Invested: The OMFIF Podcast

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.

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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. 

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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.

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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.

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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.

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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. 

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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.

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Dmitry Tokarev, Copper’s chief executive officer, joins David Marsh, chairman of OMFIF, to discuss central banks’ interest in digital currencies and cross-border remittances, as well as their impact on commercial banks and the challenges of introducing central bank digital currencies. They look at whether the pandemic has moved society towards being cashless and what threats CBDCs pose to the financial system and monetary policy. In addition, they cover how essential blockchain and distributed ledger technology would be in developing a CBDC before turning their attention to the future to see who could be the first to issue a CBDC.

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Tim Jones, executive director of the Tata Group, joins Philip Middleton, chairman of the Digital Monetary Institute, to discuss the future of digital cash. They talk about the benefits and uses of a properly designed central bank digital currency, and the privacy issues that come with digital money. They also explore how digital cash could complement physical cash, and the importance of the relationship between central banks and consumers.

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As the pandemic causes turmoil in the world economy and financial markets, governments face difficult choices. However, financial industry leaders are optimistic about the post-Covid global outlook. Robert Lovelace, vice-chairman of Capital Group, joins OMFIF’s Angelia Lee to discuss his forecast for global markets and investment opportunities.

To learn more about Capital Group’s latest investment insights and market views, please click here.

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