In this episode of Current Account, Clay is joined by two IIF colleagues, Marcello Estevão, Managing Director and Chief Economist, and Gene Ma, Head of China Research and Chief Representative for the Asia-Pacific region, to take a closer look at China’s evolving role in the global economy at a time when growth is no longer the country’s top priority. Long viewed as the engine of global expansion, China is now emphasizing domestic stability, reshaping trade patterns and global economic dynamics in the process.

Drawing on recent travel across the region and insights from the IIF China Economic Forum, they discuss how policymakers and market participants are interpreting China’s shift away from growth-driven stimulus toward a more measured approach. The conversation explores the drivers behind China’s record trade surplus, including the role of weak imports alongside steady exports, ongoing challenges in the housing sector, rising household savings, and persistent deflationary pressures.

Clay, Marcello, and Gene also examine how China’s increasing focus on trade with emerging markets—and reduced engagement with advanced economies—is reshaping global trade flows. The episode concludes with a forward-looking discussion on what really matters for understanding China in 2026, and why the key question may no longer be how fast China grows, but how its new economic posture affects the rest of the world.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay sits down with Hannah Anderson, Senior Policy Advisor in the IIF’s Digital Finance department, to discuss how digital payments, tokenization, and emerging stablecoin frameworks are shaping global financial innovation in early 2026.

Clay and Hannah explore why digital payments and tokenization have transitioned from experimental concepts to core priorities for both the official and private sectors. They examine the surge in tokenization initiatives—particularly in Asia—where public–private pilots are expanding rapidly and jurisdictions are working to establish the regulatory infrastructure needed to scale digital asset markets.

The conversation also looks at the growing momentum behind stablecoin development, what these launches could mean for global payments, how they might interact with existing dollar‑backed stablecoins, and what financial institutions should watch as regulatory clarity evolves. Finally, they consider the broader implications for cross‑border payments, including opportunities to modernize settlement systems, improve efficiency, and support interoperability as tokenized and digital payment rails mature.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Christian Mumenthaler, former CEO of Swiss Re and current chair of the UBS Center for Economics in Society, to examine Europe’s economic competitiveness at a pivotal moment for the global economy. Recorded live from Zurich, Switzerland, the episode situates Europe’s outlook amid intensifying geopolitical pressures, regulatory debates, and shifting transatlantic dynamics.

Drawing on his experience leading a global financial institution, Christian offers his assessment of Europe’s competitive position following the release of the Draghi report and weighs in on whether concerns about stalled innovation and productivity are overstated.

The conversation explores how Europe’s financial regulatory and supervisory framework affects growth, whether the continent can balance increased defense spending with ambitions in digital innovation and the green transition, covers some common themes or myths around Europe and its progress, and how Europe should approach its economic relationships with the United States and China as fragmentation deepens.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Tim Adams, President and CEO of the IIF, to kick off the new year with a forward-looking discussion on the forces set to shape global finance in 2026 as financial leaders prepare for the IIF’s annual board meetings and convene in Davos.

Drawing on Tim’s extensive global engagement with policymakers and industry leaders, the conversation explores the macro forces most likely to matter in the year ahead, from geoeconomic risk and innovation to growth opportunities and overlooked vulnerabilities. Clay and Tim also discuss the regulatory themes expected to shape strategy in 2026, including how financial institutions can navigate fragmentation in trade, sanctions, and industrial policy without overreacting.

The episode concludes with practical guidance for financial services leaders planning for the year ahead, as well as a look at what to expect from on-the-ground conversations at Davos and how increased U.S. engagement could influence the broader World Economic Forum agenda.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Eric Farnsworth, Partner at Continental Strategy and a veteran of U.S. government and international policy circles, to examine one of the most dramatic geopolitical developments in recent years: the U.S. military’s capture of Venezuelan President Nicolás Maduro and his wife on January 3. This unprecedented move has thrown Venezuela into political uncertainty and raised critical questions about the country’s future.

Together, Clay and Eric discuss the objectives behind the U.S. action, who is now in charge in Venezuela, and what this means for governance and stability. The conversation also explores Venezuela’s economic collapse, the state of its oil sector, and whether lifting sanctions could reopen the door for investors and financial services firms.

Finally, the episode looks ahead to what might come next for Venezuela, from potential regime change to the challenges of rebuilding infrastructure and restoring economic capacity.

For more from the IIF on Venezuela, read our recent publication here: LatAm Views: Venezuela’s Transition — Early Signals and Market Implications.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by two leading voices in the insurance sector, Jérôme Haegeli, Swiss Re Group Chief Economist and Head of Swiss Re Institute, and Philippe Brahin, IIF Director of Insurance and NBFI Regulation and Policy, to explore how economic uncertainty, regulatory changes, and shifting risk landscapes are reshaping global insurance markets.

Together, they discuss the forces driving change in the industry, from trade tensions and technological disruption to rising natural catastrophe exposures. The conversation highlights how insurers are responding to these pressures, the strategies they are pursuing to close protection gaps, and the initiatives underway to strengthen investment capabilities. They also talk through the recent announcement by Treasury about the future of the Financial Stability Oversight Council (FSOC) and what it means for insurance broadly.

The episode then looks ahead to 2026 and beyond, when global insurance premium growth is expected to slow to an average of 2.3 percent in real terms, slightly below the pace of the past five years. Clay and his guests consider what insurers must do to maintain resilience and profitability in a more challenging environment.

For more on insurance markets, find here Swiss Re's report: Shifting sands: Global economic and insurance market outlook.[](https://www.swissre.com/institute/research/sigma-research/sigma-2025-05-global-economic-insurance-outlook-shifting-sands.html "https://www.swissre.com/institute/research/sigma-research/sigma-2025-05-global-economic-insurance-outlook-shifting-sands.html")

Current Account programming will return in January 2026.

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This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay is joined by Sonja Gibbs, IIF’s Managing Director of Global Policy Initiatives and Head of Sustainable Finance, to discuss the latest developments in global debt as the year comes to a close.

Clay and Sonja examine what the rise of global debt, now standing at a total of nearly $346 trillion, means for financial markets and private sector firms and explore the factors driving this increase - particularly the concentration of debt in the government sector, with China and the United States leading the way. The conversation also looks at corporate debt, which is approaching $100 trillion, and considers the implications of record-high issuance by high-yield borrowers.

Finally, the episode looks ahead to 2026, discussing which trends are likely to continue and what new dynamics could shape debt markets in the coming year.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.

In this episode of Current Account, Clay provides an update on the Supreme Court case challenging President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to justify sweeping tariffs.

Clay explains how the administration relied on IEEPA to impose tariffs on nearly all imported goods, including a 10 percent baseline tariff on all countries - with targeted measures on Mexico, Canada, China, and Brazil. He reviews the legal arguments presented before the Supreme Court, including whether these tariffs constitute taxation or fall under the President’s emergency authority to regulate imports.

The episode also explores what could happen if the Court rules against the administration. Potential outcomes include a massive refund process for more than $89 billion in tariff revenue, a shift toward sector-specific tariffs under Section 232 and possible use of alternative statutes such as Section 122 of the Trade Act of 1974 or Section 338 of the Tariff Act of 1930. Clay considers the political and economic implications of these scenarios and why this decision could reshape U.S. trade policy.

For more on IEEPA, check out Episode #109: An Eye for an IEEPA: Trump Tariffs - Where Are They Now?

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and Policy, with production and research contributions from Christian Klein, Digital Graphics and Production Associate and Miranda Silverman, Senior Program Assistant.