WASHINGTON, USA – Kristalina Georgieva, managing director of the International Monetary Fund (IMF), announced today that Tobias Adrian has decided to step down from his position as financial counsellor and director of the IMF’s Monetary and Capital Markets Department (MCM), effective August 31, 2026.
“Since taking on this role in 2017, Tobias has provided exceptional intellectual leadership at a time of extraordinary global uncertainty,” said Georgieva. “From the COVID-19 pandemic and its aftermath to the surge in global inflation, tighter financial conditions, and rising geo-economic fragmentation, he has ensured that the Fund’s work on macro-financial issues remained rigorous, timely, and highly relevant for our membership. I am deeply grateful for his outstanding service, dedication, and commitment to the Fund.”
A German-US dual national, Adrian has led the Fund’s work on financial sector surveillance, monetary and macroprudential policy, digital finance, capital markets, and financial stability. Under his leadership, MCM strengthened its support to the Fund’s membership, delivering policy advice, surveillance, program support, and capacity development across more than 100 countries annually.
Through a period marked by multiple global shocks, Adrian guided the Fund’s work on crisis management, debt vulnerabilities, and exchange rate issues. He elevated the Global Financial Stability Report as a leading voice on macro-financial risks and played a central role in advancing the IMF’s Integrated Policy Framework aimed at helping countries respond to fluctuations in international capital flows. Adrian also shaped the Fund’s work on digital money and financial innovation, helping position the institution at the forefront of global policy discussions in this rapidly evolving space.
Beyond his policy contributions, Adrian has been an exemplary leader, fostering a culture of collaboration and innovation, and strengthening the Fund’s talent base.
The Fund’s membership has benefited greatly from Tobias’ leadership and his ability to translate complex analysis into clear, actionable policy advice,” Georgieva added. “He leaves behind a stronger and more agile Department – a legacy that will serve the institution well for years to come.”
Prior to joining the IMF, Adrian held several senior positions at the Federal Reserve Bank of New York. He has published extensively and taught at leading academic institutions, including MIT, Princeton University, and New York University.
- IMF Communications Department