Central banks have done their bit — now it’s up to markets

Financial markets enter 2013 in great shape. Soothed by the mother of all monetary easings, investors are open to most varieties of public sector, bank and corporate risk. Barring disasters, banks will have flexibility about funding this year, while growth will come from corporates and emerging markets. But as Toby Fildes argues, it will be a painful year for the investment banking industry, as the post-crisis restructuring still has a way to go.