Emerging markets hold the key to future economic growth. As such, companies of all shapes and sizes are endeavouring to make the most of the opportunities these markets can offer. In this Spotlight, we examine what corporate and treasury competencies are needed to tap this potential and what the risks are. The common thread running through all the contributors is optimism that changes are heading in the right direction, and making life easier (note, not ‘easy’) for the European based treasurer.