Money Disrupted: US monetary policy and emerging markets
Money Disrupted is a monthly roundtable series examining how economic fragmentation, geopolitics and technological change are reshaping the global monetary order. With increased questioning of long-standing assumptions on reserve currencies, central bank independence, capital flows, sovereign debt, inflation control and cross-border liquidity, this series provides a timely forum for discussing the future of money and markets.
Each meeting convenes senior representatives from public financial institutions, commercial banks, asset managers and academia from across OMFIF’s global network. Themes include the future of the dollar system and reserve diversification, central bank credibility, the effectiveness of monetary policy tools, reserve management in a fragmented world, sovereign debt dynamics, the evolving digital economy and financial stability amid a shifting risk landscape.
This meeting examines the global implications of US monetary policy for emerging markets and what, if anything, should be done about them. The Fed operates under a domestic dual mandate, yet its decisions ripple through capital flows, exchange rates and financing costs worldwide. The discussion explores whether the Fed should internalise these spillovers or whether the onus falls on emerging markets to build resilience through reserve buffers and sound domestic policies. It also considers the conditions under which the Fed continues to act as a lender of last resort to the global financial system.
Convened under OMFIF’s independent and neutral platform, Money Disrupted offers participants strategic insight, cross-sector perspectives and direct engagement with policy-makers navigating a rapidly changing monetary environment.
Speakers
Gita Gopinath
Gregory and Ania Coffey professor of Economics
Harvard University
Gita Gopinath
Gregory and Ania Coffey professor of Economics
Harvard University
Steven Kamin
Senior Fellow
American Enterprise Institute
Steven Kamin
Senior Fellow
American Enterprise Institute
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel
Vice Chair and Chief Economist
OMFIF
Mark Sobel is Chief Economist and Vice Chair at OMFIF. Mark is a veteran US Treasury official, who was at the forefront of international financial diplomacy for two decades.
Mark, who represented the US on the International Monetary Fund executive board up to April 2018, has had a 40-year Treasury career with extensive around-the-world engagement.
He works with OMFIF in dealings with private and public sector organisations, speak regularly on international and US policy, and provide OMFIF members with insight and analysis.
Mark was Treasury Deputy Assistant Secretary for international monetary and financial policy between 2000 and early 2015. He helped lead Treasury preparations for G7 and G20 finance minister and central bank governor meetings, formulated US positions at the IMF, and coordinated Treasury and regulatory agencies’ work in the Financial Stability Board.
Mark founded the US/EU Financial Market Regulatory Dialogue and chaired an international group of private and official sovereign debt experts that developed enhanced collective action clauses for sovereign debt restructuring. He managed the $100bn-plus Treasury Exchange Stabilization Fund and played a key role in US foreign exchange policy including coordinating the Treasury’s semi-annual foreign exchange report on China and other countries.
Timings
London: 14:00 – 15:00
New York: 9:00 – 10:00
Singapore: 21:00 – 22:00