Financial News asked the great and the good of financial services to look back on the past year and tell us what they thought was the most worrying development of 2011.

• Richard Saunders, chief executive, Investment Management Association "The eurozone crisis is too obvious a choice, so instead: the Financial Transactions Tax. The FTT signals an end to rational analysis as the basis for European policymaking. It targets savers, not banks; banks could never afford the €57bn it is claimed it would raise, so it has to be the customers who would be footing the bill. The Commission itself admits it would reduce European GDP, so the FTT's only saving grace is that it would never work."