The effects of eurozone deleveraging on central and eastern Europe should not be exaggerated, but certain countries look particularly exposed, especially in the Balkans. And the principles of European integration are under pressure.

The largest state-owned banks still dominate the top of Russia’s banking system, but high returns, specialisation and consolidation in the private sector are creating signs of change.

Kosovo’s highly capitalised and liquid banking sector has benefited from its relative insulation from international markets, but its banks must develop and diversify their activities in order to put their funds to work.

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.

Russia's regional banks are often closer to their customers than the Moscow-based giants, but they can be hampered by a lack of both capital and transparency. While a new development fund is intended to change that, some critics argue that new capital adequacy requirements threaten their very existence.

Russian central bank governor Sergei Ignatiev's decision not to intervene when the country's currency came under pressure earlier this year has been welcomed by economists as a sign that the country's commitment to a more open economy is genuine. The governor explains to The Banker that such a policy is part of his long-term plan for the country.