Even if the Ukrainian government rides out popular protests against its decision to turn away from the EU, the sovereign and state gas company debt repayments due in 2014 will challenge its financial position.

The rise of pan-European banking groups makes supervision at a European level appropriate. But crises still start locally, and local supervisors must retain adequate powers to act independently.

The Banker’s Central Bank Governor of the Year awards celebrate the officials who managed to restore economic stability and even growth to their countries following a turbulent few years.

The ousted chief of Warsaw Stock Exchange, Ludwik Sobolewski, has come in from the cold in his new role as head of the rival Bucharest bourse and is already making his presence felt. 

The merger of the Micex and RTS groups to form the Moscow Exchange has proven harmonious and, so far, successful, with plenty of big names attracted to the bourse. Indeed, as Moscow looks to prove its credentials as an international finance hub, the exchange appears to be setting the standards for the rest of the city's financial institutions to follow.

A Slovenian privatisation process involving 14 different selling entities provided Houlihan Lokey's corporate finance team with a delicate challenge when helping a potential Austrian buyer.