Strict control over the public purse is now the minimum expected of the world’s finance ministers. The Banker’s selection of the leading finance ministers across the world reveals how much more demanding the job is, especially when tough reforms are needed.

Rodrigo Rato, Deputy Prime Minister & Economy Minister, Spain

Luisa Diogo, Minister of Finance and Planning, Mozambique

Antonio Palocci, finance minister, Brazil

Peter Costello, treasurer, Australia

2003 saw benefits flow from fiscal austerity. Finance ministers who got tough on public spending got just rewards. It is this trend that flavours The Banker’s choice of finance ministers for 2004.