Cautious hope for financial 2013

Both developed and developing economies should seize the current opportunity for rebalancing and restructuring

If the year 2012 was filled with financial scandals, ranging from Libor-rigging to money-laundering cases and huge trading losses, then the New Year seems to have brought hope to the global financial industry.

The past year's sense of panic has gone and a new wave of optimism has returned. Global stock markets have had a good start in January. The S&P 500 hit a five-year high and the FTSE All-world index was at its highest level for 18 months. The stock markets of many developing countries have clocked double-digit rises since last June.