A deluge of non-performing loans and deleveraging paint a bleak picture of Kazakhstan’s banking sector. But it is against this backdrop that smaller, second-tier banks, which follow much less aggressive strategies and are therefore in much healthier positions, can excel.

ESMA's Steven Maijoor argues that stricter regulation will improve the effectiveness and efficiency of credit rating agencies and help restore confidence in their ratings.

The EU has lost its way. Only by reverting to its original intention – of pooled sovereignty with all members pulling in the same direction for the greater good – can it get begin to recover from the crisis that currently engulfs it.

Armenia’s finance minister and former central bank vice-president Vache Gabrielyan is focusing on maintaining the country on its path of recovery, controlling inflation and starting a reform of its pension system.

Although the global financial crisis led to a significant contraction in the Armenian economy, the country’s banks were largely unaffected by the turmoil. With low banking penetration and regulation that is both progressive and cautious, the future for these institutions looks bright.