The OMFIF Podcast: Recent Episodes
OMFIF
Subscribe to the OMFIF podcast for the latest news and insight on financial markets, monetary policy and global investment themes. Published weekly, the podcast features input from a range of academic experts, central bankers and investment professionals. Visit our website at www.omfif.org.
Artificial intelligence has transformed the conversation around investing, but much of the focus has remained on equity markets. As AI adoption accelerates across the global economy, its implications for fixed income investors are becoming increasingly difficult to ignore.
In this episode, Manusha Samaraweera, fixed income investment director at Capital Group, joins Mariam Khan, economist at OMFIF, to discuss his paper, ‘Why bond investors can’t ignore the AI revolution’. They explore how AI-driven productivity gains could influence sovereign debt dynamics and inflation over the long term, why the US may be better positioned than other regions to capture the benefits of AI and how the technology is creating both opportunities and risks across credit markets.
Read the Capital Group paper, ‘Why bond investors can’t ignore the AI revolution’.
Tokenised deposits are putting commercial banks back in the centre of the evolution of digital money. Lee McNabb, head of digital assets at NatWest Group, joins John Orchard, chairman of the Digital Monetary Institute at OMFIF, about the benefits and remaining challenges of bringing tokenised commercial bank money to wholesale and retail users.
They discuss the ways central banks and policy-makers are working on this development, which will allow the existing financial architecture to combine the benefits of blockchain with the guardrails and infrastructure of the two-tier financial system. Read the latest edition of the Digital Monetary Institute Journal for more insights on tokenised deposits.
There is a growing water crisis on multiple fronts. In early 2026, United Nations scientists declared an era of global water bankruptcy as systems hit breaking point. The social and health implications of this are widely understood, but the economic and financial risks are too often missing from the conversation. A new report by WWF finds that, when climate and nature risks are considered separately, without fully integrating freshwater considerations, important systemic risks can be overlooked and gaps in risk management can build up.
In this episode, Carolin Carella, research lead at the WWF Greening Financial Regulation Initiative, and Jessica Smith, head of nature at the UN Environment Programme Finance Initiative, join Sarah Moloney, editorial director at OMFIF. They examine the key findings of the report and consider what financial institutions, supervisors and regulators can do to help ensure a financially resilient and water-secure future.
Read the WWF report, ‘Navigating towards water resilience’, which highlights the materiality of water insecurity to price and financial stability and the possible steps for central banks and financial supervisors to address water-related risks in their work, and the UNEP FI Risk Centre's flagship report, ‘The landscape of sustainability risk integration’, which assessed the extent to which sustainability risks are being integrated by the global banking sector.
While diversification remains a priority, economic fundamentals are once again taking precedence in investment decisions as central banks navigate a more fragmented global landscape.
Max Castelli, head of strategy for sovereign institutions, and Philipp Salman, director of strategy for sovereign institutions at UBS Asset Management, join Yara Aziz, senior economist at OMFIF, to unpack the main takeaways from UBS’ 32nd Reserve Management Seminar. They discuss why economic fundamentals are returning to the centre of reserve management, what geopolitics means for investors, and how central banks are thinking about diversification, the dollar and gold.
Long-standing assumptions about globalisation, multilateral co-operation and financial stability are increasingly being challenged, raising questions about whether the institutions designed to support prosperity are still fit for purpose.
Mark Sobel, vice chair and chief economist at OMFIF, is joined by Eswar Prasad, economist and author of The Doom Loop: Why the World Economic Order Is Spiraling Into Disorder. They discuss the central thesis of the book – how globalisation, inequality and institutions like the International Monetary Fund have created a destructive feedback loop, destabilising the world order.
As governments across Europe and beyond commit to significantly higher defence spending, a critical question is coming into focus: how can these ambitions be financed sustainably?
In the final instalment of the ‘Hard power’ series on defence, Mark Sobel, vice chair at OMFIF, is joined by Andrea Presbitero, economist at the International Monetary Fund. They discuss what rising military expenditure means for public finances and economic growth as well as the trade-offs facing governments – from advanced and emerging markets – already grappling with constrained budgets.
With tokenisation taking hold of capital markets, the platforms offering the services are actively shaping the infrastructure and the future of the marketplace.
Mark Rakhmilevich, vice president, product management and development at Oracle, joins Lewis McLellan, head of content at OMFIF’s Digital Monetary Institute, to discuss the way tokenisation is developing in capital markets and the ways in which artificial intelligence can support it, giving regulators and market participants comfort in their ability to scrutinise transactions.
Gold has re-emerged as a focal point in the global financial system. Against shifting trade dynamics, elevated public debt and questions over the future trajectory of the dollar-based monetary order, central banks are accumulating gold at a pace not seen in decades. At the same time, investors are reassessing the role of the precious metal as a hedge against inflation, market volatility and systemic risk.
David Marsh, chairman of OMFIF, is joined by Willem Middelkoop, founder of Commodity Discovery Fund and William White, former chief economist at the Bank for International Settlements, to explore gold's evolving place in the international monetary landscape and examine the forces shaping its demand.
Ahead of OMFIF’s Gold and Precious Metals working group meetings, which informed the ‘Gold and the new world disorder’ report in 2024, participants hold the metal to the light, inspecting it under newer circumstances.
Artificial intelligence agents are beginning to make their presence felt in online payments. At present, they typically discover options for purchase and present users with buy options. However, many are already looking towards a future where AI agents have wallets and the ability to pay for small items with stablecoins. This could also create the opportunity for machine-to-machine micropayments.
Chad Harper, head of the Coinbase Institute, joins Lewis McLellan, head of content at OMFIF’s Digital Monetary Institute, to discuss the rails that will facilitate agentic payments, particularly x402, Coinbase’s payments protocol.
As governments commit to long-term security strategies stretching to 2035, fiscal pressures are arriving much sooner and markets are already responding. What does sustained defence expenditure mean for sovereign debt, borrowing costs and economic priorities? Who ultimately pays, and over what timeline?
In the second episode of the ‘Hard power’ series on defence, Udaibir Das, vice chair at OMFIF, is joined by Sarah Carlson, senior vice president of sovereign risk at Moody’s Ratings and Ron Smith, emeritus professor of applied economics at Birkbeck, University of London. Together, they discuss the historical record on defence build-ups and growth; the fiscal arithmetic facing higher-debt sovereigns and whether political ambitions, fiscal realities and market expectations can ultimately be reconciled.
With US legislators mulling the Clarity Act, Europe reopening Markets in Crypto-Assets regulation for public consultation and the UK preparing its own cryptoasset regime, stablecoin policy is rapidly taking shape.
Dante Disparte, Circle’s chief strategy officer joins Lewis McLellan, head of content at OMFIF’s Digital Monetary Institute, to break down some of the key policy debates in the stablecoin world.
Energy security and sustainability have moved to the centre of policy debate amid increasing geopolitical fragmentation and crises. Governments are balancing the need for resilient, affordable energy systems with the accelerating transition to net zero and intensifying competition over critical minerals and technologies.
In the first episode of the ‘Hard power’ series on defence, Anne Simpson, vice chair at OMFIF, is joined by Vladimir Gorshkov, macro policy strategist at State Street Investment Management to discuss how policy-makers, investors and industry leaders are navigating the energy security-sustainability nexus, and what it means for growth, competitiveness and long-term economic stability.
Crypto-assets are forming a growing part of institutional investors’ portfolios. As a result, there is a growing demand for equivalent sources of data and analytical tools that investors use to guide their trading in traditional markets.
Andrew Forson, president of DeFi Technologies and chief growth officer of Valour, joins Lewis McLellan, head of content at OMFIF’s Digital Monetary Institute, to discuss a new index that makes use of capital flows data in exchange-traded products to generate valuable information about the behaviour of crypto-asset investors.
This index is available to the OMFIF network in monthly newsletters and on our website here.
Tokenisation is accelerating across capital markets and central securities depositories with their unique scale and role within capital markets have the opportunity to position themselves at the forefront of development.
Thilo Derenbach, head of business development and commercialisation of digital initiatives at Clearstream, discusses their approach to the tokenisation of securities with head of content of OMFIF’s Digital Monetary Institute, Lewis McLellan. Progress in tokenisation is set to become a necessity if European capital markets are to remain globally competitive, particularly in light of developments in the US and east Asia.
As global conversations around gender equality evolve, the focus is increasingly shifting from commitments to measurable outcomes. This includes how legal frameworks, institutional practices and representation translate into real economic inclusion for women, and how we can better understand both the progress made and the barriers that persist across countries and sectors.
Tea Trumbic, manager of the Women, Business and the Law project at the World Bank, joins Andrea Correa, head of research at OMFIF, to discuss the intersection of evidence-based policy-making and women’s economic empowerment. From personal reflections to the broader policy landscape, we examine where meaningful progress has been achieved, where gaps remain, the importance of language in shaping the debate and the link between gender equality and economic growth.
Download and read the OMFIF Gender Balance Index 2026.
Conor Perry, economist at OMFIF, speaks with Edward Harrold, fixed income investment director at Capital Group, about the outlook for European investment grade credit in an evolving macro backdrop. They discuss the impact of geopolitics on credit markets, inflation and interest rate expectations, as well as Capital Group’s approach to bottom-up investment management.
The representation of women in leadership, particularly in the financial sector, has been progressing over the years. This has been alongside mentorship programmes, networking platforms and career path support systems that institutions have been putting in place to advance a more equitable gender workplace.
Shriyanka Hore, board member at London Women’s Forum, joins Andrea Correa, head of research at OMFIF, to discuss how institutional initiatives, policies and networking opportunities have shaped the path of women in leadership positions, and which areas still need support to achieve gender balance.
As natural disasters accelerate in both frequency and severity around the world, it is becoming increasingly difficult for insurers to provide protection to people and businesses alike. Regula Hess, financial sector engagement lead at WWF Switzerland, and Arne Holzhausen, head of outreach at Allianz Investment Management, joins Sarah Moloney, editorial director at OMFIF, to discuss the climate insurance protection gap and how it threatens global financial stability.
They explore the key findings of a new white paper published by WWF. ‘Tackling the insurance protection gap: leveraging climate and nature to increase resilience’ finds that the widening gap between total economic losses after a natural disaster and the proportion that is insured is becoming a material concern for financial regulators, central banks and governments. The conversation digs into why nature loss and the degradation of ecosystems are central to the issue and looks at how the impacts go far beyond risks to property.
Tara Hariharan, managing director and head of research at NWI Management, joins Mark Sobel, chief economist and vice chair at OMFIF to discuss emerging market investing.
They explore how to manage the volatility associated with current market volatility in light of developments in the Middle East while combining those with views and assessments of underlying EM country economic developments.
Michael Pettis, senior fellow at the Carnegie Endowment and co-author of Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace, joins Mark Sobel, chief economist and vice chair at OMFIF, to discuss the insuperable obstacles China faces in seeking to escape its wasteful investment-led growth model and instead boost consumption and services.
As the new generation of financial infrastructure takes shape, the need for sophisticated tools to inform policy-makers is growing. To encourage innovation and preserve security, it is vital that policy-makers have the capacity to interact with and closely supervise new systems.
Sandboxes are a key tool for this process. Carmelle Cadet, chief executive officer and founder of EmTech joins OMFIF to discuss the nuances of how sandboxes work and how they should be constructed.
Discussions around central bank digital currencies typically begin with the intended use case. If the CBDC is for retail use, then all the subsequent discussions focus on retail, and the reverse is true for wholesale. The two are treated as separate discussions.
Abbas Albasha, senior strategy consultant at Giesecke+Devrient joins Lewis McLellan, head of content at OMFIF’s Digital Monetary Institute, to discuss why this approach is too restrictive, pointing out that a single CBDC system can be designed to meet both retail and wholesale needs flexibly without need for two separate systems.
Max Castelli, head of strategy for sovereign institutions, and Philipp Salman, director of strategy for sovereign institutions at UBS Asset Management, join Yara Aziz, senior economist at OMFIF, to discuss how shifting geopolitics shaped reserve management in 2025, and what sovereign investors should watch for in 2026. They cover the macro outlook, longer-term portfolio strategy, US concentration risk and the debate around the dollar’s role in reserves.
In the coming year, renewed attention should be made to explore how governments can shift from simply spending more to spending smarter. Drawing on new insights from the International Monetary Fund and fresh empirical work from OMFIF and EY, we examine why productive public investment remains elusive, what distinguishes high-performing public institutions and how fiscal policies can better support high-productive investment.
Mark MacDonald, global public finance management leader at EY, and Galen Sheer, senior economist, fiscal affairs at the IMF, join Andrea Correa, senior economist at OMFIF, to unpack the practical reforms finance ministries can take, from improving allocative and technical efficiency to building credible evaluation systems, and offer next steps that policy-makers can act on immediately to drive better long-term outcomes.
Sovereign debt scholar Anna Gelpern, Scott K. Ginsburg professor of law and international finance at Georgetown University, joins Mark Sobel, US chair at OMFIF, to discuss the theory of the case for debt transparency, the need for more and better public debt disclosure and the impact of poor disclosure on low-income countries and emerging markets. Gelpern also explores ideas on how to tackle the challenge, and shares an update on the Sovereign Debt Forum's Public Debt Is Public project with Georgetown’s Massive Data Institute.
European fixed income has been 'normalising' over 2025. Inflation is stabilising, the European Central Bank has halted rates near neutral, spreads are tight but markets are steady. Yet political and fiscal divergences remain sharp within the European Union with Italian BTPs now regularly pricing through French OATs. The EU’s rapid expansion as a AAA issuer is altering Europe’s credit market structure and raising the prospect of a genuine euro safe asset.
Conor Perry, economist at OMFIF’s Economic and Monetary Policy Institute, is joined by Jeremy Cunningham, investment director at Capital Group, to examine these developments. They discuss OAT-BTP repricing, investor-base effects on yield sensitivity, the impact of unified EU issuance and the outlook for 2026.
Dennis Shen, chair of the macroeconomic council and lead global economist at Scope Ratings, joins Mark Sobel, OMFIF US chair, to discuss the global economic outlook entering 2026, prospects for the US, China, Europe and Japan, alongside the key global economic challenges and risks.
In 2015, almost 200 countries signed the Paris agreement in a landmark commitment to limit the impact of global warming. Ten years on, Rahul Ghosh, global head of sustainable finance at Moody’s Ratings, and Umar Ashfaq, research director for the Americas at the MSCI Institute, join Sarah Moloney, editorial director at OMFIF, to examine how much progress has been made in the decade since and whether there is still a place for such international agreements in a more divided world.
Stablecoins are dominating the headlines and policy-makers are responding rapidly. The instruments, though once primarily used as a trading pair for crypto-assets, are rapidly gaining a foothold in cross-border payments where their speed and low cost make them an attractive alternative in some corridors. Eyes are also on their potential adoption for wholesale settlement. Thibault Pelé, head of product for digital currency at Worldline, joins Lewis McLellan, head of content at OMFIF's Digital Monetary Institute, to discuss the evolving uses of stablecoins and the promise this instrument shows in reshaping money.
Governments today face mounting pressure to deliver more with fewer resources. Yet the way public money is managed often leans towards expenditure control rather than investment in long-term socioeconomic outcomes. Even when innovative policies or technical solutions exist, implementation barriers frequently prevent good ideas from being translated into results.
Adam Chepenik, principal, government and public sector, and Andrew Kleine, managing director, government and public sector at EY, join Andrea Correa, senior economist at OMFIF, to discuss how governments can invest in outcomes, prepare for crises and make their financial choices more sustainable, impactful and politically appealing.
Money is arriving on blockchain. Whether that is in the form of stablecoins, tokenised deposits or central bank money, it has the potential to reshape the way we do business, both in our personal lives and in wholesale financial markets.
Zha Wenting (AC), Senior Digital Transformation Expert, Director of On-chain Finance Development at Huawei Digital Finance BU, joins Lewis McLellan, head of content of OMFIF's Digital Monetary Institute, to discuss the impact that on-chain cash is beginning to have, where it's going and what Huawei's role is.
Events and a series of unforced errors leave Europe in a precarious state. How will the half-built political project contend with hostile neighbours, economic rivals and disengaging former allies on the one hand, and internal arguments about money, governance and demography on the other?
David Marsh, OMFIF chairman, discusses his new book, Can Europe Survive? The Story of a Fractured Continent, with John Orchard, chairman of OMFIF's Digital Monetary Institute. They discuss the evolution of the Russo-German relationship, the competence and fragility of the European Central Bank and the financial arguments now heading over the horizon.
With Asia warming at twice the global average, the transition to net zero makes both social and economic sense for the region. Executive Director of the External Department at the Hong Kong Monetary Authority, Kenneth Hui, joins OMFIF's Editorial Director, Sarah Moloney, to discuss the HKMA’s approach to channelling capital to the sectors and regions that need it most.
Speaking in the wake of the super typhoon Ragasa and Hong Kong Green Week, they explore the shift in conversations from the ‘why’ to the ‘how’, the importance of adaptation and resilience measures as well as the September 2025 update to the Hong Kong Taxonomy for Sustainable Finance.
National financial infrastructure is undergoing perhaps its most rapid period of change in a generation. The needs and expectations of consumers and businesses are evolving to meet a new digital age, and payments systems must evolve to keep up. Among the key developments are increasing real-time payments, growing cross-border flows and the emergence of crypto-assets and stablecoins. Frank Chen Lu, Solution Architect, Digital Finance BU at Huawei, joins Lewis McLellan, head of content at OMFIF's Digital Monetary Institute, to discuss these new dynamics and the policy response from the official sector.
Around the world, we’re seeing renewed attention to public debt and fiscal tightening, particularly as debt levels continue to rise in advanced economies. Governments face difficult trade-offs: cut spending on services, delay infrastructure investment or raise taxes.
Mauricio Zelaya, partner and national economics leader at EY Canada, and Marie Diron, managing director of sovereign risk at Moody’s Ratings, join Andrea Correa, senior economist at OMFIF, to talk about the relationship between fiscal management, fiscal capacity and the link between debt and public investment. They discuss how governments are balancing fiscal consolidation with essential investments, how borrowed funds can be used effectively to generate productive outcomes and what reforms enable governments to design fiscal strategies that are both responsible in the short term and sustainable over the long term.
Max Castelli, head of strategy for sovereign institutions at UBS Asset Management, joins Yara Aziz, senior economist at OMFIF, to discuss the future of the dollar in the global financial system. They explore UBS’s latest Reserve Management Survey findings, the dollar's resilience, the rise of gold, digital currencies and whether any challengers are truly positioned to take the dollar’s place.
Today’s tighter fiscal position around the world is pushing governments to find alternatives to finance their current expenditure and public investments, forcing them to think differently about how they fund and deliver essential services.
Dean Yates, regional market segment leader in government and health sciences, Oceania, at EY, and Rainer Kattel, deputy director and professor of innovation and public governance at the UCL Institute for Innovation and Public Purpose, join Andrea Correa, senior economist at OMFIF, to explore what it takes to make public investment work. They discuss the government's position and trade-offs around public investment, how to prioritise and measure investments for long-term impact and the role of innovation and governance in delivering value across health, education and infrastructure.
Richard Manley, chief sustainability officer at Canada Pension Plan Investment Board, joins Yara Aziz, senior economist at OMFIF, to discuss the key findings from a jointly published report, ‘Investing in a changing world: How public funds are addressing climate-related physical risks’. They explore the challenges public funds face in managing physical risk and where they see opportunities to build resilience.
