China has ambitious international plans, not least with its Belt and Road Initiative. At the same time, the United States is forging links between national security interests and international trade policy.
In this difficult situation, what we need here in Europe is a strong EU – not only to stand up for our 5 / 10  BIS central bankers' speeches  own interests at the negotiating table, but also to preserve and refine the multilateral rules-based trade order. Tuesday saw the European Commission present a concept paper for reforming the World Trade Organization (WTO).