Tokenised deposits and the future of money

With France facing major fiscal challenges as well as political constraints narrowing the room for manoeuvre, what is the outlook for French fiscal action and under what circumstances could Europe come to France's aid?   Mahmood Pradhan, non-resident fellow at Bruegel, former deputy director of the International Monetary Fund’s European department and member of OMFIF’s Advisory Council, joins Mark Sobel, vice chair and chief economist at OMFIF, to examine the fraught run-up to France’s April presidential election. They discuss the outlook for French fiscal policy and financial markets, and possible European mechanisms, including their limitations, to support France in disruptive scenarios. 

Despite rising concerns over public debt, US Treasuries remain the cornerstone of global reserves because of their unmatched liquidity and depth. Max Castelli, head of strategy for sovereign institutions, and Matthias Dettwiller, global head of fixed income at UBS Asset Management, join Yara Aziz, senior economist at OMFIF, to discuss the Treasury paradox facing reserve managers. They explore how larger fiscal deficits, higher term premia and greater rate volatility are creating a new environment in which reserve managers and investors must rethink fixed income portfolio construction.

To commemorate 10 years of the Absa Africa Financial Markets Index, OMFIF and Absa Group look back on what has changed in the continent, what the index reveals about market development and which record-breaking strides are being made in Africa in 2026. In the past decade, AFMI has assessed financial development in African countries based on measures of market accessibility, openness and transparency yearly. It tracks progress across 29 African countries through a survey of more than 50 organisations based in the region. Supported by the United Nations Economic Commission for Africa, the index is a benchmark for examining how progress enhances investment appeal and promotes economic resilience. Jeff Gable, chief economist and head of macro and fixed income research, and Anthony Kirui, managing director and head of global markets, Africa regional operations at Absa Group, join Udaibir Das, vice chair of OMFIF, to discuss key developments within the milestone edition. The AFMI report publishes on 14 October. Register for the virtual or in-person launch in Bangkok here.

Disruption to global energy supplies has exposed the urgent need to phase out fossil fuels for sustainability as well as sovereignty concerns. Latin America, a region that depends on fossil fuels for two-thirds of its energy, feels this more than most. With a focus on the Americas transition finance summit, organised by OMFIF and Bolsa Institucional de Valores, Anne Simpson, vice chair at OMFIF, joins David Marsh, chairman of OMFIF, to discuss the region's prospects for mobilising long-term capital. Together, they examine fiduciary duty, political backlash in the context of climate risk, domestic market participation and partnerships between local and international investors.  The Americas transition finance summit takes place in Mexico City on 30 September.

If artificial intelligence shapes our future, it must be interrogated who exactly is shaping artificial intelligence. Algorithmic bias, monocultural concerns and monitoring challenges make a distinct case for inclusion, specifically in regard to women, in the AI ecosystem.  Tram Anh Nguyen, co-founder of the Centre for Finance, Technology and Entrepreneurship, and chairwoman of Global Women in AI, joins Janan Jama, content editor at OMFIF, to discuss how female leadership and inclusion should be treated as an economic, innovation and resilience issue – not just a diversity concern. They discuss retention barriers, international frameworks as well as how best to close the AI gender gap. Read CFTE’s ‘The AI-ification of Talents’ whitepaper here.

Money Disrupted is a monthly roundtable series examining how economic fragmentation, geopolitics and technological change are reshaping the global monetary order.  Drawing on lessons from economic history, this episode examines two defining questions for the US and global outlook. First, can the new Federal Reserve Chair Kevin Warsh bring inflation sustainably under control at the 2% target level? Second, will the artificial intelligence boom continue with positive effects for the US and world economy without a destabilising correction? Markus Brunnermeier, Edwards S. Sanford Professor of Economics; Princeton University and Director, Bendheim Center for Finance and Harold James, Claude and Lore Kelly Professor in European Studies at Princeton University, join David Marsh, chairman of OMFIF, to explore what previous inflationary episodes and technology-driven investment booms can tell us about today’s monetary policy challenges, market valuations and the prospects for AI to deliver lasting gains in productivity and economic growth. Join OMFIF for the September Federal Open Market Committee Watch on 18 September to examine the outcomes of the September FOMC meeting and the outlook for US monetary policy.

Norway's extraordinary wealth as one of the world's richest countries is a source of both pride and debate, with views divided over whether it is a blessing or a burden.  In the wake of King Harald's passing, attention turns to the state of the Norwegian economy and the management of its vast riches. Øystein Olsen, former governor of Norges Bank and member of OMFIF's advisory council, joins David Marsh, chairman of OMFIF, to discuss his new book, Our Rich Country (Vårt Rike Land), co-authored with Eivind Thomassen. The discussion covers Norway's sovereign fund, its oil wealth and the argument that this abundance has contributed to stalled productivity. Olsen also sets out the case made in Our Rich Country, which offers a counterargument to Martin Bech Holte's 2025 book The Country That Became Too Rich (Landet som ble for rikt).

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.