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Regional governments are taking back control of local businesses in the name of saving jobs and preventing foreign speculators from taking over. While some observers regard this as an undesirable move, things could be worse. Renationalization, the bogey which haunted Russia's first few years of market reform, has melted away as the Kremlin moves to sell whatever mineral fortunes it has left. But relocalization is just gathering steam.

If an international bank wants to increase its profile in Russia, it heads straight for Gazprom. Russia's largest company has huge capital requirements for the next few years, and to be seen working on as many of its deals as possible is the best way to market services to other Russian companies.

A special report prepared by WestLB

A special report prepared by the Budapest Stock Exchange.

Best Asian Finance Minister: Chidambaram, India

Euromoney received replies from 32 economists at leading financial and economic institutions. They gave each country's economic performance for 1997 and 1998 a score out of 100, after making comparisons between countries and years. The world's fastest-growing, best-performing economy in an ideal year would score 100; the worst economy in a disastrous year would score zero. Respondents were asked consider sustained economic growth, monetary stability, current-account/budget deficit or surplus, unemployment and structural imbalances. Economists also gave their forecasts for real GNP growth for calendar years 1997 and 1998. The scores in the ranking are the average of those forecasts. The ranking represents an average of economic performance scores for 1997 and 1998. Countries which received one or no votes were excluded.

Australia's financial markets have hit the headlines this year. While Australian dollar-denominated Eurobonds have been in vogue with European investors, privatization and a changing mortgage market have spurred a wave of issuance by Australian companies. Albert Smith looks at some of the landmark deals.

Traditional habits are disappearing as Austria's economy is overturned in the quest for survival in Europe and more opportunities in the former communist states, reports Nigel Dudley.

A special report prepared by WestLB