Maxim Oreshkin and Alexander Isakov discuss the new global financial architecture

What lies ahead for the global financial system — a tectonic shift or gradual evolution? And can central bank digital currencies (CBDCs) help economies overcome the debt crisis? In the latest edition of the Summer Expert Meetings of the Open Dialogue, economist Maxim Oreshkin and Alexander Isakov, Senior Managing Director and Head of the Macroeconomic Research Centre at Sberbank, discuss the future of the world's financial architecture.

At the heart of the discussion are common misconceptions about digital currencies: can CBDCs really replace the traditional two-tier banking system? Maxim Oreshkin argues that it is impossible to build the future without taking today's realities into account, and that the key challenge is to engage the entire world in the search for effective solutions. Alexander Isakov explains why rising public debt is a symptom rather than a verdict, and why the ultimate purpose of finance is not restructuring for its own sake, but financing sustainable growth and improving people's well-being.

Why is competition between banks more important than a regulatory monopoly? And what kind of international coordination is needed to ensure that technological innovation delivers benefits rather than chaos? Watch the latest episode to discover whether the familiar financial model will endure — or whether the world is on the brink of a digital transformation of the global financial system.