Summary
Authors
Welcome to the new edition of Amundi’s Newsletter for Central Banks, crafted by our experts for you.
As global financial conditions continue to evolve, central banks face a landscape shaped by diverging credit cycles, shifting emerging‑market dynamics, and the growing importance of knowledge transfer in strengthening institutional capabilities. In this edition, our specialists provide concise, actionable insights across these themes.
We begin with The Road Ahead for Central Banks, examining how a fragmenting global order is reshaping growth with persistent inflationary pressures. We then turn to The USD Bear Case Faces a Monetary-Policy Test, analysing how structural headwinds suggest USD decline ahead. We also explore Net Zero Alliances: A Renewed Framework for Climate Action, examining the initiative's relaunched approach with a more practical framework.
Finally, we share insights from our latest peer-to-peer, in "Navigating a Fragmented World", where central bank representatives gathered in Paris to discuss reserve
In this issue
In a low-trust world that is becoming increasingly predatory, investors should expect supply shocks to become a new norm and the distribution of economic gains to stay uneven. Another result of the global order fragmenting is the rise of fiercer competition between countries. However, this competition is no longer limited to trade, tech, industrial leadership or energy security; it is instead being shaped by a relentless search for capital at the public and private level.
We entered 2026 expecting expensive valuations and Fed easing, alongside an administration increasingly focused on limiting the cost of financing a deteriorating fiscal position. Together, these conditions were expected to gradually normalise the USD.
Following the relaunch of the Net Zero Asset Managers initiative in February 2026, the updated framework reflects the practical realities of climate implementation across different mandates, jurisdictions and regulatory environments. This article examines the evolution of the initiative and how Amundi translates these principles into climate solutions, client support and stewardship.
In early June, ahead of the Amundi World Investment Forum, more than 20 representatives from over 15 central banks gathered in Paris for a peer-to-peer discussion on the forces reshaping reserve management. The conversation covered several topics, from fixed income allocation to digital currencies and European strategic autonomy, letting emerge the following common thread: in an increasingly fragmented world, investment decisions are inseparable from questions of sovereignty.
What's new?
INVITATION - WEBINAR 2027 Global Investment Outlook
ETF Implementation Ideas
Outerblue Convictions - Going the distance - Market perspectives into autumn
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