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2020 Forum – speakers

Klaus Adam

Klaus Adam is Professor of Economics at the University of Mannheim, Germany.

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Previously a Nuffield Professor of Economics at the University of Oxford (from where he is currently on leave), he is currently a Research Professor at the Deutsche Bundes¬bank. He is also a member of the Academic Advisory Board of the German Ministry of Finance and a Research Fellow at the Centre for Economic Policy Research. He is currently Chair of the Monetary Theory and Policy Committee of the German Economic Association, Scientific Vice-Chair of the Euro Area Business Cycle Network and an Associate Editor for the Journal of Monetary Economics. He is also a member of the Heidelberg Academy of Sciences and of Academia Europaea.

Mr Adam’s research focuses on macroeconomics with a special emphasis on monetary policy making, asset pricing and business cycle dynamics.


Pol Antràs

Pol Antràs is Robert G. Ory Professor of Economics at Harvard University, where he has taught since 2003.

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He is also a Research Associate at the National Bureau of Economic Research, where he served as Director of the International Trade and Organizations Working Group. He is also a Research Affiliate at the Centre for Economic Policy Research and a member of CESifo’s Research Network.

Since 2015, he has served as Editor of the Quarterly Journal of Economics, and was previously on the editorial board of the American Economic Review, Review of Economic Studies, Journal of International Economics and Annual Review of Economics, among other journals. Among other distinctions, he was awarded a Sloan Research Fellowship in 2007 and the Banco Sabadell Foundation Prize for Economic Research in 2009, and he was elected Fellow of the Econometric Society in 2015.

Mr Antràs’ teaching and research fields are international economics and applied theory. His most recent work focuses on the analysis of global value chains and on the interplay between trade, inequality and costly redistribution.

A citizen of Spain, he received his BA and MSc in economics from Pompeu Fabra University in Barcelona, and his PhD in economics from the Massachusetts Institute of Technology in 2003.


Andrew Bailey

Andrew Bailey began his term as Governor of the Bank of England on 16 March 2020.

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Mr Bailey served as CEO of the Financial Conduct Authority (FCA) from 1 July 2016 until he took up the role of Governor. As CEO, he was also a member of the Prudential Regulation Authority’s (PRA) Prudential Regulation Committee, the Bank of England’s Financial Policy Committee, and the board of the FCA.

Mr Bailey previously served as Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank of England, he joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Mr Bailey became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. He was appointed a voting member of the interim Financial Policy Committee at its June 2012 meeting.

Previously, Mr Bailey worked at the Bank of England in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank’s Special Resolution Unit. During his career, he has served as the Governor’s Private Secretary and Head of the International Economic Analysis Division in Monetary Analysis.


Markus K. Brunnermeier

Markus K. Brunnermeier is the Edwards S. Sanford Professor at Princeton University.

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He is a faculty member of the Department of Economics and director of Princeton’s Bendheim Center for Finance. He is also a research associate at NBER, CEPR, and CESifo and a member of the Bellagio Group on the International Economy. He is a Sloan Research Fellow, Fellow of the Econometric Society, Guggenheim Fellow and a recipient of the Germán Bernácer Prize for his outstanding contribution in the fields of macroeconomics and finance. He has been a member of several advisory groups, including to the IMF, the Federal Reserve Bank of New York, the European Systemic Risk Board, the Deutsche Bundesbank and the US Congressional Budget Office. Mr Brunnermeier was awarded his PhD by the London School of Economics.

His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, and financial and monetary price stability. To explore these topics, his models incorporate frictions as well as behavioural elements. Mr Brunnermeier has won several awards for his published papers and served on the editorial boards of several leading economics and finance-related journals. His work has included liquidity spirals, conditional value at risk (CoVaR) as a systemic risk measure, the volatility paradox, the paradox of prudence, ESBies, financial dominance, redistributive monetary policy, the reversal rate, and digital currency areas.


Luis de Guindos

Luis de Guindos has been Vice-President of the European Central Bank (ECB) since 1 June 2018.