Questions about the long-term viability of the dollar as the world’s supreme transaction and investment currency have been building up for years. But America’s chaotic foreign, economic and trade policies in the six months since Donald Trump returned to the White House have intensified doubts about whether the US currency will stay the course for the longer term. Will the US be knocked off its monetary pedestal in the next five years? And which currencies are in the running as the most potent rivals to the dollar? Ellie Groves, head of strategy, official institutions group at State Street Investment Management, and David Marsh, chairman of OMFIF, debate the pros and cons of the dollar and other leading currencies, with reference to some of the themes in David’s new book, Can Europe Survive? The Story of a Continent in a Fractured World.
Although it frequently flies under the radar, ensuring central bank digital currencies are able to be used at point-of-sale is vital to their successful adoption. Lars Hupel, chief evangelist for CBDC at Giesecke+Devrient, joins Lewis McLellan, head of content at OMFIF's Digital Monetary Institute, to discuss integrating CBDCs at point-of-sale, the strategic and economic benefits it will bring and the appropriate incentive structures to encourage it. You can find more information in a paper authored by Lars Hupel, which unveils the world of CBDC wallets and their various forms. It illustrates different methods to initiate payments and crafts a conceptual model for point-of-sale transactions, designed with the specific features of retail CBDCs in mind.
Max Castelli, head of strategy for sovereign institutions at UBS Asset Management, joins Yara Aziz, economist at OMFIF, to unpack the global reserve response after 2 April – a date proclaimed by President Donald Trump as Liberation Day. They dive into US policy shifts, the dollar’s evolving role, rising demand for gold and whether Europe is finally ready to take the lead.
Zain Saidin, chief executive officer of Tassat, joins editor of OMFIF's Digital Monetary Institute, Lewis McLellan, to discuss the value of private blockchain networks for regulated finance. The discussion covers how the transparency typical of public blockchains may present trade-offs where counterparties want to know each other but cannot know each other's trading behaviour. They also discuss Lynq – a real-time yield-bearing settlement network for digital assets, sitting on a private institutional network.
Ahead of the Blue Economy and Finance Forum taking place on 7-8 June 2025, Louise Heaps, Global Lead Sustainable Blue Economy, and Maud Abdelli, Greening Financial Regulation Initiative Lead at the Worldwide Fund for Nature, join OMFIF's Isabella Frymoyer to explore how financial institutions can advance ocean sustainability. The conversation highlights the key priorities, challenges and tools needed to scale investment in the blue economy, ultimately outlining the importance of encouraging blue sustainable growth.
Jonathan Griffiths, senior investment specialist at Capital Group, joins Arunima Sharan, senior economist at OMFIF’s Economic and Monetary Policy Institute, to unpack Capital Group’s 2025 Capital Market Assumptions and explore perspectives for institutional investors navigating an increasingly complex global investment landscape. They discuss themes ranging from opportunities in emerging market, to fixed income strategies and currency outlooks over the next two decades.
Instant payments systems are proliferating rapidly, and many central banks are working hard on interlinking them to enable quick, efficient cross-border payments. However, while IPS can provide extremely rapid, low-cost payments, they are not immune to fraud and erroneous payments. Given the speed of settlement, these problems can be even more difficult to resolve than they are for other payments systems.
Petia Niederländer, head of payments, risk monitoring and financial literacy at Oesterreichische Nationalbank, and Cian OMurhu, managing director and head of strategic transformation office at Swift, join Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the technical infrastructure required to address these issues, how they are being implemented and what work still needs to be done.
Real-world asset tokenisation is accelerating, particularly within private distributed ledger technology platforms like R3's Corda. But Richard Brown, R3’s chief technology officer, believes that the future of financial market infrastructure lies in the convergence of private networks like Corda and public networks like Ethereum and Solana.
He joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the opportunity that DLT presents for an overhaul of financial market infrastructure where the openness, liquidity and composability of public networks is combined with the regulatory confidence offered by private networks.
Paul Blustein, author of King Dollar: The Past and Future of the World's Dominant Currency, joins OMFIF to discuss his latest book and thoughts on why the dollar has been, continues to be and will remain the world's dominant currency. He discusses why the euro and renminbi are not viable alternatives, whether there is a role for cryptocurrencies and stablecoins, if excess US use of financial sanctions could weaken the dollar's global role and what other landmines might lie ahead, including American dysfunction.
OMFIF’s 2024 survey of central banks found that, while three-quarters of respondents are continuing their plans to issue central bank digital currencies, one-third have delayed their timelines. However, this was before the change in US government and the decision not to pursue CBDCs, instead prioritising digital assets. A follow-up OMFIF survey revealed that this development has encouraged some central banks outside the US to move in the opposite direction and accelerate their CBDC plans.
Wolfram Seidemann, chief executive officer of Giesecke+Devrient Currency Technology, joins John Orchard, chairman of OMFIF’s Digital Monetary Institute, to discuss why CBDCs should be issued sooner rather than later, how public sector payment rails can boost private sector innovation and what the future financial system might look like.
Amelia Santos-Paulino, chief of investment research at the United Nations Trade and Development's investment and enterprise division, joins OMFIF to discuss some of the key priorities in sustainability for UNTAD in 2025. She considers the space for trade and investment flows in international climate discussions, particularly in the face of recent elections. She also discusses the critical growth sectors associated with sustainable trade and the opportunities and challenges faced by emerging markets in this area.
Max Castelli, head of strategy for sovereign institutions, and Philipp Salman, director of strategy for sovereign institutions at UBS Asset Management, join Yara Aziz, economist at OMFIF, to discuss how sovereign investors are adapting their strategies for 2025. They explore US President Trump’s policies, the outlook for the dollar and the impact of artificial intelligence on the future of the Magnificent Seven stocks.
Discourse on the rewiring of payments and financial markets has been dominated in 2024 by talk of unified ledgers. The technical promises and challenges this architecture entails are gradually becoming better understood, but before the prototypes can become reality, the legal challenges must be fully explored. Natalie Lewis, partner at Travers Smith, joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss what the legal implications of unified ledgers will be.
Wendy Teleki, head of the Women Entrepreneurs Finance Initiative at the World Bank, joins Arunima Sharan, senior economist at OMFIF's Economic and Monetary Policy Institute, to discuss how the We Finance Code is tackling the $1.7tn financing gap facing women entrepreneurs. They explore We-Fi's work across 80 countries and examine how supporting women-led businesses creates positive social impact through improved education, employment and economic empowerment.
Tokenisation is frequently discussed as a means of improving the efficiency of existing financial markets, but the technology may offer the chance to create entirely new types of economic activity. The immense reach of distributed ledger technology-based tokens makes them a vector of greater inclusion to types of markets previously inaccessible to the general public. Additionally, the collaborative decision-making facilitated by tokenisation can encourage new types of co-operation between competitors to achieve shared aims. Dominik Talebi, managing director of Global Trade Finance, joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the new economic paradigm that tokenisation is already beginning to offer.
Yara Aziz, economist at OMFIF’s Economic and Monetary Policy Institute, speaks with Ashleigh Lee, co-lead secretariat of the City of London Corporation’s Transition Finance Market Review, to discuss the findings of the Transition Finance Market Review report. They explore the challenges and opportunities in scaling transition finance, strategies to prevent greenwashing and the global collaboration required to drive decarbonisation.
Mark Sobel, US Chair, OMFIF, speaks with Max Castelli, head of strategy, sovereign institutions, UBS Asset Management, on the role of the US dollar and the various dedollarisation scenarios. They discuss significance of Saudi Arabia’s decision to join the mBridge multi-currency CBDC platform and the potential implications for the incumbent USD-based financial system.
Flavio Carpenzano, fixed income investment director at Capital Group, joins Burhan Khadbai, head of content for OMFIF’s Sovereign Debt Institute, to look back at the performance of the investment grade credit market in 2024 and the outlook for next year.
They discuss how credit spreads are continuing to compress despite elevated levels of supply and to what extent this will evolve as markets move into a lower yield environment with the easing of monetary policy. The discussion also looks at the opportunities in IG credit and the risks for the sector from the volatility in rates driven by macroeconomic and geopolitical factors.
Bitcoin's price has surged following Donald Trump's victory in the US election. Trump's campaign was calculated to appeal to the crypto world, so the move comes as no surprise, but what are policy changes can we expect and do they warrant this kind of explosive price action? To discuss these questions, Lewis McLellan, editor of the Digital Monetary Institute at OMFIF, is joined by Brian Whitehurst, head of regulatory affairs at Lukka, Suzanne Morsfield, global head at Lukka, and Dorothy DeWitt, chief executive officer of Tölt Strategies and former director of market oversight at the US Commodity Futures Trading Commission.
A recent OMFIF-EY report on the future of public money outlines the need for governments to embrace new ideas, frameworks and technology. Joining Nikhil Sanghani, managing director, Economic and Monetary Policy Institute at OMFIF, is Mark MacDonald, global public finance management leader at EY, and Joachim Schwerin, principal economist, DG GROW at the European Commission. They discuss why governments should embrace new technology as well as how blockchain and artificial intelligence can improve public finance outcomes, the need for greater understanding and the importance of public-private partnerships.
Anne Simpson, global head of sustainability at Franklin Templeton, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to assess the role of public pension and sovereign funds in transition finance. They also discuss the work of the Transition Finance Working Group, which has spoken with 12 of the biggest funds on their transition strategies and challenges. The working group conversations have been distilled into a research report by OMFIF, which will be launched at a seminar during COP29.
To join OMFIF, Franklin Templeton and global public funds at COP29, register here.
To read more about OMFIF's Transition Finance insight, click here.
2024 has seen exciting developments in the wholesale central bank digital currency space. Abbas Albasha, senior strategy consultant for CBDC at Giesecke+Devrient, joins Lewis McLellan, OMFIF's Digital Monetary Institute editor, to discuss the value that wholesale CBDC can offer economies, how they can integrate with other forms of money including retail CBDC and some of the challenges those looking to implement them are facing.
Many in capital markets have long been expecting an overhaul in how their business functions from the disruptive effects of digital assets technology. So far, these effects have not been substantial outside isolated pockets where implementation has leaped ahead. But many believe we are approaching an inflection point and that dramatic changes are about to arrive for financial market infrastructure. Kate Karimson, R3's chief commercial officer, joins Lewis McLellan, OMFIF's Digital Monetary Institute editor, to discuss what these changes will look like.
In early September 2024, the European Commission published the long-awaited ‘The future of European competitiveness: Report by Mario Draghi', which examines in detail the challenges faced by European industry and companies in the single market. OMFIF lead economist Taylor Pearce hosts Bill Papadakis, macro strategist at Lombard Odier, to discuss the structural and macro trends the EU economy is contending with and how these are impacting key areas of the economy and financial system.
One of the major structural factors impacting government financing is the massive scale of public money needed to ensure the transition to a carbon neutral economy. How are trends in government debt issuance evolving as they relate to sustainability? Alex Caridia, head of public sector markets at RBC and Heather Taylor, partner, climate change and sustainability at EY, join OMFIF lead economist Taylor Pearce to discuss. The conversation is a part of OMFIF’s workstream on the Future of public money project.
At present, in most jurisdictions, only commercial banks are able to provide final settlement of payments as the only institutions with access to central bank reserves. However, new business models have emerged that unbundle the business of creating money and payment services from the provision of credit. Should payments be unbundled from banking? Circle's chief economist Gordon Liao and OMFIF's Digital Monetary Institute editor Lewis McLellan discuss the regulatory treatment of stablecoins and consider which institutions can access central bank payment systems and under what conditions.
Around a third of the world lack reliable internet access and among the two thirds that have access, disruptions and restrictions are far from unknown. Ensuring that digital payments solutions are reliable and have the broadest reach possible requires that they can function offline. Though the need is well understood, the challenges of meeting it remain. Lars Hupel, G+D's chief evangelist, joins OMFIF's Digital Monetary Institute editor Lewis McLellan to discuss how offline capabilities enhance the effectiveness and convenience of online payment methods and share G+D's experience in this field.
Christopher Smart, former senior US Treasury and National Security Council official and managing partner of Arbroath Group, joins OMFIF's US chair Mark Sobel, to discuss the economic plans of presidential candidates, Kamala Harris and Donald Trump. They compare the candidates' differences on fiscal, monetary, exchange rate, trade and immigration policies.
Omar Massarweh, vice president of public policy for the Middle East and North Africa at Mastercard, joins Arunima Sharan, senior economist at OMFIF to discuss key findings from the ‘Path to Morocco’ project completed by OMFIF in partnership with Mastercard, aimed at fostering public-private dialogue and ensuring that financial inclusion remains at the core of future economies.
Their conversation touches on the alignment of current financial systems with the World Economic Forum's shared principles for an inclusive financial system and the areas with the greatest potential for improvement. They also explore how emerging technologies can enhance financial inclusion, the role of financial institutions in catalysing innovation and successful examples of public-private collaborations in the region.
Jeremy Cunningham, investment director at Capital Group, speaks with Arunima Sharan, senior economist at OMFIF to discuss the latest trends in emerging markets debt. They explore the re-emergence of these markets in investors' minds and how perceptions of EM debt have shifted in recent years. The conversation covers current and future opportunities in this local and hard currency EM bonds, factors contributing to higher return potential, and associated risks.
OMFIF’s Q3 Bulletin on emerging markets can be found here
Vlad Rashkovan, Ukraine's representative to the International Monetary Fund, joins Mark Sobel, OMFIF’s US chair, to provide an update on Ukraine's economic and financial situation. They assess the country's progress in implementing economic reforms despite the war and the hardships facing Ukraine's people. They explore how Ukraine is using both domestic resources and international financing to maintain stability, and Rashkovan gives his views on the disposition of blocked Russian central bank and oligarch assets, the fight against corruption and reconstruction.
Max Castelli, head of strategy, sovereign institutions at UBS asset management, and Philipp Salman, also on the team at UBS, speak with OMFIF Lead Economist Taylor Pearce to discuss the latest observable trends in central bank reserve management. They discuss investment strategies, currency and asset allocations and the factors influencing reserve managers’ investment decisions in the current macroenvironment, which UBS have been tracking for 30 years now.
OMFIF's 2024 GPI report on central bank reserve management is available here.
The views expressed are as of July 2024 and are those of the author and not necessarily the views of UBS Asset Management. This podcast is a marketing communication and the information herein should not be considered investment advice or a recommendation to purchase or sell securities or any particular strategy or fund. Information and opinions have been provided in good faith and are subject to change without notice.
With the proliferation in artificial intelligence development, the landscape for fraud is changing rapidly. The technology represents a tool for both fraudsters and those whose job it is to catch them. Liyun He Guelton, senior AI researcher, and Claire Deprez, head of product management at Worldline, joined Lewis McLellan, Digital Monetary Institute editor, to discuss the new threats AI poses in enabling fraud, and the tools that Worldline is developing to thwart them.
Wolfram Seidemann, chief executive officer of Giesecke+Devrient Currency Technology, joins John Orchard, chief executive officer of OMFIF, for a discussion on why public and private sectors need to come together to pool their strengths to build a thriving CBDC ecosystem. They will discuss the advantages for both stakeholders and users, and underscore the importance of offline functionality as a key area for collaboration.
Access deeper insights by also downloading OMFIF’s report in partnership with G+D: Unlocking the potential of a CBDC ecosystem
Geoffrey Yu, senior Europe, Middle East and Africa market strategist at BNY Mellon, joins Taylor Pearce, lead economist of OMFIF’s Economic and Monetary Policy Institute, to discuss the outcomes of the European Parliament election and the subsequent market implications. They discuss the effects of a snap election in France, the potential impact of the new European Parliament on trade policy and other major market topics.
With its recent 'Finternet' paper, the Bank for International Settlements has planted its flag firmly in shared ledgers as the future rails of financial infrastructure. The idea of a single platform – a network of ledgers – providing the means for the seamless and instant settlement of many financial and non-financial assets versus tokenised cash is certainly attractive in its promise. Delivering such a complex ecosystem entails a great deal of complexity, both technically and from the perspective of governance.
However, incremental steps in that direction are already delivering business value. To explain how tokenised settlement platforms are improving financial markets, Lewis McLellan, editor of OMFIF's Digital Monetary Institute, is joined by Basak Toprak, EMEA head of coin systems at Onyx by JP Morgan, and Atul Bhuchar, head of product at Partior.
Ulf Erlandsson, founder and chief executive officer of the Anthropocene Fixed Income Institute, joins Edward Maling, economist at OMFIF’s Economic and Monetary Policy Institute, to discuss the importance of fixed income markets for the climate transition. Sharing insights from AFII’s Sustainability-Linked Bond Handbook, Erlandsson explores the latest innovations in sustainable financial products, the nuances of SLBs and the potential for their continued development.
Robert Stheeman, the departing chief executive of the UK Debt Management Office, joins Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, to recall the highs and lows of more than two decades managing the gilt market. Stheeman discusses dealing with crises including the infamous 2022 mini budget, how the gilt market has evolved, the importance of maintaining the primary dealer system and more.
Regina Curry, chief diversity officer at Franklin Templeton, joins Emma McGarthy, head of the Sustainable Policy Institute at OMFIF, to discuss the importance of gender balance in financial institutions. They examine the necessary benchmarks, key indicators and information required to retain and encourage women in leadership positions as well as how to foster inclusive cultures and overcome barriers.
Valentina Ion, public finance and public transportation lead at Microsoft, joins OMFIF to discuss the company's commitment to ethical and responsible artificial intelligence in the public sector. She explores the key risks posed by advanced AI systems, outlines Microsoft's core principles for ethical development and explains the importance of public-private partnerships in addressing AI safety and governance challenges. Ion also offers suggestions for how individuals can stay informed about AI's evolving landscape.
In the first of three podcasts as part of OMFIF’s project with EY on the future of public money, OMFIF’s Nikhil Sanghani is joined by Dr Carolyn Bordeaux, senior visiting scholar at the University of Georgia and former member of the US House of Representatives, and Mark Macdonald, global public finance management leader at EY.
They discuss the growing fiscal constraints facing governments, the need for effective institutional structures and the importance of having better metrics to inform public spending decisions.
Pedro Duerte Neves, Adviser for the Board of Directors and former Vice-Governor of Banco de Portugal, joins Taylor Pearce, senior economist, Economic and Monetary Policy Institute, OMFIF, to discuss the global financial stability outlook. Their discussion references the IMF’s 2024 Global Financial Stability Report, and examines vulnerabilities and risks to the global financial system, including stretched asset valuations, burgeoning public and private debt and the growing probability of cyberattacks.
The views and opinions expressed are those of the interviewee and do not necessarily reflect those of Banco de Portugal or the Eurosystem.
Björn Storim, chief executive officer, and Ben Pott, managing director and international head of public policy and government affairs at BNY Mellon, join Clive Horwood, managing editor and deputy chief executive officer at OMFIF. They assess the progress towards capital markets union in Europe and the need to accelerate financial market integration. They discuss the current challenges, approaches to harmonising market infrastructure and regulations and the importance of securitisation to European competitiveness.
Max Castelli, head of strategy, sovereign institutions at UBS Asset Management, joins Taylor Pearce, senior economist at OMFIF, to discuss the role of the dollar as a global reserve currency in a multipolar world. They discuss factors such as China’s rise in power, sanctions risk and the development of alternative payments systems and how these could challenge dollar dominance. They also discussed the recent surge in gold and Bitcoin prices in the context of currency diversification for institutional investors.
Whether or not the introduction of CBDCs will impact central banks’ reserve management strategies will be explored in OMFIF’s forthcoming Global Public Investor 2024 report, along with other asset and currency allocation trends.
