Offshore financial centres are often looked upon unfavourably, accused of being hubs for tax avoidance or dodgy dealings, but they are vitally important if corporations from developed economies are to stay competitive on a global scale.

The UK's Funding for Lending Scheme may be a politically attractive way to incentivise banks to step up lending to households and companies, but it could have some unintended side-effects.

The world needs China to stay engaged in international economic and financial discussions.

New international liquidity requirements favour banks based in countries with highly developed capital markets. This is harsh on well-capitalised emerging market banks.

Greater use of secured funding, depositor preference and bail-in regimes mean that bank failures and defaults on unsecured bank debt are likely to converge, while recoveries fall.

If the largest investment banks can emulate the structure of boutiques, they can adapt to the toughest market conditions.

Increasingly strict, region-specific regulation is making it increasingly complex, not to mention costly, for transaction bankers to operate on a global scale.