The OMFIF Podcast

Central banks role in greening the financial system

The Network for Greening the Financial System, a group of 34 central banks and supervisors, calls for collective action to green the financial system. With the issuing of the first NGFS report, Morgan Després, head of secretariat for NGFS and head of financial regulation policy at the Banque de France, and Frank van Lerven, senior economist at the New Economics Foundation, join Marcin Stepan, head of programming at OMFIF, to discuss the network’s recommendations. Topics include integrating climate-related risks into financial stability reporting, incorporating sustainability into portfolio management, and issues surrounding taxonomy.

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Brexit: the political and economic implications for the UK and EU

Sir Jonathan Faull, partner and chair of European public affairs at Brunswick, and Thomas Costerg, senior economist at Pictet Wealth Management, join Chris Ostrowski, director of commercial partnerships at OMFIF. They discuss the political and economic implications of the UK’s withdrawal from the European Union. Further topics include the significance of the latest Brexit delay, the long-term outlook for trade relations, and whether the European Free Trade Association will be reinvigorated. The trio also talk about the impact of Brexit on EU institutions, highlighting wider debates on EU capability in Europe.

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Ahead of the ECB

Samy Chaar, Chief Economist at Lombard Odier, and Danae Kyriakopoulou, Chief economist and Director of Research at OMFIF, discuss the policy outlook for the European Central Bank. They analyse the macroeconomic backdrop behind the recent dovish signals coming from the ECB, especially the weakening economic outlook in Italy and Germany and global headwinds from trade policy uncertainty. They further discuss the ECB’s toolbox and capacity to deal with future challenges as well as the broader policy environment including the need to reduce macroeconomic imbalances and the need for other policy levers to support the recovery.

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In Conversation: Amias Gerety, former acting assistant secretary at the US Department of the Treasury

Mark Sobel, US chairman of OMFIF, speaks with Amias Gerety, partner at QED and former acting assistant secretary for financial institutions at the US Department of the Treasury. They discuss macroprudential policy in the United States. They focus on the Financial Stability Oversight Council, including its role in the wider economy and its implications for both bank and non-bank actors.

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Spotlight on the Indian elections

James Crabtree, associate professor of practice at the National University of Singapore’s Lee Kuan Yew School of Public Policy, and formerly the Mumbai bureau chief for the Financial Times, joins OMFIF’s Ellie Groves. Ahead of India’s general election, they give an overview of the candidates, the key campaign issues and the possible outcomes. They go on to analyse the potential impact on the economy, during and following the election.

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Fed Talk: President of the Philadelphia Fed

Patrick Harker, president and chief executive officer of the Federal Reserve Bank of Philadelphia, joins Danae Kyriakopoulou, chief economist and director of research at OMFIF, in Frankfurt. They discuss the Federal Reserve’s outlook for the US economy, monetary policy, forward guidance, reserves management and global affairs affecting the financial system.

Music: https://www.bensound.com/royalty-free-music

Effects of shadow banking on the traditional financial system: Future of finance series

Peter Andrews, senior adviser at Oxera and former chief economist at the Financial Conduct Authority, joins Ellie Groves, programmes manager at OMFIF. They discuss the risks and opportunities as shadow banking becomes a more established feature of the global financial sector.

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Impact of automation on the labour market - Financial instability series

Daron Acemoglu, Professor of Economics at MIT, and Georgios Petropoulos, Research Fellow at Bruegel, join Danae Kyriakopoulou, chief economist and director of research at OMFIF, to discuss the impact of shifts in technology on labour markets, and whether ultimately these will be negative or positive on balance. They focus on factors such as changes in productivity, displacement and automation, creation of new industries and the gradual decline of others, as well as changes in the way workers’ output can be evaluated and monitored. Policies to ensure the benefits from technological developments filter through to workers and the importance of private-public dialogue to design these are also discussed.

Music: https://www.bensound.com/royalty-free-music

In Conversation: Nellie Liang, senior fellow in economic studies, Brookings Institution

Mark Sobel, US chairman of OMFIF, speaks with Nellie Liang, senior fellow in economic studies at the Brookings Institution. They discuss developments in macroprudential regulation in the US since the 2008 financial crisis, including policy-makers’ key tools, the role of stress tests and future policies.

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Private debt and the next financial crisis – Financial instability series

Raul Elizalde, President of Path Financial LLC, and Heikki Hiilamo, Professor of Social Policy at the University of Helsinki, join Pierre Ortlieb, economist at OMFIF, to talk about private debt and its implications for financial stability. As the volume of household and particularly corporate debt reaches unprecedented levels, the conversation explores how we got here and whether this development might once again trigger the kind of meltdown the global financial system experienced in 2008.

Music: https://www.bensound.com/royalty-free-music