Taylor Pearce, senior economist, Economic Monetary Institute at OMFIF, hosts Elliot Hentov, head of macro policy research at State Street Global Advisors, to discuss the interplay between geopolitics and financial markets. Hentov outlines several risk factors that could impact markets – including geopolitical shocks, risk premium repricing and the upcoming US election – and what investors are doing as a result.
Charles Dallara, ex-managing director of Institute of International Finance, talks about his book Euroshock, explaining how the 2012 Greek debt restructuring helped save European economic and monetary union from breakdown. A conversation with David Marsh and Burhan Khadbai.
Saleha Mohsin, senior Washington correspondent for Bloomberg News joined Mark Sobel, US chair at OMFIF, to discuss her recently published book, Paper Soldiers: How the Weaponization of the Dollar Changed the World Order. She discusses how secretaries of the Treasury of past decades managed communications about the dollar and how the department developed and deployed financial sanctions based on the dollar's globally dominant role.
Cian O’Murchu, head of strategic transformation, Mireia Guisado-Parra, pre-validation product owner at Swift and Julien Lasalle, head of cashless payment monitoring at Banque de France, join Lewis McLellan, editor of OMFIF’s Digital Monetary Institute. Together, they discuss the implementation of pre-validation – a new tool developed to reduce the number of errors in payments and restore people's trust in their ability to safely pay for goods and services online.
Stefan Nanu, head of public debt management and state treasury at the ministry of finance of Romania, joins Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, to discuss Romania’s long-awaited inaugural green bond, which was the most successful ever euro-denominated bond in this format by an emerging market issuer. As well as the record-breaking deal itself, they also cover Romania’s ambitious transition plan and the key features of its green bond framework
Monique Newiak, deputy unit chief, inclusion and gender, and Mariarosaria Communale, economist at the International Monetary Fund, join Arunima Sharan, senior research analyst at OMFIF’s Economic and Monetary Policy Institute, to discuss the state of gender balance in financial institutions. They examine the IMF’s gender strategy, the macro-criticality of gender equality and findings from their recent publication, 'Who are Central Banks? Gender, Human Resources, and Central Banking'.
The views expressed by the speakers in this podcast do not necessarily represent the views of the IMF, its executive board or management.
Max Castelli, head of strategy, sovereign institutions, and Philipp Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, join Taylor Pearce, senior economist at OMFIF, to discuss what’s in store for global public investors in 2024. The discussion identifies opportunities and risks for reserve managers and sovereign wealth funds amid evolving market dynamics, including falling inflation, headwinds to China’s economy and a resilient US economy albeit looming political risks.
You can find the full transcript here.
Environmental, social and governance data is integral to scaling up sustainable finance and investment. With increasing regulation and demand for information, it’s also crucial for organisations and businesses. Sherry Madera, chief executive officer of CDP, joins John Orchard, OMFIF chief executive officer, to discuss how data can improve the quality of a company, how datasets are evolving to support the mobilisation of institutional investor demand in ESG assets and the importance of data to leadership.
To find out more, Madera’s book Navigating Sustainability Data: How Organizations can use ESG Data to Secure Their Future is now available to buy.
Siegfried Ruhl, hors classe adviser to the director-general for budget at the European Commission, joins Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, to discuss upcoming priorities for the European Union as it continues its rapid journey towards sovereign status in the capital markets.
They discuss the EU’s recent launch of quoting commitments for its primary dealers and the EU Issuance Service, as well as plans to launch a repo facility and futures market. The discussion also touches on the evolution of the EU’s investor base and its status as a safe asset and global benchmark.
Gregory Makoff, author of new book Default: The Landmark Court Battle over Argentina's $100 Billion Debt Restructuring joins OMFIF US Chair Mark Sobel to discuss Argentina's nearly two-decades-long sovereign debt litigation following the 2001 default. Both review the spectacular blow-up of the Argentine economy, the litigation's timeline and the US government's role at various junctures.
You can find the transcript of this podcast here.
To transition to a sustainable economy, new investment models are needed. Financial flows into emerging economies must be also scaled. Blended finance and public-private collaboration will be integral in supporting increased investment and mitigating risk perception.
David Carlin, head of risk, United Nations Environment Programme Finance Initiative, joins OMFIF’s Emma McGarthy, head, Sustainable Policy Institute, to discuss transition finance, takeaways from COP28 and his expectations for the year ahead.
Vera Songwe, a non-resident senior fellow in the Africa Growth Initiative at the Brookings Institution and co-chair of the Independent High-Level Expert Group on Climate Finance, joins Katerina Atkins, programme coordinator at OMFIF’s Sustainable Policy Institute, to explore the key outcomes and challenges from the COP28 climate summit. They discuss the agreement to transition away from fossil fuels, the conclusion of the first global stocktake, the loss and damage fund, as well as the financial needs and innovative financing mechanisms to address climate change.
Max Castelli, head of strategy, sovereign institutions, and Philipp Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, join Taylor Pearce, senior economist at OMFIF, to discuss macroeconomic challenges marked by exogenous shocks. They explore the short- and long-term outlook for inflation and the potential for a 'higher-for-longer' interest rate environment. The discussion touches on the equilibrium real interest rate, global factors influencing government debt dynamics, the potential productivity and growth implications of artificial intelligence and the evolving landscape for institutional investors.
Katie-Ann Wilson, Managing Director of OMFIF’s Digital Monetary Institute is joined by Peter Faykiss Director, Digitalization, Central Bank of Hungary, Imre Kocsis, Assistant Professor, Budapest University of Technology, Laszlo Gonczy Associate Professor, Budapest University of Technology and Chris Ostrowski, CEO and founder of SODA to explore what we mean by programmable money and how it could impact how we use money in society. They also discuss the BIS’s Project Rosalind and why it is important to CBDC development, real life use cases for CBDCS using smart contracts and the technical models used.
The International Monetary Fund's Ukraine team joins OMFIF to discuss the stabilisation of the Ukrainian economy over the past year. They assess the critical role played by the Fund's programme and foreign financing for Ukraine, as well as Ukraine's progress on combatting corruption and strengthening the domestic financial system.
Speakers:
Mark Sobel, US Chairman, OMFIF
Natan Epstein, Deputy Mission Chief for Ukraine, IMF
Gavin Gray, Mission Chief for Ukraine, IMF
Sanaa Nadeem, Deputy Mission Chief for Ukraine, IMF
There has been a rise in the number of people needing humanitarian assistance over recent years, resulting in disaster response public funding having to tackle immediate and longer-term socio-economic challenges.
Gareth Owen, humanitarian director of Save the Children UK and Simon Inglis, partner, grants & relief funds management at EY join OMFIF’s Digital Monetary Institute editor, Lewis McLellan, to discuss the importance of accountably for grant management and how new technology can improve delivery, efficiency, and oversight transparency to maximise the impact of grant funds.
In the second part of a special mini-series on the European retail government bond market, Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, speaks to senior officials at the Hungarian, Irish and Romanian debt management offices about how they are developing their retail bond programmes.
Zoltán Kurali, chief executive officer of Hungary’s debt management office (ÁKK), Murray McCarter, head of retail debt at Ireland’s national treasury management agency and Stefan Nanu, head of public debt management and state treasury at the ministry of finance in Romania, join OMFIF to discuss the importance of a diversified investor base that is offered by a retail programme. The discussion also focuses on how they are looking to enhance their retail products with the use of technology to attract younger customers.
In the first of two parts in a special mini-series on the European retail government bond market, Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, speaks to senior officials at the Belgian and Portuguese debt management offices about their record-breaking retail bond programmes this year.
Rui Amaral, board member, Portugal’s debt management office (IGCP) and Maric Post, director of treasury and capital markets at the Belgian debt agency, join OMFIF to cover how both DMOs have been shifting more funding to retail investors.
The discussion also touches on Belgium’s landmark €22bn transaction in September as well as whether retail demand is structural or opportunistic.
Diala Hawila, Knowledge Policy and Finance Centre programme officer at International Renewable Energy Agency, speaks with Katerina Atkins, programme coordinator at OMFIF, about the energy transition investment required under the 1.5°C scenarios, geographical aspects and key financing tools.
They both discuss the importance of innovative instruments for under-invested countries, the need to expand the definition of risk in energy asset investments and the urgency of international collaboration for a more equitable and global distribution of clean energy funding. Diala shares her expectations for the upcoming COP28, highlighting exciting opportunities arising from transition to a more sustainable future.
Whether or not they eventually go through with it, virtually every central bank will, sooner or later, at least consider issuing a digital currency. Whatever their aims and strategic priorities, they will need to go through a process of strategy formation, examination and experimentation. This process is fraught with challenges and must be carefully constructed to ensure all stakeholders are kept abreast of developments. Tom Bruls, head of professional services for CBDC at G+D, joins DMI editor Lewis McLellan to talk about the process and how to address the challenges that might arise.
Max Castelli, head of strategy, sovereign institutions, and Philipp Salman, director of strategy and advice, global sovereign markets, UBS Asset Management, spoke with Taylor Pearce, senior economist at OMFIF, about financial liquidity. They looked at how institutional investors have balanced liquidity needs with their pursuit of higher returns over the past decade and how these strategies are changing. They also discussed central banks' asset purchasing programmes on excess liquidity and how quantitative tightening will influence financial markets and investors, with a focus on the US Treasury market.
Barry Eichengreen, professor of economics and political science at the University of California, Berkeley, and Chima Simpson-Bell, economist in the African Department at the International Monetary Fund, joined Taylor Pearce, senior economist at OMFIF, to discuss the rise of gold as a central bank reserve asset.
OMFIF’s Global Public Investor 2023 report revealed a resurgence in demand for traditional reserve assets, including gold. The podcast explores the structural trends behind the increase in gold accumulation and offers insight into emerging markets’ motivations for acquiring it. It also examines the findings of the IMF publication on central banks’ post-financial crisis gold reserve growth.
Tibor Tóth and Péter Banai, state secretaries of the Hungarian ministry of finance, joined Christopher Garnett, senior adviser to OMFIF’s Sovereign Debt Institute, for a conversation on the economic outlook in Hungary. They cover labour market reform, increasing and diversifying foreign direct investment inflows and export diversification and fiscal consolidation following the pandemic. They also discuss developments in the disbursement of European Union structural and Recovery and Resilience Facility funds.
Barnabás Virág, deputy governor of Magyar Nemzeti Bank, joins David Marsh, OMFIF chairman, for a conversation on the economic outlook in Hungary. Their discussion covers the country’s short- and long-term economic trajectory. They cover inflation and monetary policy, improving productivity and competitiveness, foreign direct investment, export diversification, progress on the sustainable agenda and Hungary’s prospects for joining Europe’s economic and monetary union.
The cryptoasset class, while battered by scams and scandals, remains a valuable and exciting asset class. But if regulated mainstream financial institutions are to interact with it seriously, they need high-quality infrastructure. Duncan Trenholme and Simon Forster, TP ICAP's global co-heads of digital assets join Digital Monetary Institute editor, Lewis McLellan, to discuss the importance of trusted institutional relationships when investing in the cryptoasset ecosystem.
In this OMFIF podcast, Vítor Constâncio, former governor of the Banco de Portugal and vice president of the European Central Bank from 2010-18, joins Ellie Groves, managing director, Economic and Monetary Policy Institute at OMFIF. They discuss the ECB’s September rate hike, the macroeconomic environment in Europe – including the difference in inflation between Portugal and Germany – and the fiscal framework that needs to be implemented to combat challenges.
Marcela Pumarino, people manager at Banco Central de Chile, joins Arunima Sharan, senior research analyst at OMFIF, to discuss the ways in which central banks can work improve gender balance in leadership positions within the financial sector. They delve into some of the specific policies that Banco Central de Chile has adopted to promote gender equality, and the importance of having diversity in leadership roles more broadly in the financial sector.
How are technology giants preparing for artificial intelligence disruption? Preliminary evidence suggests that AI will improve productivity growth considerably, therefore boosting standards of living through innovations across major industries. Yet, it also seems likely to spur growing inequality while also presenting serious safety risks. In this podcast with Microsoft’s Greg Wilson, world wide public sector chief technology officer, OMFIF discusses how one of the world’s AI leaders are preparing for artificial intelligence’s benefits and potential risks to the global economy.
Chad Harper, global payments fellow of Visa Economic Empowerment Institute, joins Katie-Ann Wilson, managing director of OMFIF’s Digital Monetary Institute, to discuss the VEEI’s new research on the importance of choice and trade-offs when looking at digital remittances. They discuss key trends in the global costs of remittances as well as the progress that is being made towards the G20 targets. They also touch on the pandemic’s impact on remittances and what more the public and private sector can do to promote choice and transparency.
The power of choice: Options and trade-offs for digital remittances
Further reading from the Visa Economic Empowerment Institute:
Let’s give a voice to end users: Cross-border payments, attributes, and use cases
The economic empowerment of digital remittances: How to unlock the benefits of innovation and competition
In the last year, central banks across the world have been forced to navigate persistent inflation, suppressed growth and heightened geopolitical tensions. However, these forces have been most apparent for reserve managers in Africa. Compounded with the lingering effects of the pandemic, reserves saw the greatest decrease in international reserve levels in 2022 and urged many countries into seeking further multilateral support. This has raised concerns around the adequacy of reserves in the region and the capacity of countries to withstand further protracted shocks.
Nikhil Sanghani, managing director of research, and Edward Maling, research analyst, discuss how these challenges are influencing reserve managers’ long-term strategies. Delving into the regional findings from OMFIF’s Global Public Investor 2023 survey, they discuss how the uncertain outlook is affecting reserve managers’ asset allocation decisions, appetite for further diversification and will take stock of their progress towards environmental, social and governance integration.
The Hong Kong Monetary Authority has successfully completed an experimental green bond issuance through Goldman Sachs’ digital asset platform — the bank’s tokenisation system. While the bond successfully raised $800m for the green bond programme, it was more noteworthy as the first tokenised green bond issued by a government. Kenneth Hui, executive director, digital assets, HKMA and Rosie Hampson, managing director, digital assets, Goldman Sachs, joined Digital Monetary Institute editor Lewis McLellan to discuss the benefits that tokenisation offers for the green bond market and the challenges they overcame in delivering the deal.
Oliver Berger, head of Middle East & Africa at State Street Corporation, joins Taylor Pearce, senior economist at OMFIF, to discuss the key findings of the ‘Central banks in the digital age: bringing data into focus’ report. They explore the macro factors driving IT transformations in central banks and how central banks are approaching this, the challenges and opportunities of big data for reserve management and technological and enterprise-wide solutions.
Simone Utermarck, director, sustainable finance, International Capital Market Association, joins Emma McGarthy, head, Sustainable Policy Institute, OMFIF, to discuss updated ICMA’s guidance on climate transition finance, transition bond issuances and greenwashing concerns linked to transition finance.
They cover the role the ICMA is playing in driving transition finance, what issuers need to consider with transition bonds and other types of sustainable products and explore how we can strive for better transparency of the sustainable capital markets.
We have entered a new demographic paradigm. Birth rates have declined in many countries, while advancements in healthcare have led to longer life expectancies. As societies age, a range of economic dimensions are affected, from labour markets and productivity to public finances and social welfare systems. Join Nikhil Sanghani, managing director of research, and Taylor Pearce, senior economist at OMFIF, as they discuss some of the key findings from the Summer 2023 Bulletin.
Despite improvements in domestic payments, cross-border payments remain too slow and expensive for end users, particularly in emerging market economies. Daniel Nagy, business analyst, CBDC at Giesecke+Devrient, joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss how central bank digital currencies might help address the challenges of the cross-border payments market. Daniel describes the workshops and discussions G+D has conducted with central banks on the challenges and opportunities of deploying a CBDC as a cross-border solution and explores some of the different approaches central banks are taking to the problem. He also sheds light on the potential macro-financial implications of cross-border CBDCs.
Joan Prats, lead financial specialist at the Inter-American Development Bank, joins Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, to examine Ecuador’s recent debt-for-nature swap.
They cover the highlights of the transaction, including the new credit enhancement structure and record size, the important role the IADB played in the deal and the challenges this product faces.
Feeling the heat of high inflation and weakening global growth, central bank reserve managers are steering the investment world through stormy seas. Max Castelli, head of strategy and advice, global sovereign markets at UBS Asset Management, joins Taylor Pearce, senior economist at OMFIF, to discuss the investment landscape for reserve managers, currency and asset allocation strategies and the pressure to weave geopolitics, sustainability and other factors into investment decisions.
Technology is causing rapid changes in how we use money, with private and public solutions competing and catalysing each other’s developments. Editor of the Digital Monetary Institute, Lewis McLellan, is joined by Douglas Elliott, partner at Oliver Wyman, and Larissa de Lima, senior fellow at the Oliver Wyman Forum, to discuss their views on the evolving paradigm for the future of money.
Vladyslav Rashkovan, Ukraine's representative for the International Monetary Fund and former deputy governor of the National Bank of Ukraine, discusses the country’s economic and financial situation. While Ukraine valiantly fights Russia on the battlefield, it also must maintain a viably functioning economy. Over the last year, Ukraine has made significant progress on economic stabilisation with western support. Such support must continue. Reconstruction costs will be high.
Catalysing energy efficiency and security, while scaling clean energy production and increasing decarbonisation has been high on policy-makers’ agendas. This podcast discusses how the United Nations is working to converge regulatory and policy frameworks to support this, the tools and classifications required and the latest criteria and technological developments. This conversation will also discuss how to scale growth and economic development, while responsibly using natural resources and scaling up of capital to support renewable energy.
How is artificial intelligence impacting economies, political environments, financial markets and misinformation? In this podcast, Julian Jacobs, senior economist, OMFIF, interviews Darrell West, senior fellow, the Brookings Institution, to discuss the promises and perils that may emerge as countries embrace AI. What are the policy challenges and how can governments work to counter them? This podcast will discuss the implications of AI on economic inequality, productivity growth, central banking, financial stability and misinformation amid the rise of large language models.
Darrell West is a senior fellow for Brookings' Center for Technology Innovation within the Governance Studies program and a co-editor-in-chief of TechTank. West is the former vice-president and director of Governance Studies. His current research focuses on artificial intelligence, robotics and the future of work. West is also director of the John Hazen White Manufacturing Initiative. Prior to joining Brookings, he was the John Hazen White Professor of Political Science and Public Policy and director of the Taubman Center for Public Policy at Brown University.
Though generally treated as separate, the qualities of good management of public spending – transparency, efficiency, high quality impact assessment – have much in common with the qualities encouraged in sustainable finance. Editor of the Digital Monetary Institute Lewis McLellan is joined by Eila Kreivi, European Investment Bank’s chief sustainable finance adviser, Alex Caridia, RBC’s head of public sector markets, and Mark MacDonald, EY’s global lead for public finance management, to discuss the similarities between the two areas and how technological developments are impacting both.
Brian Mangwiro, portfolio manager, global fixed income and currencies, Barings, speaks to Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, on the factors behind the surge in Gilt yields in weeks past.
Topics also include the buying opportunities in Gilts, the Bank of England’s response in tackling inflation, lessons learned from last autumn’s liability-driven investing crisis and more.
Recorded on 23/06/23
Amid persistent inflation, heightened recession risks and prolonged geopolitical tensions, central bank reserve managers find themselves confronting yet another difficult year. This challenging macroenvironment is impacting their investment strategies and, for some, it is raising concerns about the adequacy of their reserves. Join Nikhil Sanghani, managing director of research, and Taylor Pearce, senior economist at OMFIF, as they discuss some of the key findings from the 10th Global Public Investor report: https://www.omfif.org/gpi2023/.