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In this capacity, he is also a member of the Executive Board, Governing Council and General Council of the ECB.

He was Spanish Minister of Economy, Industry and Competitiveness (2016-18) and Minister of Economy and Competitiveness (2011-16). He served as the Secretary of State for Economic Affairs and member of the Economic and Financial Committee of the EU (2002-04). Prior to that, he was Secretary General for Economic and Competition Policy (2000-02) and Director General (1996-2000).

Mr de Guindos was Director of IE Business School in Madrid and the PricewaterhouseCoopers/IE Center for the Finance Sector (2010-11). He was previously Head of Financial Services at PwC (2008-09). He was Chief Executive Officer Iberia at Lehman Brothers and Chief Executive Officer at Nomura Securities (2006-08).

He graduated with honours with a BSc in economics from Colegio Universitario de Estudios Financieros in Spain in 1982 and graduated as State Economist and Trade Expert in 1984.


Jordi Galí

Jordi Galí earned his PhD in economics at the Massachusetts Institute of Technology (MIT) in 1989.

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He is currently Senior Researcher at the Center for Research in International Economics (CREI), a Professor at Pompeu Fabra University in Barcelona and a Research Professor at the Barcelona Graduate School of Economics. He was the Director of the CREI between 2001 and 2017. He has held academic positions at New York University, Columbia University and MIT. He is a Research Fellow at the Centre for Economic Policy Research (CEPR), a Research Associate at the National Bureau of Economic Research, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Mr Galí has received the National Research Prize from the Government of Catalonia and was co-recipient of the Yrjö Jahnsson Award. He has worked as a consultant to the European Central Bank, the Federal Reserve System, Sveriges Riksbank, Norges Bank, the Banque de France and other central banks. His research interests include macroeconomics and monetary theory and he has published articles on these topics in numerous scientific journals.


Vítor Gaspar

Vítor Gaspar was Minister of State and Finance of Portugal from 2011-13.

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He has held various positions in EU and Portuguese institutions, including head of the Bureau of European Policy Advisers at the European Commission, Director General of research at the European Central Bank, Director of Economic Studies and Statistics at the Central Bank of Portugal, and Director of Economic Studies at the Portuguese Ministry of Finance.


Roula Khalaf

Roula Khalaf is Editor of the Financial Times.

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She was previously deputy editor at the Financial Times (FT) from 2016 to 2020, overseeing a range of newsroom initiatives and award-winning editorial projects and leading a global network of over 100 foreign correspondents.

Before becoming deputy editor, Ms Khalaf was the FT's foreign editor and oversaw the FT's operations in Europe, Africa and the Middle East. Before that, as Middle East editor, she had launched a Middle East edition and led coverage of the Arab Spring. Ms Khalaf was named foreign commentator of the year at the Editorial Intelligence Comment Awards in 2016 and her series on Qatar won the Foreign Press Association’s Feature story of the year in 2013. She joined the FT in 1995 as North Africa correspondent, having previously also worked as a staff writer for Forbes magazine in New York.


Signe Krogstrup

Signe Krogstrup is a member of the Board of Governors of Danmarks Nationalbank.

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She holds an MSc in economics from the University of Copenhagen and a PhD in international economics from the Graduate Institute of International and Development Studies in Geneva. Ms Krogstrup has extensive experience in economic research and monetary policy. Prior to joining Danmarks Nationalbank in June 2019, she held an advisory position and was a member of senior management in the Research Department of the International Monetary Fund. She also worked at the Swiss National Bank from 2007 to 2016.


Christine Lagarde

Christine Lagarde has been the President of the European Central Bank since November 2019.

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Between 2011 and 2019 she served as the eleventh Managing Director of the International Monetary Fund, after having served as French Minister of Economy and Finance from 2007 to 2011 and French Minister of Trade from 2005 to 2007.

A lawyer by training, she practised for 20 years with international law firm Baker McKenzie, serving as the firm’s Global Chair in 1999. She was the first woman to hold all of these positions.


Philip R. Lane

Philip R. Lane joined the European Central Bank (ECB) as a Member of the Executive Board in 2019.

