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.
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.
27 min 4 sec
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.
1 hr 1 min
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.
22 min 2 sec
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.
37 min 2 sec
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.
26 min 56 sec
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.
1 hr 4 min
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.
29 min 22 sec
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.
30 min 12 sec
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.
32 min 44 sec
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.
19 min 50 sec
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.
39 min 36 sec
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.
34 min 29 sec
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.
31 min 33 sec
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.
25 min 12 sec
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.
1 hr 13 min
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.
29 min 55 sec
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.
46 min 57 sec
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.
31 min 53 sec
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.
1 hr 3 min
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.
43 min 25 sec
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.
33 min 25 sec
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.
6 min 31 sec
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.
37 min 42 sec
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.
52 min 52 sec
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.
27 min 52 sec
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.
1 hr 5 min
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.
23 min 57 sec
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.
33 min 34 sec
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.
26 min 35 sec
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/
46 min 41 sec
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
15 min 54 sec
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.
30 min 39 sec
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.
51 min 27 sec
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.
44 min 11 sec
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/
36 min 36 sec
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.
32 min 25 sec
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.
48 min 46 sec
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
1 hr 12 min
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.
27 min 5 sec
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
44 min 46 sec
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.
30 min 58 sec
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.
36 min 45 sec
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.
53 min 42 sec
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/
10 min 28 sec