The increasing complexity of financial instruments, markets and institutions is a worry for regulators and investors.
The approval of Turkey's candidature for EU membership is just the start of a decade-long process, much of which is likely to be painful, that is set to revolutionize the country's economy and society.
Islamic finance has made striking advances in the past year in its prime market of Muslim individuals, sovereigns and institutions, and among non-Muslim issuers and consumers attracted to Shariah-compliant products.
The tsunami disaster prompted a generous debt payment moratorium proposal from the G7.
Issues by sovereigns, sub-sovereigns and agencies tend to do well at the start of the year, mopping up high January cash balances.
Much of the action in financial markets this year will centre around private-equity fund managers.
With private banking contributing anything up to 20% of global bank profits, capturing market share through mergers and acquisitions is a preoccupation of wealth managers.
As it looks to keep pace with rival Banco Santander, Spanish bank BBVA is setting its growth sights on the Hispanic market in the US - at the outset Mexicans in California and Texas - rather than Europe.