Hello and welcome to the Bulletin with.
UBS on Monocle Radio.
Each week the sharpest minds and freshest thinkers in finance take you beyond the numbers and hype right to the heart of the big issues of the day.
This week we're discussing the 30th edition of the UBS Reserve Managers Seminar.
The RMS and accompanying survey is one of the most authoritative depictions of official reserve management activities available and and includes the views of around 40 central banks covering geopolitics, currencies, asset allocation and this year, reform of financial infrastructure.
Today on the show we'll discover why central banks are broadly positive about the global outlook.
We'll hear why in terms of risk, geopolitics remains the main concern, why more than half believe that there will be a shift towards multipolar currency system in the next five years.
And in a special section on the 80th anniversary of Bretton woods, we'll hear why more than 60% believe that global financial architecture is obsolete without reforms.
Here to unpack all of that and more for us, we welcome back to the show.
Massimiliano Castelli.
Max is head of Strategy and Advice in the Global Sovereign Market team at UBS Asset Management which serves sovereign institutions globally.
Also with him is his colleague Philip.
Salmon, Director of Strategy and Advice, Global Sovereign Markets.
Philip works for Max and is in charge of the survey.
Max Filip, great to have you both.
With us and always a pleasure to discuss the UBS RMS with our friends in ubs.
Now, obviously, UBS hosted just towards the end of last month officials from central banks, from sovereign institutions in Wolfsburg in Switzerland, of course, the 30th edition, I think I'm right in saying, and you had more than 70 officials there.
It's one of the longest private sector sponsored for these kinds of institutions.
Give us a sense, Max, you sort of preside over it.
What's the secret of the ongoing success of this format?