Buckley

Russia: State duopoly maintains its grip

Private sector competition for Sberbank and VTB remains restricted to niches, writes Charles Clover

Hungary: Credit plan offers hope for banks

Loss-making institutions welcome stimulus programme for small businesses, writes Kester Eddy

Stock exchanges: Sound of overtures in Warsaw and Vienna

Competition from more liquid western markets has led to warmer relations between central Europe’s two largest bourses, writes Jan Cienski

Monetary union: Eurozone membership pros and cons

Jan Cienski and Richard Milne gauge the level of enthusiasm among Europe’s emerging economies for the single currency

The European Bank for Reconstruction and Development

Opinion: Rebooted Vienna recognises need for change

The contours of a new model for banking in CEE are emerging, writes Erik Berglöf

Opinion: Hurdles remain high for banking union

We are keen to retain our own domestic regulations, says Miroslav Singer