While Portugal has moved out of recession – just – its recovery seems tentative at best. Its economy minister, however, is optimistic about the country's future, and tells Silvia Pavoni that its strong exports to countries outside of the eurozone in particular point to better times ahead.

Trade is changing. Flows between emerging markets continue to develop, high wages are sending some production back to Europe and the US, meanwhile Africa is making a bid to stem its reliance on raw commodities.

Uruguay's finance minister, Fernando Lorenzo, tells The Banker how his country has managed to remain resilient in the face of the global economic crisis, and why he still longs for a more open Latin America.

Cross-border trade bodies in the Americas have a variable record, with critics rounding on the likes of Mercosur or even the new Trans-Pacific Partnership. However, the Pacific Alliance – largely driven by the private sectors of Chile, Peru, Colombia and Mexico – appears to be showing how such bodies can work effectively.

Foreign direct investment into the financial services sector of São Paulo and Rio de Janeiro is booming, while specialist financial centres in the Caribbean are having a positive impact on the global economy.

With clients demanding more clarity on their investments, and new regulations putting pressure on margins, wealth managers have their work cut out to remain profitable and relevant. Can they rise to the challenge?