The financial crisis is behind us and there is more capital in the world than ever before. These were the optimistic views expressed by Morgan Stanley's John Mack at an investment conference in Russia today - his first public appearance since announcing he is stepping down as chief executive last week.

Mack told delegates at the conference in the Black Sea resort of Sochi: "The good news is that I believe the economic fear, the crisis is over", according to reporters at Reuters. "We still have problems, yes, but the focus from governments and regulators around the world has clearly averted what could have been a global meltdown of the financial system."