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.