Recorded during the week of the IMF and World Bank Annual Meetings, this episode of Macro Matters features Joaquim Levy. As the world enters an era of multipolar competition and rising protectionism, Brazil has taken an approach defined by economic resilience, pragmatic diplomacy, and "Active Non-Alignment." We'll be discussing the drivers behind this recent growth, Brazil's role within an expanded BRICS coalition, and its ambitions for greater global influence. Levy also shares his expectations for the 2025 Annual Meetings, his prediction for Brazil's upcoming elections, and what Brazil's trajectory can teach us about navigating today's complex global economic landscape.

Joaquim Levy is Director for Economic Strategy and Market Relations at Banco Safra and former Brazilian Minister of Finance. With extensive experience spanning the World Bank, the Brazilian Development Bank, and other IFIs, Levy helps us explore how Brazil is positioning itself amid shifting global dynamics.

For this special edition of Macro Matters, Stefan Ingves joins us in Switzerland during the BIS Innovation Summit to continue the conversation on future-proofing central banks amid a rapidly changing global financial landscape. Central banks face mounting pressures—from persistent inflation and political scrutiny to diverging policy paths around the world. At the same time, financial innovation is reshaping money and payments faster than regulators can respond. Stefan explores how central banks can navigate these challenges while maintaining independence, ensuring stability, and fostering global cooperation.

Stefan Ingves spent 17 years as Governor of the Sveriges Riksbank, Sweden's central bank. Previously, he was chairman of the Basel Committee on Banking Supervision and chairman of the Banking and Risk Management Committee at the BIS.

Central banking is at a crossroads. From inflation and dollar dominance to executive orders and rapid financial innovation, the Fed faces no shortage of challenges. In this episode, Bill Dudley joins host Emily Slater to discuss how the Fed and other central banks are navigating these pressures, what to expect from the September FOMC, and what central bank independence really means in today’s global economy.

Bill Dudley is the Chair of the Bretton Woods Committee. He previously served as the president and chief executive officer of the Federal Reserve Bank of New York, during which time he was the vice chairman and a permanent member of the Federal Open Market Committee.