It has been exactly ten years since Lehman Brothers collapsed, and international trade is now finally entering a new phase. The full recovery of trade, according to the World Trade Organisation (WTO), can be said to be complete. The United States and China are the stars of the show, but one shouldn’t think of Europe as merely playing a side roll. The next five years could contain many surprises, and the problem now is to understand where the price bubbles are so that they can be popped before they explode. That is not a particularly easy task.

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