The FT’s Year in Finance

In this issue

- There is little consensus on how to fix the banking system

- Behind the scenes with the inventor of the Ponzi scheme

Contagion in an age of austerity

The year has been punctuated by the thud of falling dominoes

Analysis: The hunt for a common front

Patrick Jenkins, Brooke Masters and Tom Braithwaite find little consensus on how to fix the bank system

Asia’s banks: ‘The fish always stinks from the head’

The belief that regulation must focus on banks’ head offices can be seen in China’s zeal to enforce the Basel III rules, writes Simon Rabinovitch

Patenting the Ponzi is an extraordinary tale of growth

Tim Harford takes us behind the scenes with a grand schemer

Japan’s interest rate dilemma casts a shadow over the Fed

The Fed’s problem – like Japan a decade ago – is that the economy is ‘bifurcated’

Germany has to make a fateful choice

My fears are coming true – this crisis has done more than demonstrate that the initial design of the eurozone was defective

Inside business: Banks turn to financial alchemy in search for capital

Tom Braithwaite explores arcane ways to reduce risk

It is madness to follow a martingale betting strategy

Martingales and related strategies are the familiar currency of financial markets

Bob Diamond in an unconvincing defence

Talk is cheap. Action is expensive. But the Barclays chief executive’s inaugural Today Business Lecture was clever talk

Emperor Corzine and his Goldman clothes

Once upon a time, there was an emperor who had been thrown out of the kingdom of New Jersey and was seeking another place to rule

Why breaking up is so hard to do

The eurozone cannot stay where it is or undo what it has done

Merkozy failed to save the eurozone

Like the Bourbons, leaders seem to have learnt nothing and forgotten nothing

Three steps to resolving the eurozone crisis

A European finance ministry that has political as well as financial legitimacy could emerge from a rethinking of the euro, writes George Soros

Europe’s banks must be forced to recapitalise now

Europe’s already long list of ‘must do’s’ is getting longer and harder by the day, writes Mohamed El-Erian, chief executive and co-chief investment officer of Pimco

Why Italy’s days in the eurozone may be numbered

Italy may, like other periphery countries, need to exit the monetary union and go back to a national currency, by Nouriel Roubini