Sovereign

17 November, 2025

Newsletter for Central Banks #6

Sovereign Institutions and Central Banks- In an environment marked by macroeconomic and geopolitical uncertainty, sovereign entities are pursuing a broad set of objectives.

Summary

Authors

Francesca Ciceri

Global Head of Institutional Client Coverage

Vlada Savcenko

Global Relationship Manager, Sovereign Clients

Welcome to the sixth edition of Amundi’s Newsletter for Central Banks, crafted by our experts for you.

In a world of shifting power dynamics, rapid digital innovation, and urgent financing needs for the green transition, our specialists share concise analysis on themes that matter to central banks globally.

In this edition, we assess the intensifying geopolitical and economic forces shaping 2026, including gold’s structural rise as a diversification tool. We explore how digital assets and tokenised money are redefining financial infrastructure and prompting central banks to rethink monetary frameworks.

Finally, we draw key insights from Jean-Jacques Barbéris, Deputy CEO of Amundi, on the promise of blended finance to mobilise private capital for sustainable development.

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In this issue

As power shifts and alliances evolve, 2026 is set to intensify the dynamics that defined last year–bringing new risks, new strategies, and new opportunities.

As uncertainty deepens and reserve strategies evolve, gold’s ascent is entering a new phase–driven by structural demand, shifting geopolitics, and investor rebalancing.

Digital assets and tokenised money are reshaping the foundations of finance, prompting central banks to rethink monetary frameworks and systemic safeguards.

Jean-Jacques Barbéris explains how blended finance can help attract institutional capital to sustainable development projects in emerging markets and developing economies that might otherwise be considered higher risk.

What's new?

Invitation | 2026 Global Investment Outlook: Keep It Turning...

Join Amundi on November 19 as our experts assess whether global markets can sustain their momentum over the year ahead — from macro trends and sector...

How can investors lean into blended finance structures: demystifying credit enhancements

Scaling Blended Finance: Credit Enhancement Strategies

This paper clarifies blended finance credit enhancements. Discover how blended finance credit enhancements help investors manage risk and unlock capital...

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