# S9 Ep37: Addressing Global Imbalances

Page: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep37-addressing-global-imbalances
Text version: https://stenobird.com/podcast/voxtalks-economics-504930/s9-ep37-addressing-global-imbalances.md
Podcast: [VoxTalks Economics](https://stenobird.com/podcast/voxtalks-economics-504930)
Published: 2026-07-03T10:00:00+00:00
Episode link: https://audioboom.com/posts/8923760
Audio file: https://audioboom.com/posts/8923760.mp3?modified=1783064322&sid=4966228&source=rss
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JSON: https://stenobird.com/v1/public/podcasts/voxtalks-economics-504930/episodes/s9-ep37-addressing-global-imbalances
Duration seconds: 1483

## Resource

Episode recorded on 19 June 2026 at the PSE-CEPR Policy Forum in Paris. Twice before, the world's savings and debts have piled up in the wrong places, and twice the imbalance broke something. The first time it took the Plaza Accord to fix it. The second time it took a global financial crisis. Now we are in a third wave. Gita Gopinath (Harvard, former IMF Chief Economist and First Deputy Managing Director) and Philip Lane (European Central Bank, CEPR) join Tim Phillips to ask what is different this time. Household and bank balance sheets are stronger than before 2008. But the fragility has moved to governments carrying much higher debt, and to non-bank financial institutions whose exposures and links to banks are only partly visible. Foreign investors hold US$40.7 trillion of US equities, 44% of world GDP outside the US, much of it riding on the AI boom. Lane's overriding principle: central banks can calm bond markets under stress, but they must be just as clear about what they will not do if debt is unsustainable. The research behind this episode: Bai, Chong-En, Gita Gopinath, Hélène Rey, and Axel Weber. 2026. "G7 Economists Memo on Global Imbalances." Prepared for the French Presidency of the G7, 28 March. The panel also draws on the fourth CEPR/Bruegel Paris Report, Paris Report 4: The New Global Imbalances , edited by Hélène Rey, Beatrice Weder di Mauro and Jeromin Zettelmeyer (CEPR Press and Bruegel, 2026), free to download at cepr.org . Gopinath made the keynote presentation “The Third Wave: Addressing Global Imbalances” on 19 June at PSE. To cite this episode: Phillips, Tim, Gita Gopinath, and Philip Lane. 2026. "Addressing Global Imbalances." VoxTalks Economics (podcast). About the guests Gita Gopinath is the Gregory and Ania Coffey Professor of Economics at Har…

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## Transcript

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