In this episode, Paola sits down with Sonja Gibbs to unpack the shifting global debt landscape – tariffs, supply-chain strain and higher interest rates driving up government and corporate borrowing. They discuss what it means for debt sustainability and bond markets, and how emerging economies can use stronger investor relations, transparency and domestic capital markets to attract long-term finance.

Hosts & Guests:

• Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner

at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies. From 2019 to 2024 she was at Queen Mary University of London, where she helped establish the Queen Mary Global Policy Institute. Previously, she directed the International Economics Research Department at Chatham House (The Royal Institute of International Affairs) in London.

• Sonja Gibbs is Managing Director and Head of Sustainable Finance and Global Policy Initiatives at the Institute of International Finance (IIF). She oversees the quarterly IIF Global

Debt Monitor, which tracks debt-related vulnerabilities across mature and emerging economies, as well as the weekly IIF Insight on global financial markets. Her policy work includes engagement with the G20, the multilaterals and global regulators and standard setters. Sonja has spent over 20 years in banking and financial markets, most recently as Chief Equity Strategist at Nomura International in London, with earlier roles as a US economist and bank credit analyst in New York and Los Angeles.

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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