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He is responsible for the Directorate General Economics and the Directorate General Monetary Policy. Before joining the ECB, he was the Governor of the Central Bank of Ireland. He has also chaired the Advisory Scientific Committee and Advisory Technical Committee of the European Systemic Risk Board and was Whately Professor of Political Economy at Trinity College Dublin. He is also a research fellow at the Centre for Economic Policy Research. A graduate of Trinity College Dublin, he was awarded a PhD in economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University from 1995 to 1997, before returning to Dublin. In 2001 he was the inaugural recipient of the Germán Bernácer Prize for outstanding contributions to European monetary economics.


Susan Lund

Susan Lund is a partner of McKinsey & Company and a leader of the McKinsey Global Institute.

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She holds a PhD in applied economics from Stanford University and a BA in economics from Northwestern University. She is on the Economic Advisory Board of the International Financial Corporation; a Board Director of the National Association of Business Economics; and a member of the Center for Global Development’s Study Group on Technology, Comparative Advantage, and Development Prospects.

As an economist, her research focuses on globalisation and trade and the impact of technology on work and workers. She is also a leader of McKinsey’s team modelling the impact of the coronavirus (COVID-19) on economic growth. Her most recent research explores how global value chains and trade flow are evolving and how digital flows are transforming globalisation and creating new winners and losers.

Dr Lund discusses research findings with CEOs and other executives at Fortune 500 companies around the world and is a frequent speaker at international conferences. She has authored numerous articles in leading business publications, including the Financial Times, Wall Street Journal, Washington Post, Harvard Business Review, and Foreign Affairs.


Yves Mersch

Yves Mersch was appointed to the Executive Board of the European Central Bank (ECB) in 2012 during his third term as Governor of the Banque centrale du Luxembourg, a position he had held since 1998.

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In 2019 he was appointed Vice-Chair of the ECB’s Supervisory Board.

Before his involvement in establishing his country’s central bank, he represented Luxembourg in the International Monetary Fund, World Bank, European Investment Bank and other multilateral organisations, as well as in private companies where he has been active at an international level in both financial and industrial areas.

Mr Mersch holds postgraduate degrees in political science and law from the Panthéon-Sorbonne University in Paris. He is the longest-serving member on the ECB’s Governing Council.


Fabio Panetta

Fabio Panetta has been a member of the Executive Board of the European Central Bank (ECB) since 1 January 2020.

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He is responsible for the Directorates General International and European Relations, Market Infrastructure and Payments, and Banknotes.

Prior to joining the ECB, Mr Panetta was Senior Deputy Governor of the Banca d’Italia and President of the Italian Institute for the Supervision of Insurance (IVASS).

He served as a Member of the Board of Directors and a Member of the Committee on the Global Financial System at the Bank for International Settlements. From 2014 to 2019 he was a Member of the Supervisory Board of the Single Supervisory Mechanism at the ECB.

Mr Panetta graduated with honours in economics from Libera Università Internazionale degli Studi Sociali Guido Carli in Rome. He holds an MSc in economics from the London School of Economics and a PhD in economics and finance from London Business School.

He has authored books and papers published in international journals such as the American Economic Review, Journal of Finance, Journal of Money, Credit and Banking, European Economic Review and Journal of Banking and Finance.


Evi Pappa

Evi Pappa is a Full Professor of Macroeconomics at Universidad Carlos III in Madrid.

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She completed her PhD in 2001 under the supervision of Jordi Galí at Pompeu Fabra University in Barcelona and has since held positions at various universities in Europe. Before arriving in Madrid, she held a Chair in Macroeconomics at the European University Institute. She has also worked at Universitat Autònoma de Barcelona, Università Bocconi, Milan and the London School of Economics. She has been a member of the Centre for Economic Policy Research’s (CEPR) Euro Area Business Cycle Dating Committee since April 2019; a member of the European Economic Association’s Standing Committee on Women in Economics since January 2019; a Research Affiliate with the CEPR’s International Macroeconomics programme; and an Associate Editor for the Economic Journal, the B.E. Journal of Macroeconomics and the Spanish Economic Review. She has been a visiting researcher in many central banks, including the ECB, the Bank of England, the Federal Reserve Bank of Atlanta, the Central Bank of Brazil and Sveriges Riksbank. She has been awarded various grants from organisations such as the John S. Latsis Public Benefit Foundation, in 2013 for her research on fiscal consolidation policies and the underground economy, and the Fundación Ramón Areces for her work on labour market institutions and business cycle fluctuations.

