
Shifting Market Structure Beneath the Calm - IMF’s Tobias Adrian on a Decade of Global Financial Stability
Tobias Adrian shares lessons learned from his tenure as Financial Counsellor and Director of the IMF’s Monetary and Capital Markets Department, a role he assumed from January 2017 to August 31, 2026. Tobias led the IMF’s work on capital markets, financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, and crisis management, highlighted in the IMF’s biannual Global Financial Stability Reports. He reflects on a period marked by the transition from “lower for longer” to “higher for longer” as the markets were hit by the pandemic, multiple wars, the return of inflation, rising tariffs and greater geoeconomic fragmentation. The increase in fiscal spending has made sovereign debt the headline risk, a shift from 2017, when corporate leverage was the headline. Speakers: Joyce Chang, Chair of Global Research Tobias Adrian, Advisor to Managing Director Kristalina Georgieva, International Monetary Fund, former Financial Counsellor and Director of the Monetary and Capital Markets Department This podcast was recorded on September 3, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.