An Economic and Monetary Policy Outlook with the Swiss National Bank, BIS and UBS

Virtual discussion from Wednesday, 27 May 2020

  • Thomas J. Jordan, Chairman, Swiss National Bank (SNB)
  • Agustín Carstens, General Manager, Bank for International Settlements (BIS)
  • Axel A. Weber, Chairman, UBS Group AG
  • Moderated by Beat Siegenthaler of the UBS Knowledge Network.

Our three speakers are debating key macro questions:

  • What are the biggest macroeconomic and financial market risks in the pandemic crisis?
  • Are the current policy tools sufficient to prevent a global depression?
  • How does Switzerland handle being one of the world's favorite safe havens?

Speakers

Thomas J. Jordan has been Chairman of the Governing Board of the Swiss National Bank (SNB) since 18 April 2012, and Member of the Governing Board since May 2007. He joined the SNB as an Economic Advisor in 1997, was appointed Assistant Director of the Economic Studies unit in 1999, Head of the Research unit in 2002, and Alternate Member of the Governing Board in 2004. Mr Jordan has a doctorate in Economics from the University of Berne, and wrote a post-doctoral thesis at the Department of Economics at Harvard University. He was appointed honorary professor by the University of Berne in 2003 and lectures there in monetary theory and policy.

Thomas J. Jordan is also a member of the Board of Directors of the Bank for International Settlements (BIS) in Basle and the Steering Committee of the Financial Stability Board (FSB). He is the Governor of the International Monetary Fund (IMF) for Switzerland, and also Chairman of the G10 Central Bank Counterfeit Deterrence Group (CBCDG). In addition he is a member of the Advisory Board of the Department of Economics at the University of Zurich as well as a member of the Board of Trustees of the ETH Zurich Foundation. He has published numerous articles on monetary theory and policy in leading international journals.

Agustín Carstens became General Manager of the BIS on 1 December 2017.

Mr Carstens was Governor of the Bank of Mexico from 2010 to 2017. A member of the BIS Board from 2011 to 2017, he was chair of the Global Economy Meeting and the Economic Consultative Committee from 2013 until 2017. He also chaired the International Monetary and Financial Committee, the IMF's policy advisory committee from 2015 to 2017.

Mr Carstens began his career in 1980 at the Bank of Mexico. From 1999 to 2000, he was Executive Director at the IMF. He later served as Mexico's deputy finance minister (2000-03) and as Deputy Managing Director at the IMF (2003-06). He was Mexico's finance minister from 2006 to 2009.

Mr Carstens has been a member of the Financial Stability Board since 2010 and is a member of the Group of Thirty. 

Mr Carstens holds an MA and a PhD in economics from the University of Chicago.

Axel A. Weber has been Chairman of the Board of Directors of UBS since 2012. He is Chairman of the BoD of both UBS AG and UBS Group AG. He has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013. He is chairman of the Institute of International Finance, a board member of the Swiss Bankers Association and the International Monetary Conference, and a member of the Group of Thirty as well as the Trilateral Commission, among others.

Mr. Weber was president of the German Bundesbank between 2004 and 2011, during which time he also served as a member of the Governing Council of the European Central Bank, a member of the Board of Directors of the Bank for International Settlements, German governor of the International Monetary Fund, and as a member of the G7 and G20 Ministers and Governors. He was a member of the steering committees of the European Systemic Risk Board in 2011 and the Financial Stability Board from 2010 to 2011. From 2002 to 2004, Mr. Weber served as a member of the German Council of Economic Experts. His academic career encompasses professorships in international economics, monetary economics and economic theory at the universities of Cologne, Frankfurt am Main, Bonn and Chicago. 

Mr. Weber holds a master’s degree in economics from the University of Constance and a PhD in economics from the University of Siegen, where he also received his habilitation. He holds honorary doctorates from the universities of Duisburg-Essen and Constance.