Her research focuses on fiscal and monetary policy in closed and open economies and the analysis of business cycles. She has published her research in top academic journals, includingthe Journal of Monetary Economics, Journal of Public Economics, International Economic Review, American Economic Journal: Macroeconomics, Journal of International Economics and Economic Journal.


Jerome H. Powell

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on 5 February 2018, for a four-year term.

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Mr Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. He has served as a member of the Board of Governors since taking office on 25 May 2012 to fill an unexpired term. He was reappointed to the Board and sworn in on 16 June 2014, for a term to end on 31 January 2028.

Prior to his appointment to the Board, Mr Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997 to 2005, he was a partner at The Carlyle Group.

Mr Powell served as an Assistant Secretary and Undersecretary of the Treasury under President George H.W. Bush, with responsibility for policy on financial institutions, the Treasury debt market, and related areas. Prior to joining the Administration, he worked as a lawyer and investment banker in New York City.

In addition to serving on corporate boards, Mr. Powell has served on the boards of various charitable and educational institutions, including the Bendheim Center for Finance at Princeton University and The Nature Conservancy in Washington, D.C., and Maryland.

He was born in February 1953 in Washington, D.C. He received an AB in politics from Princeton University in 1975 and a law degree from Georgetown University in 1979. While at Georgetown, he was editor-in-chief of the Georgetown Law Journal.

He is married with three children.


Lucrezia Reichlin

Lucrezia Reichlin is Professor of Economics at the London Business School and Chairman and co-founder of Now-Casting Economics.

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She is Chair of the European Corporate Governance Institute and a Trustee of the International Financial Reporting Standards Foundation, for which she is currently chairing the task force on sustainability reporting with a focus on climate risks. She is also a Trustee of the Centre for Economic Policy Research (CEPR) and a non-executive director of Ageas Insurance. Ms Reichlin is a columnist for the Italian national daily Corriere della Sera and a regular contributor to Project Syndicate. She sits on the advisory board of several research and policy institutions around the world.

Ms Reichlin received a PhD in economics from New York University. From 2005 to 2008 she was the Director General of Research at the ECB and, before that, Professor of Economics at the Université Libre de Bruxelles. From 2009 to 2018 she was non-executive director of UniCredit Banking Group. From 2013 to 2016 she was Chair of the Scientific Council at the Brussels-based think-tank Bruegel and Research Director of CEPR from 2011 to 2013.

Ms Reichlin has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. She pioneered now-casting in economics, developing econometrics methods capable of reading the real-time data flow through the lenses of a formal econometric model. These methods are now widely used by central banks and private investors around the world. Her papers have appeared in leading scientific journals, including the American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.

She is a Fellow of the Econometric Society, the British Academy, the European Economic Association and Academia Europaea. In 2016 she received both the Birgit Grodal Award from the European Economic Association and the Isaac Kerstenetzky Scholarly Achievement Award.


Argia Sbordone

Argia Sbordone is Head of the Macroeconomic and Monetary Studies Function in the Research and Statistics Group of the Federal Reserve Bank of New York.

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She has a PhD. in Economics from the University of Chicago and a Master’s degree in Econometrics and Mathematical Economics from the London School of Economics. Before joining the New York Fed, she taught at Princeton University and Rutgers University and worked as a Research economist at the Federal Reserve Bank of Chicago.

In her capacity as an economist at the New York Fed, she monitors economic conditions for the purposes of evaluating the stance of monetary policy and conducts research in macro and monetary economics. Her current research focuses on monetary policy and the dynamics of inflation and inflation expectations. Her work has been published in several economic journals, including the American Economic Review, the Journal of Economic Literature and the Journal of Monetary Economics.