Mike Kanovitz, chief executive officer of Jurat Blockchains, joins Lewis McLellan, editor of the Digital Monetary Institute, to discuss the challenges of making court orders enforceable on the blockchain. Traditional finance has intermediaries that can implement the decisions of courts, such as freezing assets and reversing transactions. But in a decentralised context, this is more challenging. Kanovitz explains the role of Jurat's technology in creating a means for the law to be enforced in decentralised circumstances.
How are central bank reserve managers navigating a tumultuous global economy? Are they continuing to flee to safety? Or are they shifting toward or away from the dollar? Has their approach to Chinese assets changed on account of geopolitical conflict? And, amid such uncertainty, have central bank reserve managers been able to continue to develop their environmental, social and governance initiatives?
In this podcast, Taylor Pearce and Julian Jacobs, senior economists at OMFIF, present a preview of the 2023 Global Public Investor report: our flagship study of central bank reserve managers. The report offers an insight into central bank behaviour, decision-making and beliefs about the future.
The report will be launched on 27 June. Find out more here.
As the world's eyes turn towards Türkiye's pivotal run-off election on 28 May, the implications reach far beyond its democracy and regional standing. The nation's economy, weathered by skyrocketing inflation rates and a plunging currency value, stands at a critical juncture.
In this podcast, Erich Arispe Morales, senior director of sovereigns at Fitch Ratings, speaks with Taylor Pearce, senior economist at OMFIF. They delve into the intricate interplay between this Sunday's run-off election and the economic ramifications awaiting Türkiye.
Crypto businesses have been crying out for regulatory clarity for years. At last, regulators around the world are beginning to deliver. Andrew Whitworth, Ripple’s policy director for Europe, the Middle East and Africa, joined Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the approaches to the crypto market that regulators are taking, where consensus is emerging and the gaps that remain to be filled.
The plumbing of financial markets could soon be overhauled. Distributed ledger technology offers a new way of settling financial transactions. Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, is joined by three experts on the cutting edge of this technology’s application to capital markets: John O’Neill, global head of digital assets strategy at HSBC, Mathew McDermott, global head of digital assets at Goldman Sachs, and Bertrand de Mazières, director general finance at the European Investment Bank, the most prolific issuer of blockchain bonds. The panel discusses the remarkable progress that blockchain bond technology has made in recent years, as well as the challenges remaining in implementation.
Nature-positive finance is rising on investors’ agendas, yet uncertainty of how to scale up nature-positive flows remains. To help drive nature-based capital, Guernsey Financial Services Commission has developed a natural capital fund. William Mason, director general and Alison Gavey, director of Authorisations and Innovation Division at GFSC, join Emma McGarthy, head of OMFIF’s Sustainable Policy Institute to discuss criteria, targets and the commercial orientation of the fund, and what issuers and investors need to consider when identifying investable nature-based projects
Research is well underway for the 10th edition of OMFIF’s Global Public Investor – our flagship publication which explores the investment strategies of central bank reserves managers. Ellie Groves, Managing Director of OMFIF’s Economic and Monetary Policy Institute, speaks to Nikhil Sanghani, OMFIF’s Managing Director of Research, on:
- The aims of the GPI
- Key findings from previous reports
- A sneak peak of results from the 2023 survey, based on responses from over 50 central banks at the time of recording.
The full results will be revealed at the launch on 27 June. Find out more here: https://www.omfif.org/global-public-investor/
The rapid pace of technological change is matched by the ever-evolving risks to financial stability and the global economy, as presented by the Covid-19 pandemic, as well as the acceleration of climate change and the volatility of digital financial assets. It is within this environment that central banks need to harness technology to capture, handle, integrate and use new data effectively.
In this podcast, we explore key findings of an upcoming report assessing the challenges and opportunities facing central banks in the digital age. Specifically, our experts will dive into the operating models, technological platforms and integrated data strategies central banks are pursuing to thrive in a digital age.
Host: Lewis McLellan, Editor, Digital Monetary Institute, OMFIF
Guest: Oliver Berger, Head of Middle East & North Africa, State Street Corporation
- The management of efficient and organic data governance
- How are central banks approaching data transformation?
- What challenges do they face when ingesting, aggregating and analysing key economic and investment data from across their key functions?
- Which technologies or enterprise-wide solutions could be used to help mitigate these challenges?
- Follow-up question on cloud migration: How do central banks manage data sovereignty laws when considering migrating data to the cloud?
- The intersection of Process, People and Technology (PPT) from end to end
Gregory Smith, emerging markets fund manager at M&G Investments, speaks to Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, about the refinancing risks that African sovereigns are facing with a wall of bonds set to mature over the next few years.
Smith talks about where the risks are most concentrated and the difficulty many African sovereigns with low credit ratings will face in accessing the markets. He also talks about the debt restructuring talks in Ghana and Zambia and the role of debt-for-nature swaps as a way of reducing high debt burdens and boosting investment in environmental conservation.
Recorded on 17/03/23
With strains on the public purse and the need to keep the UK’s risk premium down after September 2022’s reckless mini-budget, Chancellor of the Exchequer Jeremy Hunt had limited room for largesse in his 15 March budget.
There were some welcome pro-growth measures to help the supply-side of the economy. But while he patched a fiscal hole, the borrowing outlook looks much tougher – meaning the hardest debt decisions await whoever’s in power after 2024. Neil Williams, chief economist and Taylor Pearce, senior economist, discuss what’s in store for the UK.
See also: UK budget patches a hole but borrowing outlook much tougher - OMFIF.
As our reliance on digital infrastructure grows, the dangers posed by more frequent and sophisticated cyberattacks grow too. Nataraj Nagaratnam, chief technology officer at IBM, joined Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the growing risks to our financial ecosystem and the tools that cloud providers can offer to help mitigate them. They also explored how systems can be designed around customer preferences while still offering the highest standard of security.
Pedro Duarte Neves, adviser for the board of directors of Banco de Portugal, joins Katerina Atkins, programme coordinator at OMFIF’s Sustainable Policy Institute, to discuss the critical topic of dealing with climate risks for financial stability. They share insights into the complexities surrounding the shift towards a low-carbon economy and the role played by central banks and policy-makers in tackling climate risks both in Europe and globally. They examine climate scenario analysis and stress testing tools and how to effectively communicate the results of climate risk assessments.
If you are interested in learning more about the topic and meeting key policy-makers, regulators, public and private sector investors and ESG experts, join us for the Sustainable Policy Institute symposium on 22-23 March in London. Register here: https://www.omfif.org/spisymposium2023/
The views and opinions expressed the ones of the interviewee and do not necessarily reflect those of Banco de Portugal or the Eurosystem.
Public finance management systems are a means of delivering development outcomes through a governance system, so assuring that fund disbursements are impactful is crucial. The inability of current systems to accurately measure and track key indicators creates operational challenges and overcoming them is critical in facilitating effectual public good. Representatives from USAID and EY join OMFIF to discuss some of the challenges unfolding in aid projects and how they can be resolved.
Margarita Delgado, deputy governor of Banco de España, speaks to Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, on the role of central banks in efforts to bring women into leadership positions in the financial sector. They discuss the policies and frameworks required, the initiatives and strategies implemented by Banca de España to close leadership gaps and how improving diversity can drive better returns for investors.
Markus Stix, managing director at the Austrian Treasury, speaks to Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, about the launch of the world’s first short-term sovereign green bond programme.
Stix talks about the reception of Austria’s first rollover of green Treasury bills, plans to issue green commercial paper and how the Treasury has shared its experiences with other sovereign debt management offices looking to follow in Austria’s footsteps.
Though the battle to rein in inflation continues in most major economies, monetary authorities are now beginning the much more uncertain process of quantitative tightening. As central banks drain liquidity from the financial system and unwind their balance sheets, what impact will this have on markets and government financing? Which markets will be particularly sensitive to tightening? What are the risks that may hinder policy-makers’ ability to implement QT as planned? Bill Papadakis, investment strategist on Lombard Odier’s macro team, speaks with OMFIF Chief Economist Neil Williams and Economist Taylor Pearce on the prospects for QT.
Even as its liquidity provision passes its 25th year, the Bank of Japan looks unlikely to tighten monetary policy in step with other central banks until deflation is beaten and the Ministry of Finance can end its reliance on ultra-low yields to control government debt costs. Neither of these looks likely to happen in the new governor’s five-year term starting on 9 April, and possibly beyond it.
Neil Williams, chief economist, and Taylor Pearce, economist at OMFIF, discuss the tensions around the BoJ’s yield target and the impact that even more quantitative easing may have. With central bank independence looking blurred and fiscal costs a growing consideration in monetary decisions, is Japan is the best test case we have? https://www.omfif.org/2023/02/japan-25-years-of-adding-liquidity-and-counting/
There are myriad digital currency payment projects that offer efficient settlement within their networks, often improving speed and lowering costs relative to incumbent systems. One such project, the Universal Digital Payments Network (“UDPN”), which was launched last month in cooperation with GFT, goes further and promises to deliver interoperability between digital currencies and their respective systems. DMI editor Lewis McLellan is joined by David Creer, Global Digital Assets and CBDC Lead at GFT, and Alexander Feenie, Managing Partner at Chavanette Advisors, to discuss the Universal Digital Payments Network.
OMFIF’s survey of global public pension and sovereign funds revealed there is clear appetite among public investors to increase allocations to environmental, social and governance assets. But a major barrier, noted by 75% of respondents, is insufficient data or information. Adnan Memon, chief operating officer and head of data & analytics at Citi Business Advisory Services, joins Nikhil Sanghani, OMFIF’s managing director of research, to discuss the data challenges, as well as opportunities, facing ESG investors.
They explore the specific data hurdles regarding ESG investing, how investors are using data differently when considering sustainable assets and the future of ESG as a distinct asset class. They also look into the benefits of a deeper understanding of supply chains, which often isn’t limited to ESG-related risk management.
Find more details in Adnan Memon’s article, which was featured in our Global Public Pensions 2022 report.
Eric Usher, head of the United Nations Environment Programme Finance Initiative, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss how the UNEP is supporting the financial sector through the challenges of increasing disclosure and reporting requirements, transition planning and impact investment strategies. They discuss how the financial sector can scale up sustainable capital and asset allocation, the need to engage policy-makers to introduce further regulatory practices for the real economy’s transition as well as the rising focus on nature finance.
For a more in-depth examination of disclosure requirements, transition finance and regulatory expectations, join us in London on 22-23 March at our annual SPI symposium. To see our confirmed speakers and to register to attend, click below.
OMFIF Economist Taylor Pearce and Chief Economist Neil Williams delve into what to look out for in the year head in this lightning round podcast. They cover the monetary and fiscal balance for governments and policy-makers, the resulting impacts on growth, currency and asset (re)allocation and heightened geopolitics.
Siegfried Ruhl, hors classe adviser to the director-general for budget at the European Commission, talks with Clive Horwood, OMFIF’s managing editor and deputy CEO, about the European Union’s borrowing plans for 2023. He discusses the new unified EU-Bonds funding approach, efforts to improve liquidity in EU debt, the role of primary dealers and the continued commitment to green bond issuance.
Neil Williams, chief economist, OMFIF, joined Antonio Curia, senior executive director of Wimmer Family Office, to provide a quarterly update on macroeconomics and a relevant view from policy-makers around the globe.
While COP26 revolved around what needs to be done to secure global net zero by 2050, COP27 focused on how to move from pledges to implementation. Mobilising finance is critical to delivering urgent action and has become one of the key aims of Egypt’s COP27 presidency. This year’s climate summit intended to amplify the voices of developing countries and raise the topics of sovereign debt for nature and climate investment, reducing the cost of green borrowing, scaling up financing for both adaptation and resilience, loss and damage, and ensuring a just transition.
In this podcast, OMFIF’s Sustainable Policy Institute Head Emma McGarthy talks to Alex Michie, Head of Glasgow Financial Alliance for Net Zero (GFANZ), on the key outcomes of COP27, the state of climate finance and moving from commitments to tangible action, GFANZ framework for transition planning and driving co-operation, convergence and forging the path to COP28.
As they head into the new year, what are the primary concerns for public asset owners? Where should they expect continuities from 2022, and where will there be divergence? How will they adjust to the new reality of higher risk, more uncertainty and more a volatile macro environment?
Max Castelli, head of strategy and advice, global sovereign markets, UBS Asset Management, joins Taylor Pearce, economist, OMFIF, to discuss these key questions and delve into diversification, inflation, quantitative tightening, environmental, social and governance concerns and other priorities for reserve managers in 2023.
Sinan Yilmaz, account and content manager at OMFIF, sits down with Lewis McLellan, editor of the Digital Monetary Institute, to discuss everything related to FTX and its downfall. Including, but not limited to the domino effects, if MiCa would have prevented this, and how Enron compares to Enron in the early 2000's.
If you have any requests, ideas or questions for our speakers, do drop us an email at enquiries@omfif.org.
Jana Velebova-Harvey, senior portfolio manager in the emerging markets team at BlueBay Asset Management, speaks to Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, on the issuance conditions for emerging market sovereigns in 2022 and the outlook for the year ahead.
Velebova-Harvey talks about the challenges EM sovereigns have faced in accessing the primary market, innovative environmental, social and governance-themed debt restructuring such as debt for nature swaps and carbon-backed bonds, and Ukraine’s reconstruction and recovery.
Wenbin Wong, head of GrabFin Singapore, and Lewis McLellan, editor of the Digital Monetary Institute, discuss ‘buy now, pay later’ — a rapidly growing form of consumer lending. The ease of use and accessibility that BNPL offers could make it a valuable tool for economic empowerment, but as consumer exposure grows, it is vital that regulators keep a close eye on unintended outcomes in the marketplace. This podcast explores the benefits that BNPL can bring for individuals, particularly in south east Asia, who are underserved by traditional banking services, as well as the recent Singapore BNPL code of conduct, which could provide a framework for other jurisdictions looking to keep their burgeoning BNPL markets safe.
Geopolitical tensions were apparent even before Russia’s invasion of Ukraine, clearly evident in the US-China trade war and exacerbated by prolonged supply chain disruptions due to the pandemic and surrounding policy measures. Some economists have argued that we’re entering – or that we have already entered – an era of multipolarity and global economic fragmentation. Discussing the various pillars of globalisation, Massimiliano Castelli, head of strategy and advice, and Philipp Salman, strategy and advice, global sovereign markets, UBS Asset Management, speak with Taylor Pearce, economist, OMFIF on why the deglobalisation story is more complicated than it seems, with a particular focus on emerging trends in global trade and finance.
The views expressed are as of November 2022 and are those of the author and not necessarily the views of UBS Asset Management. This podcast is a marketing communication and the information herein should not be considered investment advice or a recommendation to purchase or sell securities or any particular strategy or fund. Information and opinions have been provided in good faith and are subject to change without notice.
Christian Kopf, head of fixed income at Union Investment, speaks to Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, about the difficult market conditions European public sector borrowers face.
Kopf outlines the macro environment for fixed income and the rate hiking cycle, deteriorating liquidity and high volatility for European government bonds, and why he sees an opportunity for certain supranational and agency borrowers. Kopf also gives his thoughts on the sterling bond market and why it will take time before confidence is restored following the chaos of the controversial mini budget. This podcast was recorded on 1 November.
The Bank of England’s intervention in September to restart gilt purchases to support markets and pension funds troubled by rising rates and unfunded fiscal expansion is a warning that fiscal considerations are becoming a more potent force in monetary decisions. It could also be an early test case for other quantitative easing countries grappling with bloated central bank balance sheets, high debt and rising policy rates.
Neil Williams, chief economist and Taylor Pearce, economist at OMFIF, discuss what the forces driving government funding costs will be, whether there are other measures available and how they might suit the UK.
Global Public Pensions 2022, OMFIF’s survey of pension funds, is launching on Tuesday 6 December.
With only days to go until COP27 takes place in Sharm el-Sheikh, Egypt, there is hope that it will focus on priority issues for the African continent, including addressing Africa’s climate challenges and the deadlock on climate finance. The Absa Africa Financial Markets Index 2022, published by OMFIF, found that more African countries are implementing environmental, social and governance policies and offering sustainable financial products.
Ahead of this year’s climate conference, Katerina Atkins, programme coordinator of OMFIF’s Sustainable Policy Institute, speaks with Nikhil Sanghani, OMFIF’s managing director of research, about the findings of the report on the availability of sustainable products and ESG policy indicators across the African continent. They discuss which African countries are spearheading sustainable financial product offerings and why it is important for the continent to continue working on sustainability-focused policies.
Burhan Khadbai, head of content at OMFIF’s Sovereign Debt Institute, sits down with Tammo Diemer, member of the management board at Deutsche Finanzagentur, to discuss the unprecedented volatility and challenges facing the German government bond market.
Diemer discusses the weak demand facing Bunds – including the recent seven-year auction and 30-year syndication – the Finanzagentur’s decision to tap bonds to use in the repo market, joint EU debt to fund the energy crisis, the performance of Germany’s green bonds and the outlook for 2023.
While announced as a temporary measure, the Bank of England’s purchases of long-dated gilts is another reminder of how central banks will struggle to reduce bloated balance sheets. Japan’s quantitative easing rumbles on, and the US and euro area are still at the nascent stage of addressing their central bank’s finances. QE globally has been no panacea, and the BoE has been quick to differentiate financial support from QE. Yet, by trying to suppress bond yields and signalling that money printing can be used to finance fiscal spending, it suggests fiscal considerations have in QE countries become a more potent force behind monetary decisions as rates rise. In the UK, ‘the kindness of strangers’ will increasingly hinge more on yield, currency and ratings considerations compared to Japan.
Is the UK a test case for others, what are the problems and where do we go from here? Neil Williams, chief economist, and Taylor Pearce, economist, OMFIF, discuss.
Lewis McLellan, DMI editor, is joined by two representatives from Promontory, a digital asset advisory service within IBM consulting. Elizabeth Severinovskaya, senior principal at Promontory specialising in anti-money laundering, and Lorena Rosero, principal at Promontory focusing on information risk management and the mitigation of cyber risks, discuss the challenges of policing the increasingly popular digital asset ecosystem, laying out the key dangers posed by the new technology and some of the regulatory tools evolving to combat them.
In this podcast, former Italian diplomat Antonio Armellini and Silvia Dall’Angelo, senior economist at Federated Hermes, speak with OMFIF Economist Taylor Pearce about the economic consequences of the 25 September general election in Italy. They explain the factors that led to the victory of far-right Prime Minister Giorgia Meloni and explore the outlook for Italy’s economic future under the leadership of the conservative coalition. They discuss Italy’s Recovery and Resilience Plan, fiscal framework and debt sustainability, and the country’s position in the euro area.
Biodiversity loss is increasingly on financial market agendas and De Nederlandsche Bank has been assessing nature-related risks financial institutions face. Saskia de Vries, Head of the International Financial Architecture department at the Financial Stability division of De Nederlandsche Bank, speaks with Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, about the role of central banks in driving nature-related risk mitigation, accelerating nature-positive financial flows, and the Network for Greening the Financial Sector’s task force on biodiversity loss and nature-related risks.
Andrew Slack, strategic designer at SICPA, along with Erin Taylor, consultant, and Annette Broløs, associate consultant from Finthropology, join Lewis McLellan, Digital Monetary Institute editor, to discuss their fascinating new report on consumer behaviour in payments. They discuss the insights this research gives them into the priorities and concerns of citizens and how they can help shape digital currency policy and development. While the results gathered from this research are regionally specific and will vary between jurisdictions, some of the surprising conclusions it has thrown up shows the value of pursuing this type of research for other economies as well.
