The OMFIF Podcast

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, shares insights on the future of the U.S. dollar in the global financial system. He discusses the dollar's resilience amid challenges, the rise of gold as a crucial reserve asset, and the implications of digital currencies. The conversation highlights concerns from central banks, the geopolitical dynamics affecting currency trust, and the importance of the Federal Reserve's credibility in maintaining the dollar's status. Will any challengers emerge to truly rival the dollar? Tune in to find out!

Dean Yates, a public sector debt expert at EY, and Rainer Kattel, a governance specialist at UCL, dive into the pressing challenges of public investment in today's fiscal climate. They discuss strategies for optimizing investments to maximize social impact while maintaining fiscal sustainability. The conversation highlights the role of innovative technologies in enhancing governance, with practical examples of digital transformations that improve transparency and decision-making. It's a thought-provoking exploration of how governments can better allocate resources for the common good.

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.

In a thought-provoking discussion, Ellie Groves, Head of Strategy at State Street Investment Management, delves into the future of the dollar amid rising doubts about its supremacy. She explores de-dollarisation trends and potential rival currencies, highlighting the impact of U.S. economic policies. The conversation also touches on central bank independence and how political dynamics can shape monetary policy. Investment strategies are reevaluated, with gold and private markets emerging as significant players in the evolving financial landscape.

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, discusses the implications of US policy changes following Liberation Day. He highlights the evolving dynamics of the U.S. dollar and its safe haven status amid market volatility. The conversation shifts to the increasing importance of gold as a safe-haven asset in uncertain times, particularly for central banks diversifying portfolios. Castelli also explores the challenges Europe faces in enhancing its global currency influence and how technology affects reserve management.

Zain Saidin, CEO of Tassat and expert in private blockchain solutions for finance, shares insights on the significance of privacy in capital markets. He discusses the delicate balance between transparency and confidentiality in trading, specifically how private blockchains cater to trusted counterparties. The conversation also delves into the potential of tokenizing real-world assets, the transformative impact of stablecoins on treasury management, and the innovative trends shaping the future of digital asset settlements.

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, a Senior Investment Specialist at Capital Group, joins Arunima Sharan to discuss navigating long-term investments in a volatile market. They delve into the 2025 Capital Market Assumptions, highlighting opportunities in emerging markets and the changing landscape for fixed income strategies. The conversation covers the potential depreciation of the US dollar, the impact of AI on market trends, and the importance of scenario analysis amidst geopolitical shifts. The duo emphasizes adapting strategies while maintaining a long-term investment perspective.