Current Account with Clay Lowery

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…

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 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. …

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. …

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. …

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…

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. …

In this episode of Current Account, Clay is joined by Ashok Bhundia, IIF Deputy Chief Economist and Head of Asia Macroeconomic Research, to discuss Asia’s global economic and geopolitical trends.

The conversation focuses on how Asian economies are responding to evolving U.S.–China trade negotiations and strategic competition. Clay and Ashok explore the increasing importance of digital finance in shaping regional priorities, as well as the surge in investment and innovation in artificial intelligence and stablecoins. They also consider which countries are best positioned to benefit from the AI boom amid intensifying technology rivalry.

The episode addresses currency trends and whether Asian currencies could appreciate against the U.S. dollar as part of broader efforts to rebalance trade. …

In this episode of Current Account, Clay is joined by Kezia McKeague, Regional Director for Latin America at McLarty Associates and IIF's Martín Castellano, Head of Latin America Research, to unpack the results and implications of Argentina’s recent midterm elections.

The conversation explores President Javier Milei’s strengthened political mandate, the role of U.S. financial support in shaping the electoral outcome, and how markets have responded. Kezia and Martín also discuss the short- and medium-term risks to Milei’s economic stabilization plan, including persistent inflation, a widening current account deficit, and pressure on real wages and growth. Finally, the discussion considers whether this moment marks a turning point for reform in Argentina and broader Latin America.

This IIF Podcast was hosted by Clay Lowery, Executive Vice President, Research and…

In this episode of Current Account, Clay is joined by Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies (CSIS), to discuss a topic on the rise: critical minerals and rare earths.

First, Gracelin explains the difference between critical minerals and rare earths and their relative importance as resources. The discussion that follows includes how China has monopolized the mining, manufacturing and production of critical minerals, how these circumstances may play a part in upcoming discussions between U.S. President Donald Trump and Chinese President, General Secretary Xi Jinping, how the state of these markets may drive global connections - as seen with the recent trade deal between the United States and Australia - and much more. …