By David Marsh and Lewis McLellan
China and other leading emerging market economies in the Brics group have effectively frozen out Russia from a ground-breaking reserve-pooling mechanism, demonstrating US success in isolating Moscow over the Ukrainian war. As a result of America’s global monetary power, Russia’s economic allies refuse to run the slightest risk of suffering US financial reprisals against countries breaking western sanctions.
There are widespread expectations that Moscow may soon default on foreign debt.
| End of globalisation concerns are exaggerated|
By Mark Sobel
Russia’s barbaric war against Ukraine has given risen to much discussion about the world moving towards two blocs, decoupling and the end of globalisation. While these factors will combine to spawn fundamental geopolitical and economic changes, many of the prognostications seem exaggerated.
| MEETINGS |
The NGFS microprudential supervision workstream and integrating environmental risk
Thursday 9 June, Roundtable
NGFS Workstream Chair Gek Choo Goh discusses measuring climate-related financial risks at micro level, the latest developments in supervisory practices and governance structures for integrating climate risk.
| ON DEMAND |
Developing ESG in financial markets
Sherry Madera, Matthew Blake and Haleh Nazeri join OMFIF’s Emma McGarthy to discuss the need for environmental, social and governance talent development and acquisition in financial services and the skills required to meet net zero.
| Data: Towards a new age of economic enlightenment|
As regulators and policy-makers work to balance protection and innovation in their evolving frameworks, this landmark report explores the use of data and its potentially transformative impact on developments in the global economy, financial services, the business community and society as a whole.