This month’s Spotlight looks ahead to what treasurers can expect for 2004 in terms of the economy and the bonds, loans and equities markets, as well as a brief insight into what lies ahead with the larger EU. The Spotlight opens with an impassioned plea from Magnus Lind of Nordic Financial Systems that the regulators, who will be as busy as ever in 2004, should calm down their recent frenzy, allow risks to be taken and allow innovation to flourish.