Zoltan Pozsar

As Founder and CEO of Ex Uno Plures, Zoltan Pozsar analyses the mechanics of funding markets, interest rates and financial intermediation.

His authority comes from having worked at the centre of every major institutional response to modern financial instability. During the Global Financial Crisis, Pozsar was Head of Market Intelligence for securitised funding markets at the Federal Reserve Bank of New York, where he advised senior officials across the Fed, the US Treasury and the White House. He helped design and operationalise the Term Asset-Backed Securities Loan Facility (TALF), a cornerstone intervention that stabilised broken credit markets after Lehman’s collapse. It was also at the New York Fed that he produced his now-famous map of the shadow banking system — a framework so influential it prompted the G20 to begin regulating an entire parallel financial universe that had previously gone largely uncharted.

After the crisis, Zoltan Pozsar continued to shape policy thinking from inside the system. He advised the US Treasury on debt management and financial innovation, served as a visiting scholar at the IMF, and consulted G7 and G20 policymakers on macro-financial risks. In the private sector, he spent eight years at Credit Suisse as Global Head of Short-Term Interest Rate Strategy, where his research became essential reading for the world’s largest investors and central bankers quietly trying to understand the market consequences of their own actions.

Pozsar is known for identifying regime shifts before they become consensus. His work spans the rise and regulation of shadow banking, as well as the geopolitical re-pricing of money, commodities and reserve currencies. His more recent work, including the widely debated concept of a “Mar-a-Lago Accord,” examines how de-globalisation, energy politics and balance-sheet constraints may be reshaping the international monetary system itself. It is this ability to connect markets, policy and geopolitics into a single coherent narrative that makes his work so closely followed by investors and policymakers alike.

Originally from Hungary and educated across Europe, the United States and Asia, Zoltan Pozsar brings a distinctly international perspective to questions often framed through a purely American lens.