To read SICPA’s short summary report Insights for CBDC Design, click here: https://www.sicpa.com/insights/cbdc-fostering-financial-inclusion
A fundamentally weak pound is not the best platform on which to base uncertainty about the Bank of England’s future. But, barring the withdrawal of independence, there are – after 25 years of the Monetary Policy Committee – real opportunities to make new UK Prime Minister Liz Truss’ review constructive. It must be thorough, non-political and not drag on. Uncertainty in the meantime may put even greater pressure on the MPC to accelerate rate hikes and go harder on quantitative tightening. And, if that exacerbates stagflation, Truss may not get the full-blown recovery she needs before the next general election.
So, what are the issues, what are the most feasible options and where do we go from here? Neil Williams, chief economist, and Taylor Pearce, economist, OMFIF, discuss.
For more, see https://www.omfif.org/2022/09/options-for-truss-to-preserve-the-bank-of-englands-independence/
Japan is committed to achieving carbon neutrality by 2050 and reducing greenhouse gas emissions by 46% by 2030. To do so, the country has focused on developing transition finance, an approach designed to support polluting companies that are trying to reduce their carbon footprints. Satoshi Ikeda, chief sustainable finance officer at Japan’s Financial Services Agency, spoke with Katerina Atkins, programme coordinator of OMFIF’s Sustainable Policy Institute. They discussed Japan’s approach to sustainable finance and regulatory practice, guidelines for climate transition finance, transition bond issuance and preventing greenwashing.
Algorand, a blockchain company and central bank digital currency platform, join the Digital Monetary Institute’s editor, Lewis McLellan, to discuss the latest trends in CBDC development. Naveed Ihsanullah, vice-president of engineering research, Pietro Grassano, business solutions director for Europe, and Co-Pierre Georg, associate professor at the University of Cape Town and member of Algorand’s economic advisory committee, share their thoughts on some of the key themes in CBDCs: decentralisation, monetary sovereignty, privacy and financial inclusion. Many of their insights are drawn from their 2022 report, ‘Issuing Central Bank Digital Currency on Algorand’.
Dave Sissens, chief executive officer of RTGS.Global, sits down with the Digital Monetary Institute’s editor, Lewis McLellan, to discuss the possibilities for improving the quality of the infrastructure underpinning cross-border payments. They discuss the role that RTGS.Global’s platform could play in the future of the wholesale foreign exchange settlement ecosystem and how it might integrate with other payments systems, including CBDCs. They cover payment versus payment settlement, the removal of counterparty risk, the role of decentralisation and what the payments landscape will look like over the next five to 10 years.
Regulation and disclosure requirements for the financial sector are on the rise, and commitments to the net zero transition are increasing. Daniel Bouzas Luis, regional coordinator for Europe at the United Nations Environment Programme Finance Initiative, speaks with Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, about the development of UN-convened net zero alliances, the role of European institutions in the global sustainability transition and the European Union’s green taxonomy. They discuss commitments, successes and challenges for sustainable finance, including closing data gaps and increasing disclosure frameworks.
Larissa De Lima, senior fellow at the Oliver Wyman Forum, and Erica Salinas, global technical leader for blockchain at AWS, join Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss their joint report, 'Retail Central Bank Digital Currency: From Vision to Design'. They delve into the importance of clear strategic priorities when it comes to designing a CBDC for retail use. Some jurisdictions will aim to prioritise the impact on financial inclusion that introducing a retail CBDC will have. Others will be more concerned with ensuring the privacy and data security of the users. De Lima and Salinas discuss policy trade-offs that CBDCs will have to grapple with, accepting compromises based on their priorities. The range of priorities is broad, and each possibility implies a different technical architecture.
Wolfram Seidemann, chief executive officer of G+D Currency Technology, joins John Orchard, CEO of OMFIF, for a discussion on how the recent crypto crash may influence government policy regarding central bank digital currencies. They touch on the importance of security and interoperability within the payments landscape.
Simon Chantry, Bitt’s co-founder and chief information officer, and its new economist Jim Shinn, a former US government official and member of the Criteo central bank digital currency team that was one of the three winners of the Monetary Authority of Singapore’s global CBDC challenge in 2021, join DMI editor Lewis McLellan. They discuss Bitt’s experience in deploying CBDC protocols, key themes emerging in retail CBDC development and the geopolitical pressures underpinning them.
The European Central Bank has established a supervisory climate risk stress test to better understand banks’ capabilities, risk metrics, long-term risk projections and parameters in physical and transition risk scenarios. Christoffer Kok, head of the stress test modelling division of the ECB's directorate general for macroprudential policy and financial stability, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss the results of the stress test, approaches and methodologies taken and lessons learnt.
Melvin Khomo, general manager for financial markets at the Central Bank of Eswatini, joins Dieter Sauter, general manager of the business unit value printing at Bundesdruckerei, and Lewis McLellan, editor of the Digital Monetary Institute, to discuss what advantages a central bank digital currency can deliver. The importance of a robust means of digital identity verification as a means of improving financial inclusion as well as part of the foundation for digital currency infrastructure and the importance of creating a robust, secure platform that citizens will feel confident in adopting are also covered.
Public asset owners are at an inflection point as traditional investment strategies and business models are challenged by a rapidly changing landscape. Sovereign funds, public pension funds and central banks, which collectively hold over $40tn in assets, need to adapt to an industry in flux to achieve their core goals.
In a far-reaching, survey-based report, ‘The Evolution of Public Asset Owners’, BNY Mellon finds that the majority of public asset owners are seeking new and bold ideas in search of yield, that only 6% are satisfied with their business models and a solid majority have begun operational transformation, in large part to meet the demands of digitisation and data challenges. Christine Mikolajuk, Europe, Middle East and Africa chief operating officer for global client management at BNY Mellon, joins Patricia Haas Cleveland, OMFIF US president, to discuss the report's findings.
With Governor Andrew Bailey conveying to an OMFIF gathering that the monetary policy committee ‘will, if necessary, act forcefully… no ifs and buts’ to get consumer price index inflation down to its 2% target, all eyes will be on the MPC’s August announcement. Further - and potentially heavier rate hikes - look inevitable, as the Bank reclaims its cherished policy tool, while in tandem, though not with equal force, starting a process of active quantitative tightening (gradually selling the Bank’s assets). August’s meeting thus provides an important opportunity to take the next steps - with a possible sixth rate hike since December, of at least 25 basis points and very possibly more, and a pathway for QT.
To discuss the issues, Neil Williams, OMFIF’s chief economist, speaks with OMFIF economist, Taylor Pierce.
Despite other central banks flexing their muscles, Japan’s authorities have every reason to prolong a policy loosening in the Bank of Japan’s 24th year. Japan’s quantitative easing will have to continue with policy rates suppressed, leaving the ministry of finance reliant on the Bank of Japan as its monetary agent. Yet, deep in a liquidity trap, it’s doubtful easier money alone will prove any different, suggesting the late Prime Minister Shinzo Abe was right to believe that other policy strands would be needed. In the longer term, is Japan still a test case for others?
OMFIF Chief Economist Neil Williams covers the issues with Economist Taylor Pearce. For more, see ‘Breaking Japan’s deflationary psychology’. (https://www.omfif.org/2022/07/breaking-japans-deflationary-psychology/)
Elia Trippel, policy analyst at the Organisation for Economic Co-operation and Development, spoke with Katerina Atkins, programme coordinator of OMFIF’s Sustainable Policy Institute, about the objectives and metrics of a social taxonomy and the process of its development in the European Union.
The European Central Bank has been slower than most to pull away the monetary rug, but it now stands ready with a key announcement on 21 July. What should we expect as it raises rates and, having stopped net purchases, sets out its stall for reinvesting member governments’ maturing bonds? Can the two levers be used in equal force, or will onus have to be on rate hikes over quantitative tightening to avoid fragmentation risk? What could possibly go wrong? How should asset allocators play it as the ECB is set aside from other central banks, having to manage a monetary union short on economic union? And, after an initial hike in July – the first for 11 years – what might we expect from the 8 September meeting and beyond?
To discuss the issues, Salman Ahmed, global head of macro & strategic asset allocation at Fidelity International, speaks with Neil Williams, OMFIF chief economist.
For more on the ECB’s soon-to-be-unveiled anti-fragmentation tool, see Eight thorny questions over ECB fragmentation. https://www.omfif.org/2022/07/eight-thorny-questions-over-ecb-fragmentation/
Investors, issuers and policy-makers are all trying to make sense of the war in Ukraine, a global pandemic, more than a decade of cheap money and now rising interest rates and inflation. How do the world’s reserves managers view the global macro outlook? What are the main concerns and drivers? And what are their strategies for asset allocation and integrating environmental, social and governance strategies?
Max Castelli, head of strategy and advice, global sovereign markets, UBS Asset Management, joins Neil Williams, chief economist, OMFIF, to discuss these key questions and delve into reserves managers’ priorities and concerns in the future.
OMFIF Chief Economist Neil Williams speaks with Economist Taylor Pearce in a lightning-round podcast on quantitative easing. They discuss the situation regarding quantitative easing, why central banks are so slow to wind down their balance sheets and what the benefits of running QT would be. For more on this theme, check out Williams’ commentary ‘Central banks can tighten by doing nothing’.
The €800bn Next Generation EU fund – set up to help finance Europe’s recovery from the economic damage of the Covid-19 pandemic – has been operating since last June. How is its lending schedule and debt management office-like funding programme going? How has its market-changing green bond programme progressed? Who is buying its bonds? How will it operate after 2026, when its initial mandate is complete? How does it compare to other European agency and sovereign borrowers? Might it help finance the eventual reconstruction of Ukraine? Siegfried Ruhl, Hors Classe Advisor at the European Commission's budget department, speaks to OMFIF CEO John Orchard ahead of the conference on the NGEU in Singapore.
Just as economies and financial markets around the world were beginning to recover from the unprecedented Covid-19 shocks, fallout from the war in Ukraine has heightened global financial risk once again. How have the post-2008 financial crisis stability frameworks fared in response to these crises? Pedro Duarte Neves, adviser for the board of directors, Banco de Portugal, and Bill Papadakis, investment strategist for Lombard Odier's macro team, speak to Taylor Pearce, OMFIF economist, about the various facets of financial stability for the euro area and globally, including the risks associated with corporate debt levels, sustainability imperatives and non-bank financial institutions.
Though blockchain is now a well-known term, the specific qualities that make it useful are still poorly understood. David Chan, CEO and co-founder of a distributed ledger technology-based programmable money platform called eCora, joins Lewis McLellan, editor of OMFIF’s Digital Monetary Institute. They discuss the unique properties of modern blockchains and highlight the areas – like programmable digital currency for industry – where they are uniquely placed to deliver value.
Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, joined Victoria Cumings, chief legal and regulatory officer at RTGS.global, at the DMI Symposium to discuss how the Financial Stability Board’s roadmap for enhancing cross-border payments is driving change in the payments ecosystem. They discussed public and private sector efforts to transform international payments and delved into how new thinking and approaches can contribute towards industry improvements.
Dennis Shen, macroeconomist and director of sovereign ratings at Scope Ratings, speaks with Taylor Pearce, economist at OMFIF, about China’s economic relations with the US and Europe in the global macroeconomic and geopolitical landscape. Shen discusses how China is balancing its political and economic interests in the face of western sanctions on Russia, assesses the future of the renminbi as a reserve currency and concludes with his outlook for China’s economy and future influence, including how China’s slowing growth may affect the country’s soft power objectives.
Xiaochen Zhang is principal manager at Amazon Web Services. Prior to AWS, Xiaochen worked with many portfolio companies in launching new offers, entering into new markets and building transformative collaborative initiatives on central bank digital currencies, sustainable development and blockchain. Xiaochen built strong collaborations with government agencies, multinational organisations and financial institutions through work with the World Bank, United Nations, Inter-America Development Bank, Astana International Finance Center, FinTech4Good and many other international platforms in the past 20 years.
Sherry Madera, senior vice president, public policy and government affairs at Mastercard and co-chair of the Future of Sustainable Data Alliance, Matthew Blake, head of financial and monetary system initiatives at the World Economic Forum, and Haleh Nazeri, platform curator, financial services, WEF, join Emma McGarthy, head of OMFIF’s Sustainable Policy Institute. They explore the need to drive environmental, social and governance talent development and acquisition in financial services and the skills required to meet net zero. They discuss how companies can fill the gaps identified in ESG talent and the tools, data strategies and policies required to create sustainability roles.
View the World Economic Forum and Future of Sustainable Data Alliance Talent Development Tool here.
Download the report 'Future of Sustainable Data Alliance (FoSDA): towards consistent, comprehensive and coherent data' here.
On this podcast, Philip Middleton speaks to Ashley Alder on regulating cryptoassets. This clip was taken from our global DMI symposium which you can view here. Ashley Alder is the Chief Executive Officer of the Securities and Futures Commission (SFC). Ashley started his career as a lawyer in London in 1984. He came to Hong Kong in 1989 with the international law firm Herbert Smith, practicing corporate and business law. He was Executive Director of Corporate Finance at the SFC from 2001 to 2004, before returning to Herbert Smith, later as head of the firm’s Asia Region. He rejoined the SFC in 2011. Ashley was appointed by the Chief Executive of Hong Kong as a Justice of the Peace in 2014 and is a Fellow of The Hong Kong Institute of Bankers. He is currently the Vice Chairman of the Board of the International Organization of Securities Commissions (IOSCO) and the Chairman of the IOSCO Asia Pacific Regional Committee. Ashley attained his Bachelor of Laws degree from the University of London in 1982 and graduated from the University of Cambridge with a Master of Laws degree in 1983.
Øystein Olsen, governor of Norges Bank for 11 years up to 28 February, speaks to David Marsh, OMFIF chairman, about the lessons he has learned over four decades in public service, including in helping to steer the world’s largest sovereign fund. Olsen, a veteran energy economist and formerly Norway’s statistics supremo, has become a member of the OMFIF advisory council. Norges Bank is responsible for managing the Government Pension Fund Global, with $1.3tn invested through Norges Bank Investment Management. In this podcast, Olsen, who handed over to Deputy Governor Ida Wolden Bache, speaks about his long-term role in developing the fund, its investment policies in supporting corporate governance and sustainability, Norway’s place in European energy, the future of oil and gas, and the 2020 controversy over the appointment of NBIM’s new chief executive.
Wally Adeyemo, deputy secretary of the US Treasury, joins Mark Sobel, US chair, OMFIF, for a broad discussion on the US’ fiscal outlook. Their discussion will take in everything from international comparisons of recovery, sanctions review and Afghanistan.
Andrew Sentance, former member of the Bank of England’s Monetary Policy Committee, speaks to Neil Williams, OMFIF’s chief economist, on the 25th anniversary of the MPC. With the committee a ‘quarter century not out’, Sentance shares his experience of being one of the more outspoken members. While covering the MPC’s numerous runs scored since 1997, he also navigates the dropped catches and the strategy needed to make the next 25 years even more impressive.
Philipp Steinberg, director general for economic policy and energy and ministry coordinator for sustainable development in the German Federal Ministry for Economic Affairs, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss Germany’s policies and strategies for reaching net zero. They touch upon regulatory frameworks – including Germany’s relationship with the EU taxonomy – the implications of the geopolitical crisis in Ukraine for renewable energy development and how capital can be reallocated towards clean energy.
Anne Simpson, newly appointed global head of sustainability at Franklin Templeton, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss the need for a more holistic approach to environmental, social and governance issues. They examine the convergence of standards and the impact of the newly created International Sustainability Standards Board, the role of the financial sector in achieving net zero and how to reallocate capital towards ESG investments. They explore how to prevent greenwashing, active ownership versus divestment and the increasing role that labelling is playing in investment decisions.
The advent of widely available quantum computing poses an existential threat to present techniques and standards of cryptography. William Gee, partner, innovation and digitalisation, PWC, and Andrew Cheung, president and chief executive officer of 01 Communique Lab, join Lewis McLellan, editor of OMFIF’s Digital Monetary Institute, to discuss the implications of a new, more powerful type of computing that will render present cryptographic standards obsolete. They explore the consequences of the proliferation of quantum computing, the risks it poses and the steps being taken to mitigate them.
OMFIF's Philip Middleton, Digital Monetary Institute chair, sits down with Denis Beau, deputy governor at Banque de France, to discuss whether central bank digital currencies are a necessary component of a digitalised capital markets infrastructure. This podcast is taken from our 'Future of capital markets' report launch on 31 March 2022. Watch more here.
Bénédicte Nolens, head of the BIS Innovation Hub Hong Kong, and Xiaochen Zhang, principal manager at Amazon Web Services, join Katie-Ann Wilson, head of policy analysis at the OMFIF Digital Monetary Institute, to explore how the public and private sector are using new technologies to overcome the challenges facing green finance. They discuss the process of green bond tokenisation and application of distributed ledger technology across market infrastructure, how the intersection of blockchain, cloud and artificial intelligence can address the whole value chain of climate data, and what practical steps can be taken to ensure policy-makers reap the benefits of new technologies for environmental, social and governance considerations.
Xinting Jia, ESG investment strategist, APAC, State Street Global Advisors, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss the methods and tools investors use when integrating environmental, social and governance factors into their investment decisions. With sustainability-related risks increasingly on the agenda, they delve into the metrics and targets that should be used to assess physical and transition risks. They explore the main challenges in transitioning investment portfolios, ask how to manage supply chains and identify the information and data needed to conduct robust ESG analysis.
Wolfram Seidemann, chief executive officer of G+D Currency Technology, joins John Orchard, CEO of OMFIF, for a discussion about the key findings from the joint OMFIF-G+D survey on consumer attitudes to CBDC and what factors are important for CBDCs to be successful. Their conversation also addresses how G+D is providing leading technology in the digital currency space.
Robert Bench, assistant vice-president at the Federal Reserve Bank of Boston, and Aman Cheema, global head of global real-time payments at FIS, join Patricia Haas Cleveland, US president of OMFIF, to discuss the key findings of the Boston Fed’s recent phase one report on Project Hamilton and look ahead to the challenges and next steps for a viable central bank digital currency. The conversation also touches on the global CBDC sandbox from FIS which is to be used by countries to assess the feasibility and viability of launching a CBDC.
Gloria Bartoli, professor of public management at the LUISS Guido Carli in Rome, speaks with Taylor Pearce, economist at OMFIF, about debt sustainability and fiscal reform in the European Union. Drawing on her extensive experience in international organisations and the design of international policy and regulatory frameworks, Bartoli provides her view of the debt landscape in Europe and analyses the possibility of returning to a pre-pandemic status quo. The discussion explores how the Next Generation EU fund and Recovery and Resilience Facility – introduced as part of the European Union’s emergency pandemic relief measures – can lay the groundwork for more robust reform of the European fiscal framework, Stability and Growth Pact and debt rules.
Domenico Nardelli, treasurer at the Asian Infrastructure Investment Bank, joins Marcin Stepan, managing director of OMFIF’s Sovereign Debt Institute, to discuss the borrowing landscape in Asia. In the current potentially volatile environment, with risks of raising rates challenging market conditions, they discuss the AIIB’s issuance ambitions and strategies. They reflect on the growth of the green, social and sustainable bond market and take a look at some important developments for 2022.
The West has rolled out tough financial sanctions against Moscow with unprecedented speed, magnitude and multilateral co-operation. This move will not stop Russian tanks, but it will squarely impoverish President Vladimir Putin’s regime.
