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South Africa Government: Deputy President Paul Mashatile address the SALGA National Assembly | PresidencyZA

Source: Republic of South Africa (video statements)

Deputy President Paul Mashatile address the SALGA National Assembly

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https://www.youtube.com/watch?v=1kJqKByp6ww

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The rise of AI, stablecoins and private markets: how stable is the financial system?

Source: European Central Bank (video statements)

When it comes to the risks to financial stability, things seem to have settled down a bit. But with trade tensions, an unpredictable US economic policy, geopolitical issues, a potential AI bubble and the rise of stablecoins, there is plenty to keep an eye on.

Has the global environment really become less uncertain? And how do all these factors impact financial stability?

To explore these questions and more, our host Paul Gordon speaks with financial stability expert John Fell.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Recorded on 24 November 2025 and published on 27 November 2025.

In this episode:

01:25 How stable is the financial system?
The EU and the United States reached a trade agreement, and the economic impact of trade uncertainty has been milder than expected. But the full effects of the policy changes are yet to be seen. So, what does this mean for financial stability?

04:14 Is there an AI bubble?
The term “AI bubble” is on everyone’s lips right now . But bubbles are hard to identify and even harder to differentiate from legitimate growth. So, are valuations stretched? What about market concentration and circular funding in the AI industry? And how exactly are companies funding investment in AI?

06:15 If there is a bubble, what could cause it to burst?
There is significant leverage behind AI investments. Returns will largely depend on how widely AI is adopted. Could AI become a general-purpose technology, like the railways did?

08:15 What about the rise of private credit?
How do private credit markets differ from equity financing? Why are risks to euro area financial stability increasing as private markets expand? And how does all this relate to systemic risk in the banking sector and the build-up of AI infrastructure?

11:23 Are stablecoins really stable?
Despite what the name suggests, stablecoins carry liquidity run risks that could affect financial stability. With rapid growth and increasing links to traditional finance, what risks does this innovation create?

15:11 What’s the situation for government financing?
Governments have made progress in reducing debt levels since the pandemic. But in some euro area countries, debt remains too high and pressures to increase spending – for instance on defence – are rising. While this poses one of the biggest risks to financial stability, it could also be an opportunity for long-term growth if properly managed.

18:07 What about banks?
Given the potential AI bubble, questions around the sustainability of government budgets and the rise in stablecoins, where does this leave euro area banks? Profitability is strong and non-performing loan ratios are historically low. So, how is the banking sector doing overall?

20:13 Our guest’s hot tip

John Fell shares his hot tip with listeners.

Financial Stability Review at a glance https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html

Financial Stability Review, November 2025 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202511~263b5810d4.en.html

Chip War, Chris Miller https://www.amazon.de/-/en/Chip-War-Worlds-Critical-Technology/dp/1982172002

https://www.youtube.com/watch?v=tYVqAVVDWI0

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Guinea-Bissau, UN University, Ukraine & other topics – Daily Press Briefing | United Nations

Source: United Nations (video statements)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Guinea-Bissau
David Malone
Sudan
Democratic Republic of the Congo
Ukraine
Occupied Palestinian Territory
Sustainable Transport Day
Financial Contribution

GUINEA-BISSAU

In response to questions about the situation in Guinea-Bissau, the Spokesman said the Secretary-General is following the situation with deep concern. He appeals to all national stakeholders in Guinea-Bissau to exercise restraint and respect the rule of law. The Secretary-General will continue to closely follow the situation in the country as it unfolds.

DAVID MALONE

The Secretary-General is deeply saddened by the passing of David Malone. His decade of service as Rector of the United Nations University marked the culmination of a distinguished career devoted to international cooperation and scholarship.

Under his leadership, UN University strengthened its role as a center for policy-relevant research, advanced gender parity, and forged trusted partnerships across the United Nations system. His vision and dedication contributed significantly to initiatives such as Our Common Agenda and to advancing digital transformation in the developing world.

Mr. Malone’s legacy will endure as an inspiration to all who work for a more just and sustainable future. The Secretary-General extends his heartfelt condolences to his family, friends, and colleagues.

SUDAN

Turning to Sudan. The Secretary-General’s Personal Envoy, Ramtane Lamamra is preparing to travel to Port Sudan and Addis Ababa next week. He has been in regular contact with the parties and continues to encourage them to engage in a genuine dialogue to advance peace, he is also working closely with regional partners, including the African Union, Intergovernmental Authority on Development, otherwise known as IGAD, and the League of Arab States.

The urgent need for better protection of civilians in Sudan is and will be at the forefront of all of his discussions. Our humanitarian colleagues also continue to call for safe and unimpeded access to deliver assistance to people in need across Sudan, including Kordofan and Darfur.

On the ground, the situation in El-Fasher remains dire. Our colleagues at the World Food Programme are currently supporting families who have fled to five areas surrounding El Fasher, including Tawila.

Distributions are also ongoing for families who have arrived in more distant locations like Dabbah in Northern State and even as far as Khartoum. Currently, 1,485 metric tonnes of food and nutrition supplies, enough for about 130,000 people, are en route to Tawila via the Dabbah Crossing in Northern State.

This is in addition to the regular support that WFP has been providing to people who fled El Fasher or Zamzam earlier this year.

Meanwhile, fighting continues to drive large-scale displacement in the Kordofan areas.

Our colleagues with the International Organization for Migration tell us that on Tuesday in South Kordofan State, more than 1,800 people were displaced across multiple localities. And in North Kordofan, heightened insecurity there uprooted nearly 40,000 people from different parts of the state between October 25th and November 18th.

Despite the escalating hostilities and access challenges, humanitarians are doing everything they can to support people in need across Kordofan. In North Kordofan, the OCHA-managed Sudan Humanitarian Fund (SHF) has released more than $5 million to support four international NGOs who are providing critical services including health, nutrition, and water, sanitation and hygiene, as well as food production, shelter and protection.

Throughout the Kordofan region this year, the Sudan Humanitarian Fund has allocated $33 million to support projects that reach some 1.6 million people in the hardest-hit areas.

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date=2025-11-26

https://www.youtube.com/watch?v=jcdiMf4DCfc