A return to economic growth in Estonia shows that it is possible to benefit from eurozone membership, even amid Europe's financial crisis. But governments must first acknowledge the limits of what the state can do.

In the shape of Basel III, the rules are in place to help ensure that banks and supervisors are better equipped to deal with the next financial crisis. However, it is implementing these rules that is key.

One of the key facets to Europe emerging from its current malaise lies in the creation of a market in which its social businesses – innovative entrepreneurs that make up about 10% of the continent’s companies – can thrive, unencumbered by red tape, lack of finance or regional boundaries. The European Commission is on the case. 

HSBC has not suffered in the global financial crisis as badly as many of its UK counterparts, and it is already well established in the high-growth emerging markets likely to dominate world trade in the coming decades. However, the bank's new chief executive still believes it could be offering better value to HSBC investors.