Danny Glaser, global head of jurisdictional services at K2 Integrity and former assistant secretary at the US Treasury overseeing sanctions, and Christopher Smart, chief global strategist and head of the Barings Institute, as well as former US Treasury/National Security Council special assistant to the president, join OMFIF's US Chair Mark Sobel. They discuss the efficacy, historical context and the economic consequences of the sanctions across the globe.
What impact will the emergence of central bank digital currencies and cryptoassets have on the gold market? John Reade, chief market strategist at the World Gold Council, and Bob Wardrop, director and co-founder of the Cambridge Centre for Alternative Finance, join David Marsh, OMFIF chairman, to explore this question. They expand on topics emerging from the recent OMFIF and World Gold Council paper ‘Central bank digital currencies and gold’, including those surrounding geopolitics, inflation, trust and the role of gold in a future dominated by CBDCs and cryptoassets.
Charles Goodhart, emeritus professor of economics at the London School of Economics and Political Science, talks to David Marsh, chairman of OMFIF, about his theses on the effects of demography and immigration, the revival of inflation and the threat to central bank independence. He sees this latter danger as particularly virulent from right-wing governments, including from the possibility of a re-elected Donald Trump (or indeed from a return of any Republican administration in the US). Goodhart is a veteran central bank watcher who was a founder member of the Bank of England monetary policy committee in 1997-2000. He has warned for years that central banks may be unable to tighten interest rates sufficiently to ward off inflation because this would further exacerbate the budgetary problems of debt-ridden governments. In his prescient book from 2020, co-authored with Manoj Pradhan, The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival, the two authors explain the societal and economic changes wrought an ageing society. They believe that the fall in the workforce will inevitably shift bargaining power to lower-paid workers and trade unions. Political resistance, they forecast, will prevent immigration from being large enough to reinflate the supply of labour and diminish inflationary pressures.
Following the publication of ‘The future of payments 2021’ report, Saskia Devolder, strategic programme director, SWIFT, joins John Orchard, chief executive officer of OMFIF, to discuss the financial community’s collective cross-border payments initiatives aimed at overcoming challenges to instant and frictionless payments. They also discuss predictions of what the payments space will look like in five years and the role of CBDCs in the future of payments.
Thomas Vellacot, CEO, WWF Switzerland, joins Emma McGarthy, head of OMFIF’s Sustainable Policy Institute, to discuss the role WWF is playing in biodiversity and conservation finance. They discuss how governments and private industries are developing financing solutions to protect and sustainably manage natural resources. They explore solutions to biodiversity financing and risk considerations, as well as the latest developments in carbon pricing and mechanisms for driving the transition to net zero and increasing ecological conservation.
View the panel discussed in this podcast here.
The digital assets landscape is growing rapidly in both scale and variety. As the first regulated digital securities exchange, Six Digital Exchange is at the heart of this developing market. Michele Curtoni, Head of Strategy at SDX, joins Lewis McLellan, editor of OMFIF’s DMI, to discuss the benefits that a new digital architecture for financial securities is starting to bring. Curtoni goes into detail on the benefits of distributed ledger technology in improving the settlement of different asset classes and the disruption that it enables. He also discusses how to solve what he calls the ‘cold start problem’ — the problem of how to simultaneously introduce digital assets, liquidity, and a dedicated digital market infrastructure.
With the impact of Covid-19 on international monetary and financial conditions, as well as higher energy and goods prices, Catherine Mann, external member of the Monetary Policy Committee at the Bank of England, discusses the latest economic projections for the UK. She offers her thinking on effects on inflation and the direction of monetary policy.
To view the slides mentioned in this podcast, please visit our website here: https://www.omfif.org/videos/a-macroeconomic-overview-and-the-bank-of-englands-monetary-policy/
Max Castelli and Athanasios Orphanides discuss inflation expectations in the euro area and how these impact monetary policy thinking and market behaviour. Talking to Ellie Groves, Castelli, head of strategy, global sovereign markets at UBS Asset Management, and Orphanides, who is professor of the practice of global economics and management at the Massachusetts Institute of Technology’s Sloan School of Management, as well as former governor of the Central Bank of Cyprus and member of the European Central Bank governing council, contextualise inflation forecasts from the ECB and UBS. They explore what is in store for central bank reserves managers as they navigate investing in riskier assets and the biggest risks facing the financial community in 2022.
Randal Quarles, former member of the board of governors of the Federal Reserve System, joins Mark Sobel, US chair, OMFIF, for a broad discussion on the outlook of the Federal Reserve. Their discussion will take in everything from the economic outlook, financial stability to Randal’s reflections on his time at the Fed and as Chair of the Financial Stability Board.
As economies around the world look for ways to foster greater financial inclusion, conversations have increased around upgrading the global payments system, both wholesale and retail. Koji Fusa, chief executive officer at GVE, joins John Orchard, chief executive officer of OMFIF, to discuss the tension between privacy and oversight if physical cash is phased out, characteristics of a two-tier (opted for by the People’s Bank of China and most other central banks considering CBDCs) and three-tier system. A closer look at the impact on tokens and contracts used to settle transactions if a new payments system is created involving using blockchain or distributed ledger technology is also explored.
View the graph mentioned in the podcast here.
With climate change evermore on the global agenda, investors and the financial sector are increasingly having to factor ESG into investment decisions. In collaboration with Mazars, OMFIF has produced a report titled: ESG and US asset management: The future is now. In the virtual launch of the report, which includes a brief overview of key findings, panellists discuss investment approaches to ESG, data metrics and standards, the political and policy environment impacting approaches to ESG, as well as opportunities and developments in ESG processes.
Jingdong Hua shares his reflections as he retires as treasurer from the World Bank and after an extensive career in development finance across different multilateral organisations. In a broad ranging interview with David Marsh, chairman of OMFIF, they discuss among others the role of multilateral development banks in a post-covid world, holistic approaches to tackling climate change as well as how to develop and strengthen local capital markets in emerging economies.
As economies around the world move towards a greater degree of digitalisation and look to foster greater financial inclusion, CBDCs could prove to be crucial to safeguarding central bank money. James Wallis, vice-president, central bank engagements and CBDCs, RippleX at Ripple, joins John Orchard, chief executive officer of OMFIF, to discuss the economic benefits and risks surrounding CBDCs, collaboration between the private and public sectors, the stablecoin debate and privacy trade-off concerns.
Interest rates are on the rise as the ‘transitory’ rise in inflation appears to be more persistent than previously thought. Max Castelli, head of strategy, global sovereign markets, UBS Asset Management, talks with David Marsh, OMFIF chairman, about the European Central Bank’s policies ahead of the all-important end-of-year governing council meeting on 16 December, where the central bank’s 2022 asset purchase strategy will take centre stage. The podcast features findings from UBS’ research on reserves management, including reserves managers facing potential losses on their fixed income portfolios for the first time in a very long while and how they are diversifying away from government bonds to better respond to this challenging reality.
As innovation in fintech continues to accelerate, it is important to understand the needs and expectations of consumers, how the evolution of technologies may improve financial access and health, and the conditions and requirements for responsible and equitable innovation. How will current approaches and frameworks evolve as the speed, infrastructure and providers of financial services rapidly change? Usman Ahmed, head of global public policy and research at PayPal, and Ivy Lau, lead manager of global public policy and research at PayPal, join Patricia Haas Cleveland, US president of OMFIF, to discuss the future of fintech innovation.
Pietro Grassano, business solutions director for Europe at Algorand, delves into the issue of tokenised money and the need for tokenisation to occur on a domestic and cross-border level. The podcast comes ahead of the release of ‘Future of cross-border payments’, a report OMFIF created in partnership with Algorand. The podcast broaches topics such as the definition of tokenisation in relation to payments, the features of payment tokens that can help mediate cross-border frictions, the issue of blockchain centralisation and decentralisation, and the next steps for global coordination.
Enjoyed this podcast? For the launch of OMFIF’s ‘Future of cross-border payments’ report, the Digital Monetary Institute is convening a panel titled 'The future of cross-border payments' to explore the potential role of digital currencies in cross-border payments, the future role of traditional payments providers and networks, the role of distributed ledger technology in upgrading wholesale payments and remittances, as well as next steps for global coordination. Register here.
In this end-of-year podcast, Eila Kreivi, head of capital markets at the European Investment Bank, reviews the European borrowing landscape in 2021, the launch of the Next Generation EU fund and the development of the green bond market. The discussion focuses on the impact of the European Union as a major issuer, lessons learned by the EIB on debt issuance, the role of green bonds and the extent to which the EU taxonomy on sustainable finance is fit for purpose.
Enjoyed this podcast?
- Register for our virtual panel on the outlook for European sovereign borrowing 2022 here.
- Read the commentary titled 'Investors seek ‘transparency, engagement and open dialogue’ in green bond issuance' here.
The transition to digital currencies continues at a rapid pace and has inevitably been accelerated by Covid-19. As the economy moves towards a greater degree of digitalisation, a retail CBDC could prove important in safeguarding central bank money as well as protecting the interest of consumers and vendors online. The main topics of discussion for this panel include the unbundling of financial services and the impact on commercial banks, the ECB’s balance sheet implications under a two-tier model, the role of central banks in supporting digital evolution and how a programmable euro could safeguard the EU’s technological competitiveness. The need for a digital euro, the growing role of fintech and the potential division of labour under a two-tier retail model also come under consideration.
This podcast is taken from the virtual conference 'European payments and digital assets: promoting sovereignty and integration through digitalisation'. Catch up here.
Richard Berner, clinical professor of finance at the Stern School of Business, New York University, joins Natalia Ospina, deputy head of reports, OMFIF. They take a deep dive into the climate stress testing methodology that he developed with Nobel Prize in Economics winner Robert Engle and Hyeyoon Jung, financial economist at the Federal Reserve Bank of New York, which gauges the resilience of financial institutions to climate-related risks.
They discuss in detail how climate change could lead to a substantial increase in systemic risks in the banking sector. Financial institutions could find themselves looking to raise $70bn-$90bn, or between 20% to 30% of their equity to restore their prudential capital ratios as a result of climate change.
With COP26 completed and new commitments established, what more can be done to reduce carbon emissions, reach net zero and implement measures to protect natural capital? In this podcast, Emma McGarthy, head of policy analysis at OMFIF’s Sustainable Policy Institute, talks to David McNeil, director and head of climate risk at Fitch Ratings, on the latest developments in carbon-offset markets and the work Fitch is doing in this space. They discuss pricing, tools and policies required to scale the market, how carbon credits fit into capital markets as a financial instrument and the role carbon-offset can play in emerging markets to meet the costs of adaption and mitigation.
Daniel Hardman, principal ecosystems engineer at SICPA, joins Philip Middleton, deputy chairman of OMFIF and chair of the Digital Monetary Institute, for a discussion centered around the lessons learned in their work with offline CBDCs. They delve into several topics including the models which facilitate the offline exchange of digital cash, the impact of the pandemic in increasing the need for offline payments and making offline payments secure against digital counterfeiting, fraud and other types of cybersecurity risks.
With SWIFT’s plans to fully adopt the common electronic data interchange platform underway, what are the implications of the ISO20022 standard on the wider financial industry? Rishi Tinaikar, business innovation lead in Asia Pacific at SWIFT, joins Jamie Bulgin, relationship director within OMFIF’s Institute for Economic and Monetary Policy, to consider why adoption is important, some of the likely innovation possibilities the standard provides as well as the broader impact on banks and other financial institutions.
Following a steady deterioration in China-US relations over four years under President Donald Trump, global attention turned to President Joe Biden and the direction he will take the relationship in. The new administration has been far more hawkish than many experts predicted, maintaining the hard-line policies of the Trump era. While the rhetoric has changed, explicit criticism of Beijing has continued on everything from Hong Kong to the treatment of the Uyghur community in Xinjiang. While Biden concentrates on strengthening US influence in the Indo-Pacific, the impasse continues with competition standing in the way of even clear areas of alignment. This panel discusses the economic and geopolitical outlook for China, as well as the risks that the country faces going into 2022.
Speakers: Dave Rank, Former Chargé d’Affaires, US Embassy in Beijing George Magnus, Associate, University of Oxford China Centre Helen Qiao, Managing Director and Chief Economist for Greater China and Head of Asia Economics Research, Bank of America Merrill Lync
This is taken from a live panel, recorded on 03/11/2021. View the recording here.
In partnership with the British Embassy in Madrid and the Spanish Chamber of Commerce in the UK, OMFIF convened two panel discussions on sustainable finance. Speakers focused on how Spain and the UK can work more closely to deliver the COP26 private finance hub strategy, as well as a wider global perspective ahead of COP26 in November.
In this podcast, the focus is on net zero and the future of green finance:
- Alex Michie, Head, Glasgow Financial Alliance for Net Zero
- Marta García de Oteyza, Responsible Banking Senior Manager, Banco Santander
- Ángel Martínez-Aldama, President, INVERCO
- Hugh Elliott, British Ambassador to Spain and Andorra, British Embassy in Madrid
- Simon Thompson, Chief Executive Officer, Chartered Banker Institute
They delve into the role of sustainable finance as a potential key theme of the COP26 summit, the most impactful UK and Spanish policies for mitigating climate-related financial risks, the development of the COP26 private finance hub strategy and the role of public-private partnerships in transitioning to sustainable finance.
The video recording of the meeting can be viewed here.
Listen to part 1 here.
The continued growth in digital currencies - whether as a means of payment, investment asset or hedge against the dollar - continues to upend the traditional financial landscape. Jesse McWaters, global head of regulatory advocacy at Mastercard, joins Patricia Haas Cleveland, OMFIF's US president, to discuss the key drivers of the growth in cryptocurrencies, stablecoins and CBDCs and implications for the evolving payments system, regulatory challenges, and public-private sector collaboration.
As central banks navigate a world of inflation amid the Covid-19 recovery, the European Central Bank is at the heart of the debate. With the Bank of England signalling a rise in interest rates, will the ECB hold steady? Ellie Groves, managing director, Economic and Monetary Policy Institute, OMFIF, is joined by Brigitte Granville, economist and professor of international economics and economic policy in the School of Business and Management at Queen Mary University of London, director of the Centre for Globalisation Research and author of Remembering Inflation (Princeton University Press, 2013). They discuss the new environment central banks find themselves in, the expanding mandates of central banks with the risk of climate change and the political reality the ECB is operating in – especially as we get close to the French election.
Wolfram Seidemann, chief executive officer of G+D Currency Technology, joins John Orchard, CEO of OMFIF, for a discussion about the need for programmable central bank digital currency. They delve into issues such as the role of Covid-19 in accelerating CBDC development, requirements needed for a CBDC, use cases for programmability as a feature of CBDCs, where should the programmability logic lay and the potential for programmability to incentivise CBDC user adoption and to drive innovation.
With a focus on green investments, gas infrastructure and economic development, John Orchard, OMFIF’s chief executive officer, talks with Erlan Idrissov, Kazakhstan’s ambassador to the UK, and James Martin, co-chairman of the board of directors at the Astana International Financial Centre, on the impact of Covid-19 on the Kazakhstan economy, it’s road to recovery and investment focus over the medium term. They discuss the need for an ESG focus and how Kazakhstan is aligning with global standards to attract investors.
Since its launch in 2017, the Absa Africa Financial Markets Index has shone a crucial light on the opportunities for investment in region. As Africa looks to build back better after the Covid-19 crisis, the 5th edition of the index, compiled by OMFIF, is more important than ever. It is a vital part of policy-makers’ and market participants’ toolkit in this process and a benchmark for international investors looking to commit to the region.
Recent progress in building robust financial markets in the region helped many countries withstand the economic shock, but it also revealed that there is still a lot more room for improvement. Countries’ immediate need for resources to support fiscal policies during the crisis and the rapid withdrawal of international capital emphasised the importance of building local markets with sufficient depth and liquidity to withstand external shocks.
The events of the past two years also heightened awareness of climate change, and the power of capital markets can be harnessed to achieve efforts to combat it. As a result, this year’s pillars incorporate indicators that gauge how financial markets in the region are incorporating sustainability considerations.
This podcast is an extract from the live report launch, hosted on 13/10/21.
Watch the presentations of findings here.
Download the report here.
Ignazio Visco is a member of the governing council of the European Central Bank, the general board of the European Systemic Risk Board, the board of directors of the Bank for International Settlements, the steering committee of the Financial Stability Board, the board of governors of the World Bank and the Asian Development Bank. He is also alternate governor for Italy at the International Monetary Fund and the Inter-American Development Bank and takes part in the G7, G10 and G20 finance ministers and central bank governors meetings. In this podcast, he talks about Italy’s G20 presidency.
Building on OMFIF’s status as an independent think tank for central banks, the Sustainable Policy Institute brought together policy-makers, technology experts and investors on 29-30 September 2021 to push the boundaries of the discussion on the role of monetary policy, regulation and disclosure, as well as address key practical challenges, in driving greener financial markets to achieve net zero at a two day virtual symposium.
View more from the symposium here.
As climate mitigation gets higher on the agenda, it is becoming increasingly important that financial institutions transition to sustainable business models to meet developing environmental, social and governance requirements, and achieve net zero. Pat Woo, global co-head for sustainable finance, KPMG, and Vikram Kumar, new business manager, infrastructure and natural resources, Asia Pacific, International Finance Corporation, join Emma McGarthy, head of policy analysis, sustainability, OMFIF, to discuss the key elements and frameworks required for sustainable business models. They discuss the impacts of new requirements, such as the Task Force on Climate-Related Financial Disclosures, regulatory frameworks such as taxonomies and how private investors can leverage capital for new renewable infrastructure.
Katie-Ann Wilson, head of policy analysis, OMFIF Digital Monetary Institute, is joined by David Mackeith, principal technology adviser, Amazon Web Services, and Craig Borysowich, principal architect, Payments Canada, to discuss central bank digital currency implementation models, focusing on the division of labour between the central bank and intermediaries. They also explore challenges of a two-tier model, how the central bank can incentivise adoption and the future of cross-border CBDCs.
In partnership with the British Embassy in Madrid and the Spanish Chamber of Commerce in the UK, OMFIF convened two panel discussions on sustainable finance. Speakers focused on how Spain and the UK can work more closely to deliver the COP26 private finance hub strategy, as well as a wider global perspective ahead of COP26 in November.
In this podcast, the focus is on sustainable finance best practices in both the UK and Spain. Speakers include:
- Antoni Ballabriga, Global Head of Responsible Business, Banco Bilbao Vizcaya Argentaria
- Jose Maria Roldan, Chairman, Spanish Banking Association
- James Hooton, Programme Director, Green Finance Institute
- Ángel Martínez-Aldama, President, INVERCO
They delve into the role of sustainable finance as a potential key theme of the COP26 summit, the most impactful UK and Spanish policies for mitigating climate-related financial risks, the development of the COP26 private finance hub strategy and the role of public-private partnerships in transitioning to sustainable finance.
The video recording of the meeting can be viewed here.
Covid-19 has pushed many of us to adapt to alternative ways of working and these practices have gained momentum throughout the world. Sammi Cho, chief administrative officer Asia Pacific Region and chief executive Hong Kong Branch, BNYMellon, and Peter Outridge, head of people and change, Hong Kong and China, KPMG China, join Ellie Groves, managing director of the OMFIF Economic and Monetary Policy Institute, to discuss productivity when working from home, unintended consequences and the economic impact of this change and the benefits and risks for companies and employees.
KPMG professionals have produced a report which delves deeper into these topics, which can be found here.
