With global trade already back at pre-pandemic levels, it is tempting to say that the global economy has recovered from the COVID-19 pandemic, and that the worst of its upheavals are now behind us. However, there are also signs that the rebound from the low baseline of the pandemic is losing momentum, as major economies battle the shared headwinds of persistently high inflation, supply chain disruption, labour shortages, and new COVID-19 restrictions. To ponder what effect these dynamics have had - and will continue to have - on trade finance in emerging markets, there are few better observers to call on than Rudolf Putz.