The results of the European asset quality review are due, but regardless of what they unearth there is still much work to be done before a banking union is a realistic possibility.

The clauses attached to Kazakhstan's latest sovereign bond show that governments are squaring up to so-called vulture funds in the wake of Argentina's recent default.

The dangers of cyber attacks are rapidly becoming apparent to banks, which are having to arm themselves against this new threat at a time when they are already grappling with capital, liquidity and governance risks.

The hot topic at this year's annual meeting of central bankers in Jackson Hole, US, will be interest rates – with developed economies still cautious about raising their rates and emerging economies becoming increasingly frustrated by this inaction.

Far from tackling the problems that led to the global financial meltdown, new regulation is steering the banking sector towards yet another crisis.

The IFRS's latest attempt to simplify international accounting rules scores some small victories, but it also introduces a number of significant new problems into the accounting equation.

By establishing the New Development Bank, the BRICS economies of Brazil, Russia, China, India and South Africa have made their biggest push yet towards redressing the economic world order.