Governor Benjamin Diokno from the Bangko Sentral ng Pilipinas joins David Marsh, chairman of OMFIF, to discuss the macroeconomic landscape in the Philippines after Covid-19. The governor lays out how the Philippines is recovering economically and how the central bank is supporting this growth. He gives a comprehensive picture of the country’s current and predicted future economic position, looking at inflation expectations, employment rate and central bank reserves.
Governor Diokno references slides in this podcast. To view the slides, please visit our website here.
Iain Begg, professorial research fellow at the European Institute, London School of Economics and Political Science, and Silvia Dall'Angelo, senior economist at Federated Hermes Investment Management, join Ellie Groves, OMFIF, to discuss the European Central Bank’s strategy review in the context of the September policy announcement. Key questions include: will the governing council announce changes to the policy direction of the ECB, or will it continue as is? How long can the ECB hold out before committing to the end of the pandemic emergency purchase programme, currently set for March 2022? And what are the implications for central banks moving into environmental, social and governance areas with the expansion of the Central Banks and Supervisors Network for Greening the Financial System? The speakers also discuss the interplay and role of fiscal stimulus and growth pathways for Europe.
With loose money supply and low returns in the developed world, emerging markets have become the destination of choice for investors looking for high yields. However, with much uncertainty remaining and inflation well above the Federal Reserve’s target rate, speculation of Fed tapering and market tantrums are gaining momentum. OMFIF is convening a panel to look at capital flows in emerging markets, addressing what happens when the cycle turns, the likelihood of capital flows reverting and asset and currency markets in the developing world.
Panellists: Otaviano Canuto, Non-resident senior fellow, Brookings Institute Steve Kamin, Senior Fellow, American Enterprise Institute David Lubin, Managing director and head of emerging markets economics, Citi Ratna Sahay, Deputy director, monetary and capital markets department, International Monetary Fund (IMF)
This recording is taken from a live event, recorded on 31/08/2021. Watch the video here.
The physical risks of climate change are particularly high for Asia Pacific. The region is most susceptible to natural disasters, such as hurricanes, droughts and wildfires, which will become more frequent and severe. As the most populous and fastest growing region in recent decades, Asia Pacific has unsurprisingly become the largest emitter of greenhouse gases.
Fiscal policy plays a critical role in responding to climate change. Progress can be achieved by well-designed tax policies that raise the price of carbon, together with non-tax instruments such as emission trading systems or regulations. Climate adaption and mitigation requires an increase in government spending, accommodated under the fiscal framework of a country. Further, fiscal policy can facilitate the transition to a greener, low-carbon economy by investing in climate-smart infrastructure such as renewable power generation and supporting research and development in climate-smart technologies.
Register here for the OMFIF-SPI symposium, 'Revolutionising finance for net zero'.
Panellists: Masahiro Nozaki, Deputy Division Chief, IMF Asia-Pacific Department Ian Parry, Principal Environmental Fiscal Policy Expert, IMF Satoru Yamadera, Advisor, Economic Research and Regional Cooperation Department, ADB John Nasir, Head of Economics, APAC, IFC
This podcast is taken from a recording of a live event. Recorded on 18/08/21.
Watch the event.
David Creer, global distributed ledger technology and crypto lead at the GFT Group, and Peter Clifford, director of central bank digital currencies and payments at Digital Asset, join Philip Middleton, chair of OMFIF’s Digital Monetary Institute, to discuss developments in digital payments. They delve into the issue of the efficiency of cross-border payments, transaction infrastructure in cross-border currency swaps, decentralised networks and privacy issues.
The response to Covid-19 has energised efforts for not just green policy changes but also a focus on social inclusion in corporate and governmental programmes. Gill Meller, the legal and governance director for the majority state-owned MTR Corporation, and Michael Camerlengo, who leads KPMG’s government practice in the Asia Pacific region and the infrastructure sector in Hong Kong, joins OMFIF’s Ellie Groves. They discuss the importance of good governance and the challenges and rewards of implementing an environmental, social and governance investment framework. Key questions around this topic include how corporates can integrate ESG in their core ethos, how governments can support modernisation efforts and what the future holds for ESG investing in Asia Pacific.
To register for the OMFIF-SPI symposium mentioned in this podcast, visit our website here.
OMFIF’s Emma McGarthy and Natalia Ospina discuss the forthcoming Sustainable Policy Institute symposium, ‘Revolutionising finance for net zero’, taking place on 29-30 September. The event will bring together a network of key policy-makers, regulators, public and private sector investors and ESG experts for a two-day event to push the boundaries of the discussion on the role of monetary policy, regulation and disclosure as well as addressing key practical challenges in driving greener financial markets to achieve net zero. The symposium will provide crucial insights into COP26 preparations, its results and consequent actions. It will allow participants to have their voice heard and influence such an important policy area at this critical point of time and move the industry beyond words into action.
Hear from headline speakers from over 30 financial institutions, including Banque de France, Deutsche Bundesbank, International Monetary Fund, The World Bank Group, Banco Central do Brasil, Bank of England, Riksbank, European Platform on Sustainable Finance, BNY Mellon, National Bank of Cambodia and World Wide Fund for Nature.
Register here.
Ludger Schuknecht, vice-president and corporate secretary of the Asian Infrastructure Investment Bank, and Dennis Shen, Dennis Shen, a director of sovereign ratings at Scope Ratings, join John Orchard, chief executive officer of OMFIF, to discuss sovereign debt sustainability in both developed and developing economies. Their conversation focuses on the fiscal response to Covid-19, the debt ratio problem and its potential solution, the readiness of some countries to end their quantitative easing programmes and the best measures to keep in place to maintain fiscal sustainability.
Charles Kerrigan, partner at CMS Law, and Seokgu Yun, founder and chief executive officer of Sovereign Wallet Network, join John Orchard, CEO of OMFIF, to discuss privacy concerns associated with central bank digital currencies, how policy-makers can address these and the challenges of launching a CDBC. As well as this, they share their perspectives about the underlying technology and set of features necessary for programmable money, an idea gaining momentum but which is often misunderstood. They also touch on the most significant trade-offs between design choices and briefly discuss how to build a CBDC that can adapt to future needs.
Seok Jun Yang, director general for reserves management at the Bank of Korea, speaks to OMFIF’s Pierre Ortlieb on macro and market developments over the course of the Covid-19 shock. They discuss how the Bank of Korea managed its reserves in response to the market turmoil of spring 2020, the global fiscal and monetary policy response to the pandemic and how to strengthen the global financial safety net for future crises.
With the financial stress of Covid-19 and inflation fears, institutional investors are exploring cryptocurrencies and tokenised assets as alternative investments. However, as we witness the beginning of a major portfolio diversification shift, uncertainty remains regarding risk, taxonomy and valuation surrounding these new asset classes. In partnership with Kroll, OMFIF DMI hosts this virtual panel on the cryptoasset landscape. The panel discusses market trends and demand, types of cryptoassets, technical ways of valuing cryptoassets, risk, and adoption.
Panellists: Dan Berkovitz, Commissioner, Commodity Futures Trading Commission Ken Joseph, Managing Director, Kroll, former Senior Officer, Securities and Exchange Commission David Larsen, Managing Director, Alternative Asset Advisory, Duff & Phelps, A Kroll Business Nicole Sandler, Head of Digital Policy, Barclays
This podcast is taken from a recording of a live event. Recorded on 20/07/2021.
Watch the event.
Athanasios Orphanides, professor of the practice of global economics and management at the Massachusetts Institute of Technology’s Sloan School of Management, joins Ellie Groves to discuss the European Central Bank’s strategy review and its potential consequences for the July monetary policy announcement. Orphanides, who served as governor of the Central Bank of Cyprus between 2007-12 and member of the Governing Council of the ECB, offers his thoughts on how the central bank will have to provide further accommodation in asset purchases to reach the 2% inflation target and ensure credibility. Discussing European inflation forecasts and unanswered structural questions from the strategy review, he sets out ways in which the ECB can step up to the challenge of the post-pandemic recovery.
Following the Covid-19 crisis the European Central Bank expanded their policies. As the recovery phase of the pandemic plays out, Luis de Guindos, vice president of the European Central Bank, joins OMFIF to discuss the European economic situation, current status of the ECB’s monetary policy strategy review and challenges for monetary policy in the current environment.
Speaker: Luis de Guindos, Vice-President, European Central Bank
This podcast is taken from a recording of a live event. Recorded on 12/07/2021.
Watch the full event.
Torbjorn Hamnmark, head of strategic asset allocation at Swedish pension fund AP3, joins OMFIF’s Pierre Ortlieb to discuss the outbreak of the pandemic in March 2020, how AP3 adapted to the shock and his approach to ESG investing and stewardship. They explore why Covid-19 has been so challenging for pension funds in particular, the prospect of an inflationary recovery and the relationship between sustainability and returns.
To hear more about how asset owners are managing the Covid-19 shock, join us for the launch of the Global Public Investor on 21 July. Register here.
Peggy Tse, chief strategy officer of the Future City Summit and upstream officer at the International Finance Corporation, joins Emma McGarthy, programmes manager at OMFIF’s Sustainable Policy Institute, to discuss the policies, tools and strategies required in a just transition to sustainable cities. They discuss the approaches and frameworks the Good City Foundation has established, and the role of governments and small- and medium-sized enterprises in driving that transition, as well as the impact of Covid-19 on progress towards green cities.
Scott Grimberg, emerging markets fixed income portfolio manager at pension fund CalPERS, joins Pierre Ortlieb, head of policy analysis at OMFIF, to discuss economic policy responses to Covid-19, the state of play in emerging markets and how the fund approaches emerging market debt assets.
To hear more about how asset owners are managing the Covid shock, join us for the launch of the Global Public Investor on 21 July. Register:
https://www.omfif.org/events/global-economic-recovery-and-the-role-for-central-banks/
OMFIF’s Katie-Ann Wilson, programmes manager, fintech and emerging markets, and Bhavin Patel, senior economist and head of fintech research, give an overview of OMFIF’s main Digital Monetary Institute activities which have taken place during the second quarter of 2021. The discussion focuses on the highlights and themes that have come to light through the meetings organised as well as the research undertaken in this area during this quarter.
Catch-up on demand: DMI Symposium - 'Central banks and digital currencies, revolution in money' The Bank of England’s approach to digital currencies and cross-border payments
Read: OMFIF Digital Monetary Institute Journal: Changing bank models Future of Payments report, 2020
How can governments, the European Commission and the European Central Bank keep to their mandates of financial stability and encourage growth in the euro area during this critical part of the recovery from Covid-19? Pedro Duarte Neves, alternate chairperson of the European Banking Authority from 2013-18 and senior adviser of the board of directors of Banco de Portugal, joins Ellie Groves, managing director of the OMFIF Institute, Economic and Monetary Policy to discuss the economic position of the euro area and differences between countries and sectors. They also cover the implications of the US fiscal stimulus on euro area inflation expectations and what help is needed for businesses to stay solvent as government support is slowly tapered.
Professor Jiye Hu, China Aging Finance Forum, and Philip May, director of retirement income solutions at Capital Group, join OMFIF’s Pierre Ortlieb to discuss various similarities and differences between the Chinese and Anglo-American pension systems. They discuss structural differences, such as the emphasis on second-pillar tensions in the US and Europe, as well as broader themes including the changing demographic environment, lessons from Anglo-American retirement systems and the potential for investment diversification.
In the latest episode, Danae Kyriakopoulou speaks to Ricardo Reis, Arthur Williams Philip professor at the London School of Economics. They compare the causes of and outlook for inflation in the US and euro area and discuss how fiscal stimulus packages will feed into the European Central Bank’s reaction function ahead of its monetary policy meeting on 10 June. They explore the longer-term implications of continued monetary policy accommodation on fiscal-monetary policy interactions and potential tensions, including the question of central bank independence. They also take a deep look into the evolving nature of central bank communication strategies and how the ECB’s track record has differed across its policy communications from inflation and quantitative easing to changes in sovereign debt spreads.
Over the last year, the US government and the Federal Reserve have taken a number of fiscal, monetary and policy actions to help steady both the US economy and global dollar liquidity. James Bullard, president and chief executive officer of the Federal Reserve Bank of St Louis, joins David Marsh, chairman of OMFIF, for a virtual discussion on the Fed’s policies, an outlook for the US economy and global consequences of the pandemic.
To register for the OMFIF Fed week, visit out website here: https://www.omfif.org/fedweek/
To watch the full event, visit out website here: https://www.omfif.org/videos/fireside-chat-with-the-federal-reserve-bank-of-st-louis/
Bhavin Patel, head of fintech research at OMFIF, is joined by Serey Chea, director general of the national bank of Cambodia, and Agne Makauskaite, Asia Pacific head of public policy for regulated industries at Amazon Web Services.
They discuss the role technology plays in fostering financial inclusion. They review how technology can help overcome some of the challenges faced by excluded groups and create economic opportunities. They also highlight examples of where technological solutions have worked in Asia, focusing on cloud as a foundation to support financial inclusion.
Helena Adegas, head of markets, Banco de Portugal, and Adriana Perelli, managing director global client management and head of ESG for BNY Mellon’s European Bank, speak to Emma McGarthy, programmes manager in sustainable policy, OMFIF, about the importance of gender diversity in decision-making for better investment returns and risk management. They discuss the role of central banks in efforts to bring women into leadership positions, how this can be achieved, the benefits and skills women bring to these positions and diversity in the Eurosystem.
The payments landscape is changing rapidly, driven by new and evolving technology, non-traditional players and new payment instruments. At the same time, central banks’ core objectives and functions – financial stability, monetary policy, banking supervision and financial services access – haven’t changed. Against this backdrop, central banks are evaluating and/or deploying new digital settlement solutions, including faster payments systems and central bank digital currencies. This discussion will explore these key topics, focusing on the role of the private sector, central banks and the importance of competition and innovation for the new payments landscape.
Panelists:
- Charlotte Hogg, CEO, Visa Europe
- Judith Obholzer, Managing Executive Public Policy, Vodacom
- Peter Conti-Brown, Assistant Professor, The Wharton School of the University of Pennsylvania
- Thomas Lammer, Deputy Head of Secretariat, CPMI, Bank for International Settlements
- Oded Salomy, Director of Payments Systems and Settlement, Bank of Israel
Moderated by Bhavin Patel, Senior Economist and Head of Fintech Research, OMFIF
As India’s economy slowly returns to growth, recovery is expected to gather pace as consumers and investors shake off the effects of the pandemic. Sujoy Bose, chief executive officer of the National Investment and Infrastructure Fund, discusses the investment landscape and the opportunities present in India.
Natacha Valla, dean of the School of Management and Innovation at Sciences Po in Paris and former deputy director of monetary policy at the European Central Bank, and Thomas Mayer, founding director of the Flossbach von Storch Research Institute, discuss the concept of money and the way it is changing as a result of the pandemic and shifts in the world economy. The discussion with David Marsh, chairman of OMFIF, draws on themes from Le futur de la monnaie (The future of money), a new book by Valla and Michel Aglietta which will shortly be available in English. They examine prospects for a digital euro, which both experts see as necessary to respond to forthcoming competition from other digital currencies, especially the renminbi.
Central banks around the world have intensified their research and experimentation in central bank digital currency. Given financial stability and disintermediation concerns, consumer-ready CBDCs have captured global attention with much of the discussion focusing on public-private partnerships. This panel will explore the policy implications of a new form of programmable money for central banks and the role of banks and fintechs in the implementation of CBDCs.
Speakers:
- Hanna Armelius, Senior Adviser, Payments Department Analysis and Policy Division, Sveriges Riksbank
- Neha Narula, Director, Digital Currency Initiative, Massachusetts Institute of Technology
- Jose Fernandez da Ponte, Vice President, General Manager Blockchain, Crypto and Digital Currencies, PayPal
- Atul Bhuchar, Executive Director & Group Payments Head, GTS, DBS
This conversation was part of the OMFIF Digital Monetary Institute Symposium 2021. Catch up on demand here.
Click here for more information and to register for the 2022 Symposium.
Philip Lane, chief economist and member of the executive board of the European Central Bank, discusses the current status of the ECB’s monetary policy strategy review and challenges for monetary policy in the current environment.
This discussion is taken from a virtual live broadcast with Philip Lane.
Article - ECB asset purchases dilute European rule of law. Article – ECB must future-proof monetary policy Presentation slides Podcast – Ahead of the ECB Podcast – ECB future direction and central bank independence
Kevin Stiroh, senior adviser in the Supervision Division at the Federal Reserve, discusses the Fed’s Supervision Climate Committee and its work to increase standards, supervisory practice and capital to mitigate climate-related financial risk. Kevin will discuss the Fed’s efforts to build coordination with national and international bodies, as well as challenges around data modelling climate-related risk and developing scenario analysis tools.
Watch the full event.
Margaret Kuhlow, Finance Practice Leader at WWF, joins Emma McGarthy, Programme Manager of OMFIF’s Sustainable Policy Institute, to discuss how finance is a powerful tool for addressing climate change, and how financial flows can be directed to meet the Paris Agreement objectives of 1.5°C. They discuss how building a resilient recovery from Covid-19 can intertwine with making tangible progress on climate change, how biodiversity considerations and ecosystem services can be brought closer to the forefront of risk assessments and metrics of investment impact; as well as the tools, data and methods that can be used by institutions to measure climate risk.
David Marsh, OMFIF chairman, is joined by Marek Mora, deputy governor, Czech National Bank, and Zuzana Schwidrowski, director, public finance, Scope Ratings, to discuss the CNB’s monetary response to Covid-19 and the challenges confronting central banks. They delve into a multitude of topics including the CNB’s pandemic track record, the possible extension of the ECB’s pandemic emergency purchase programme, ratification and implementation of the EU’s Next Generation fund, and the role of central banks in combating climate change.
OMFIF’s Katie-Ann Wilson and Bhavin Patel discuss the forthcoming DMI Journal and offer a sneak peek into what you can expect at the DMI’s inaugural Symposium on the 28-29 April. The Journal covers the latest developments in the payment space, insights from the Bank of England’s real-time gross settlement team, and the move from competition to co-opetition between fintechs and central banks.
The Symposium hosts discussions on many topical issues, from central bank digital currency and stablecoins to legal and regulatory requirements, and the future of digital currencies. We are delighted to announce some of the headline speakers:
- Denis Beau, Deputy Governor, Banque de France
- John Rolle, Governor, Central Bank of the Bahamas
- Raj Dhamodharan, Executive Vice-President, Blockchain, Digital Asset Products and Digital Partnerships, Mastercard
- Christian Catalini, Chief Economist, Diem Association
- Ed Bowles, Director of Public Policy, Facebook Financial
Sign-up for the DMI Newsletter and DMI Journals - https://www.omfif.org/subscribe/ Register for OMFIF’s Central banks and digital currencies Symposium -https://www.omfif.org/dmisymposium/ Swapcard instructions - https://www.omfif.org/support-center-omfif-dmi-symposium/
Danae Kyriakopoulou, chief economist and director of research at OMFIF, is joined by Ernst Welteke, former president of the Deutsche Bundesbank, and David Marsh, chairman of OMFIF, to delve into issues surrounding the European Central Bank’s governing council meeting on 22 April. They touch upon the increase in European and German inflation, potential influence on the governing council of forthcoming elections in Germany and France, the effect of the Biden administration’s stimulus programme, and the creditor and debtor divide in the euro area.
