This Month (October 2002): Time Waits For No Man, Not Even US Treasury Secretary Paul O'Neill - The Banker Calls For His Departure.

(From The Banker)

Byline: STEPHEN TIMEWELL, EDITOR

In a highly uncertain world, leadership is critical. In a financial world where one economy, the US, is dominant, financial leadership of that economy is of paramount importance. US Treasury Secretary Paul O'Neill has the power to move markets, direct policy and create stability, not just in the US but around the world. Unfortunately, he has not done that, in a positive way, at least. Of course, he alone is not responsible for the economic ills troubling the US and the rest of the world, but his lack of international sensitivities and global vision do not seem part of any viable solution either. For the world's sake, it is time for him to go.

In this IMF/World Bank annual meeting issue we consider the IMF's plan for a sovereign debt restructuring mechanism and the World Bank's strategy while Dr DeAnne Julius examines the dangers of deflation.

Elsewhere, we look at the opportunities offered by Madrid as a financial centre, the differing government attitudes across Europe to lending to small and medium-size enterprises and the role of Germany's Mittelstand financier KfW. Also, we study the battle to set the benchmark in selling Euroland's bond.

Further east, we take a look ...