President Joe Biden’s administration promises a reset for much of the diplomacy we’ve seen from the US over the last four years. Covid-19 has caused an unprecedented shock to states in the Americas, while slow growth, an oil price shock and political instability trouble many economies across Latin America. With diverging responses to the health crisis, financial market upheaval and varying levels of protectionism, policy-makers face critical questions in the year ahead. This panel convenes experts from the US, Brazil and Argentina to discuss key political and economic trends across the Americas. They will be discussing political relationships under Biden, the forecast for trade and the challenges ahead.
The slides referenced can be found here: https://www.omfif.org/wp-content/uploads/2021/04/Slide-image.jpg
Speakers:
- Kimberly Breier, Former Assistant Secretary of State for Western Hemisphere Affairs
- Alexandre Tombini, Chief Representative of the BIS Office for the Americas
- Vladimir Werning, Former Chief Advisor to the Treasury Minister of Argentina
- Dante Mossi, President, CABEI
Live podcast, recorded on 14/01/2021
Bhavin Patel, head of fintech research at OMFIF, is joined by Pietro Grassano, business solutions director at Algorand, to discuss the core differences between public and private blockchains. They distinguish between the definitions, properties (such as governance, scalability, speed, transparency and security), as well as the advantages and disadvantage of both types of networks. Finally, they share where each type of blockchain is appropriate, drawing from use cases and examples.
Join the OMFIF-Algorand virtual panel on DLT and the future of public blockchains, 27 May.
Panelists include:
- Pietro Grassano, Business Solutions Director Europe, Algorand
- Hugh Mcmillian, Chief innovation officer, Instimatch
- Yesika Padilla Yanez, Director of Innovation, Banco Davivienda
Register here: https://www.omfif.org/events/dlt-and-the-future-of-public-blockchains/
In a tumultuous year for the global economy, China stands out for its strong recovery. However, 2020 also saw increasing Sino-American antagonism and questions over Chinese influence. China clearly has visions for the new world order and is playing an increasingly important role in the international landscape, but what are its political and economic aspirations? Stephanie Segal, senior fellow at CSIS; Dave Rank, former Chargé d’Affaires at the US Embassy in Beijing; and Gerwin Bell, lead economist for Asia at PGIM Fixed Income join Mark Sobel, OMFIF’s US chairman, to discuss China’s position in the global political and economic system and what it means for the US.
The infrastructure sector is evolving, putting greater emphasis on sustainability, digitalisation and the use of data to inform planning decisions. OMFIF’s Kat Usita speaks to Richard Threlfall, global head of infrastructure for KPMG, and Imad Fakhoury, global director of the infrastructure finance, PPPs and guarantees group of the World Bank, about their views on these developments.
Lady Suzanne Heywood and Lords Meghnad Desai and Norman Lamont join John Orchard, OMFIF’s chief executive officer, to discuss her book on her late husband, What Does Jeremy Think?: Jeremy Heywood and the Making of Modern Britain. The book, as much a moving biography as it is an exploration of the machinery at the heart of the British government, covers Jeremy’s time with four prime ministers, as principal private secretary, cabinet secretary, Downing Street permanent secretary and head of the home civil service. Jeremy’s career spanned from the exchange rate mechanism crisis, when he was at Lord Lamont’s side as PPS, through to the fraught Brexit negotiations which dragged on past his untimely passing. Suzanne reflects on these and other major events which dominated her home life as much as they did UK political history and considers what they tell us about how the UK state functions.
OMFIF’s Ellie Groves, deputy head of programming and Europe manager, and Natalia Ospina, research assistant, give an overview of OMFIF’s varied activities during a challenging first quarter of 2021. OMFIF podcasts, meetings and publications tackled a problem many are asking: how to achieve a sustainable recovery from Covid.
We also covered themes related to the Digital Money Institute, ranging from the legislation of cryptoassets to the release of Diem. The Sustainable Policy Institute’s activities covered ESG, ways to boost sustainable investment and the European Union’s green deal.
The upcoming quarter will bring further insightful meetings, podcasts and publications, which will delve into sovereign debt management, green bonds, the US-China relationship and much more.
Katie-Ann Wilson, programmes manager, fintech and emerging markets at OMFIF, joins Jan Ceyssens, head of the digital finance unit at the European Commission, and Asen Kostadinov, strategy manager at Copper.co, to delve into the intricacies of cryptoassets and the legal frameworks proposed by the European Union. The discussion touches on the global cryptoasset market, growth of non-fungible tokens, need for regulatory clarity, and the rise of stablecoins, such as Diem.
OMFIF's 8th annual Gender Balance Index found that fewer than 1% of leading global financial institutions have achieved gender balance. The report looked at 540 institutions, including central banks, pension funds, sovereign wealth funds and commercial banks. While some progress has been made, the numbers do not point to success. Patricia Haas-Cleveland, OMFIF’s president, US operations, and Forbes contributor Carmen Niethammer discuss the report's findings and their implications.
Bhavin Patel, head of fintech research at OMFIF, is joined by Judd Caplain, global head of banking and capital markets at KPMG, and Olivier Dang, global chief operating officer for the wholesale digital office at Nomura.
They discuss digitalisation trends and how new initiatives can be successful, as solutions and architectures require more focus and finesse than simply bolting on new pieces of technology. They further review how banks must negotiate a multitude of shifting factors — from changing customer behaviours to economic headwinds, intensifying competition, regulatory pressures and technological disruption.
Otmar Issing, former chief economist at the European Central Bank and Lord Mervyn King, former Governor at the Bank of England discuss the current monetary policy landscape. Discussing the ECB’s role in Covid-19 crisis response and the long term path back to normalising monetary policy. King and Issing consider the changing role for central bank’s in tackling the climate agenda, questioning if this is the appropriate agenda for central bankers to take on.
Alessandro Rivera, director general of Italy’s treasury and this year's chair of the G20 finance deputies, joins Mark Sobel, OMFIF US chairman, for this OMFIF podcast. Rivera discusses the key priorities for Italy’s G20 presidency, presenting his country's agenda for financial regulation, international financial architecture and international tax issues. He also offers his perspective on the G20 finance ministers and central bank governors gathering. Other topics covered include digitalisation, the climate agenda, providing vaccines to emerging markets and low-income countries and building up resilience ahead of future crises.
Patricia Haas Cleveland, OMFIF’s president of US operations, is joined by Stephen Stonberg, chief operating officer and chief financial officer of Bittrex Global, to delve into the many intricacies of blockchain, crypto and digital currencies. They discuss the impact of Covid-19, the tokenisation of stocks and the benefits of this, how the development of crypto and the future of money will affect traditional finance and, among others, the possibility of central bank digital currencies coexisting alongside cryptocurrencies.
Francesco Papadia, senior fellow at Bruegel and previously of the European Central Bank and Banca d´Italia, Bill Papadakis, macro strategist at Banque Lombard Odier, and John Nugée, who has an expansive career in the world of reserve management including spells at the Monetary Authority of Singapore and Bank of England, join OMFIF’s Ellie Groves. Drawing from two of his recent books, Central Banking in Turbulent Times and The European Central Bank: The New Challenges After the Great Recession, Papadia discusses the issues central banks now face and the ECB’s strategy review. The discussants look at the ECB’s response to the Covid-19 crisis and the future challenges the euro area faces as it struggles to reach its inflation target.
Wolfram Seidemann, chief executive officer of G+D Currency Technology, joins John Orchard, CEO of OMFIF, to discuss how to overcome the major roadblocks, concerns and challenges of introducing a central bank digital currency and how policy-makers could address privacy concerns. They touch upon how a lack of financial literacy may impact the adoption of CBDC.
Since the beginning of the Covid-19 crisis, CBDC has gained traction among public and private sector institutions. Central banks are actively looking at adoption of digital currency. Other points covered include universal usage, financial inclusion, resilience and data privacy. Finally, they discuss a frequently asked question: should CBDC be interest bearing?
Tamara Singh, head of Asia Pacific, speaks with Julian Vella, co-head of infrastructure at KPMG in Hong Kong, and Zheng Yu, professor at the school of international relations and public affairs at Fudan University, about the evolution of Asia’s special economic zones. They cover emerging trends in the development of fit-for-purpose cities, delving into the differences between special economic zones, charter cities and smart cities.
Since the Suez crisis and imperial retreat, the UK has seesawed between affiliation to the US and to Europe, for a while managing both. What drove its decisions and were there better choices? Does Brexit change the geopolitical logic? How will the UK square its economic and strategic imperatives? Talking to OMFIF’s John Orchard, Philip Stephens, chief political commentator of the Financial Times, discusses these themes following the publication of his book Britain Alone: The Path From Suez to Brexit.
OMFIF’s Danae Kyriakopoulou, chief economist and director of research, and Clive Horwood, managing editor and deputy chief executive officer, discuss the Sustainable Policy Institute’s Gender Balance Index, which will be launched on 8 March. In this podcast, they talk about the expansion of the report to include commercial banks, the importance of gender diversity and what to expect at the launch event.
To register for the event, please click here: https://www.omfif.org/events/gender-balance-index-2021-launch/
Daniel Tenengauzer, managing director and head of markets strategy at BNY Mellon, joins Mark Sobel, US chairman at OMFIF, to discuss the hurdles to opening economies after Covid-19, the evolution of inflation and its impact on the global bond market, and a view on emerging market foreign currencies, among others.
Charter cities can bring long-term economic growth through business and innovation enabled by well-functioning institutions. Mark Lutter, founder of the Charter Cities Institute, talks to OMFIF’s Kat Usita about the benefits that charter cities bring and successful examples.
The euro area economy has not been spared from the damaging effects of the Covid-19 pandemic. After the first wave, it recovered well, but a second wave and new lockdowns have hampered growth. Philip Gerson, deputy director of the International Monetary Fund’s European department, discusses the effects of the pandemic on the euro area economy. Setting out key findings from the IMF’s December report ‘2020 consultation on common euro area policies’.
To listen to the Q&A, please visit: https://www.omfif.org/videos/euro-area-stability-view-from-the-imf/
Read the report here: https://www.imf.org/en/Publications/CR/Issues/2020/12/21/2020-Consultation-on-Common-Euro-Area-Policies-Press-Release-Staff-Report-and-Statement-by-49979
Bhavin Patel, head of fintech at OMFIF, speaks with Douglas Arner, Kerry Holdings Professor in Law and director of the Asian Institute of International Law at the University of Hong Kong, and Charles Chang, deputy dean of academics, professor of finance and director of the fintech research centre at Fanhai International School of Finance, Fudan University.
In this two-part series they discuss the Chinese fintech space, focussing on payments, regulations and the Chinese central bank digital currency project. In the second part of their discussions, they discuss China’s digital currency/electronic payment. They look at how effective it may be, how it will integrate with a market dominated by the private sector, its possible disintermediation impact on incumbents, as well as how it can become a cross-border central bank digital currency.
Charles Goodhart, emeritus professor of banking and finance at the London School of Economics and Political Science, and Manoj Pradhan, founder of Talking Heads Macro, a research firm, discuss their book The Great Demographic Reversal: Ageing Societies, Waning Inequality, and an Inflation Revival.
The discussion, led by David Marsh, OMFIF chairman, centres on the effects of demography on price levels as relatively wealthy retirees stoke up global demand for goods produced by a shrinking labour force, leading to product scarcity and bottlenecks. Goodhart’s and Pradhan’s thesis, which they maintain could lead to sharp falls in bond prices from 2022 onwards as portfolios adjust to higher inflation prospects, has become a major talking point among international policy-makers.
Bhavin Patel, head of fintech at OMFIF, speaks with Douglas Arner, Kerry Holdings Professor in Law and director of the Asian Institute of International Law at the University of Hong Kong, and Charles Chang, deputy dean of academics, professor of finance and director of the fintech research centre at Fanhai International School of Finance, Fudan University.
In this two-part series they discuss the Chinese fintech space, focussing on payments, regulations and the Chinese central bank digital currency project. In this first part they discuss China’s fintech growth, how it became a global leader, the country’s approach to fintech regulation and newer entrants, and the likely effectiveness of the DC/EP in a private sector dominated market.
Susan Lund, partner at McKinsey & Company and leader of the McKinsey Global Institute, and Carl Benedikt Frey, Oxford Martin Citi fellow at the University of Oxford, and author of The Technology Trap, join Ellie Groves, deputy head of programming and Europe manager at OMFIF, to discuss the impact of Covid-19 in accelerating the shift to remote working, the barriers encountered by governments and businesses, as well as potential solutions for an easier transition.
In August 2020, the Federal Reserve Bank of Boston, in collaboration with the Massachusetts Institute of Technology, announced that it would research and test leading technologies to determine design requirements for a US-based central bank digital currency. Jim Cunha, senior vice-president, secure payments and fintech, at the Federal Reserve Bank of Boston, discusses this initiative as well as the wider impact of distributed ledger technology on the financial system. The meeting also covers national efforts to increase security and reduce payment fraud in the US.
Dimitri Demekas, visiting senior fellow at the Institute of Global Affairs at the London School of Economics and special adviser to the Bank of England, and Ludger Schuknecht, former chief economist of the German ministry of finance and deputy secretary-general at the Organisation of Economic Co-operation and Development, join Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss European financial stability. They explore the need for high public spending because of Covid-19 and what comes next, the intricate relationship between the real economy and financial markets, the risks faced by central banks in the current crisis and more. Ludger Schuknecht also discusses his latest book, Public Spending and the Role of the State - History, Performance, Risk and Remedies.
With a shifting geopolitical landscape, due to the Covid-19 response, US elections and rise of China, the upcoming election in Germany comes at an interesting time for European politics. Josef Joffe, publisher-editor of Die Zeit, joins David Marsh, OMFIF chairman, to discuss his new book Der gute Deutsche (The Good German). Presenting the case that Germany has gone through a cultural shift, both internally and in the eyes of external actors, the country’s leaders see European stability and unity as priorities. He explains his thinking behind the argument that whoever becomes the new German Chancellor will not change this and challenge the EU status quo.
Music: https://www.bensound.com/royalty-free-music
Michael Sung, professor in the fintech research centre at Fudan University’s Fanhai International School of Finance, joins Pierre Ortlieb, economist at OMFIF, to discuss the People’s Bank of China’s digital currency project, the broader central bank digital currency ecosystem and China’s efforts to internationalise its currency. They delve into the mechanics of the PBoC’s digital currency/electronic payment and how it would operate with other CBDC projects.
Music: https://www.bensound.com/royalty-free-music
Join Ellie Groves, deputy head of programming and Europe manager and Danae Kyriakopoulou, chief economist and director of research at OMFIF on the last podcast of 2020. The discussion touches on key topics from the year, among which include the impact of COVID-19 and the actions taken by central banks, the European Union, and finance ministries. The speakers cover future challenges, be that technological innovation and the growth of the green finance agenda, to geopolitical shifts caused by the change in the US administration and Brexit.
Music: https://www.bensound.com/royalty-free-music
Raul Rosales, senior executive fellow at the centre for climate finance and investment at Imperial College Business School, joins Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss Covid-19’s effects on the renewable energy landscape. Opportunities for investment in infrastructure and renewable energy in Spain, UK and beyond are discussed as well. The podcast also explores the impact of the pandemic in terms of policy response, the importance of a risk-based approach and cautions against overburdening climate change regulation.
Music: https://www.bensound.com/royalty-free-music
Covid-19 has overhauled working norms, prompting a widespread shift to remote working and testing new areas of operational management. Sofie De Beule-Roloff, chief operating officer of the European Stability Mechanism, and Emmanuel Dooseman, partner and global head of banking at Mazars, join OMFIF’s Kat Usita to discuss the challenges that employers and workers face during this crisis, including how to maintain safe, supportive and inclusive work environments.
Read the blog by European Stability Mechanism here: https://www.esm.europa.eu/blog/teleworking-transforming-insights-progress
Music: https://www.bensound.com/royalty-free-music
Michael Pettis, professor of finance at Peking University’s Guanghua School of Management, joins Mark Sobel, US chairman of OMFIF, to discuss China’s macroeconomic outlook and the health of its financial system. They cover the future US-China relationship under President Joe Biden, the lasting impact of Donald Trump’s trade policies, and Chinese monetary and currency policy.
Music: https://www.bensound.com/royalty-free-music
Vítor Constâncio, former vice-president of the European Central Bank, governor of Banco de Portugal and Portuguese finance minister, joins Christian Kopf, head of fixed income at Union Investment, and David Marsh, OMFIF chairman. They cover the state of the euro area economy and the challenges of Covid-19. They discuss the ECB and European Commission economic policy response to the pandemic, as well as the measures taken by national governments. Finally, they analyse the investment landscape and probable future policy levers.
Music: https://www.bensound.com/royalty-free-music
The pandemic has exposed an array of economic inequalities, with the economic fall-out of Covid-19 disproportionately affecting society’s most vulnerable groups. The panel discusses the gendered effects of the crisis, focusing on the economic impact and policy responses. It explores how gender inequalities in the workplace has been exacerbated, and how to manage them at company and state level. Speakers also outline opportunities for public and private investors to support these initiatives through sustainable financing measures.
Music: https://www.bensound.com/royalty-free-music
Central banks and governments around the world introduced a range of monetary and fiscal measures to mitigate the impact of the Covid-19 crisis. The Federal Reserve quickly lowered its policy rate to close to zero to support economic activity and took extraordinary measures to stabilise markets and bolster the flow of credit to households and businesses. Andreas Lehnert, director of the financial stability division of the Federal Reserve Board of Governors, discusses the full range of tools the Fed is using to support the US economy.
Music: https://www.bensound.com/royalty-free-music
Yves Mersch, former governor of the Banque Centrale du Luxembourg, is the sole member of the European Central Bank governing council to have served continually since the bank’s establishment in 1998. In this conversation with David Marsh, Mersch surveys the ups and downs of the euro’s development, seminal changes under the ECB’s four presidents, Wim Duisenberg, Jean-Claude Trichet, Mario Draghi and Christine Lagarde, as well as progress in the ECB’s crisis-fighting capacity and response to the Covid-19 pandemic. He assesses the ECB’s handling of its now widened responsibilities assuring both monetary and financial stability, the future of its emergency bond purchase programme, and whether the ECB’s policy review, due to conclude in autumn 2021, will result in significant changes in its operational mandate and procedures.
Music: https://www.bensound.com/royalty-free-music
Maya Hennerkes, environmental and social sector lead for financial intermediaries at the European Bank for Reconstruction and Development, joins Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss the role of financial intermediaries in the green transition. They discuss the EBRD’s latest Transition report and reflect on practical insights from working with financial intermediaries in the EBRD countries of operation in terms of risk management, integration, and the role of data.
Music: https://www.bensound.com/royalty-free-music
Nicole Anderson, managing partner at Redsand Ventures, joins Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss the role of markets and innovation in driving a sustainable recovery. They exchange ideas on aligning financial markets with the real economy, including promoting a more focused understanding of economies’ dependence on biodiversity and the valuation of natural resources. They also explore ways to achieve balance between investing in new technologies and supporting existing core industries in the green transition.
Music: https://www.bensound.com/royalty-free-music
The European Central Bank is considering changes in its monetary mandate and its instruments of operation to adapt to the new exigences of weaker economies in the Covid-19 crisis, persistently low inflation and climate change. Didier Borowski, head of global views at Amundi, discusses with David Marsh, OMFIF chairman, how the ECB under President Christine Lagarde is facing up to its challenges, whether it will be influenced by changes in Federal Reserve policies announced in August, and what will be the likely outcome of the review due to be concluded in autumn 2021.
To ensure you get the most out of OMFIF Podcast, we kindly ask you to share your experience with us via a short survey.
Music: https://www.bensound.com/royalty-free-music