Isabel Schnabel

Isabel Schnabel has been a Member of the Executive Board of the European Central Bank since January 2020 and is responsible for the Directorates General Market Operations, Research, and Statistics.

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She is currently on leave from the University of Bonn, where she has been Professor of Financial Economics since 2015. From 2014 to 2019 she served as a member of the German Council of Economic Experts, and in 2019 she was Co-Chair of the Franco-German Council of Economic Experts. She holds a PhD in economics from the University of Mannheim. Her research focuses on financial stability, banking regulation, international capital flows and economic history.


Hyun Song Shin

Hyun Song Shin was appointed Economic Adviser and Head of Research of the Bank for International Settlements (BIS) on 1 May 2014 and serves on its Executive Committee.

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Before joining the BIS, Mr Shin was the Hughes-Rogers Professor of Economics at Princeton University. In 2010, on leave from Princeton, he served as Senior Adviser to the South Korean president, taking a leading role in formulating financial stability policy and working on the agenda for the G20 during South Korea’s presidency. From 2000 to 2005, he was Professor of Finance at the London School of Economics. He holds a DPhil and MPhil in economics from Nuffield College, Oxford University and a BA in philosophy, politics and economics from the same university.

Mr Shin has authored numerous publications in the fields of monetary policy, banking, finance and issues related to financial stability.


Rick van der Ploeg

Rick van der Ploeg is Professor of Economics and Research Director at the University of Oxford’s Oxford Centre for Analysis of Resource-Rich Economies and is also a part-time University Professor of Environmental Economics at the University of Amsterdam.

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He was awarded a BSc from the University of Sussex in 1977 and a PhD in engineering from Cambridge University in 1981. He previously held positions at Cambridge University (1979-83), the London School of Economics (1983-88), Tilburg University (1985-91), the University of Amsterdam (1991-94), and the European University Institute in Florence (2002-07). He was also a member of the Dutch Parliament (1994-98) and State Secretary of Education Culture and Science of the Netherlands (1998-2002). He was a member and Vice Chairperson of the World Heritage Committee of the United Nations Educational, Scientific and Cultural Organization (2003-07). He was granted the Advanced Investigator Grant of the European Research Council for work on combating climate change with Cees Withagen (2011-16) and held the Chair of the CESifo Scientific Council (2009-19).

Mr van der Ploeg is a Research Fellow at the Centre for Economic Policy Research and an Adviser to Aurora Energy Research. He has consultancy experience with a wide range of international organisations, such as the International Monetary Fund, World Bank, and Organisation for Economic Co-operation and Development.

He sits on the board of various commercial and cultural organisations and has been elected a corresponding member of the Royal Netherlands Academy of Arts and Sciences. He is a member of the Royal Holland Society of Sciences and Humanities and of Academia Europaea and a Fellow of the European Economic Association. He was made a Knight in the Order of Orange-Nassau in 2002.

Mr van der Ploeg’s main areas of research are macroeconomics, public finance, climate economics and natural resources. His work has been published in various peer-reviewed journals, such as the Economic Journal, Journal of the European Economic Association, Journal of the Royal Statistical Society, Review of Economics and Statistics, and Review of Economic Studies.


Annette Vissing-Jørgensen

Annette Vissing-Jørgensen is a professor at the Haas School of Business at University of California Berkeley, having previously also taught at Northwestern University and the University of Chicago.

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She holds a PhD from MIT. Her research focuses on monetary policy and empirical asset pricing. Her work has been published in leading economics and finance journals (Journal of Political Economy, American Economic Review, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and Review of Financial Studies). She has also served as a director of the American Finance Association and the European Finance Association and is currently an Academic Adviser to Sveriges Riksbank.


Volker Wieland

Professor Volker Wieland holds the Endowed Chair of Monetary Economics at the Institute for Monetary and Financial Stability at Goethe University Frankfurt and is a member of the German Council of Economic Experts.

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He is also a Research Fellow at the Centre for Economic Policy Research and a member of the Kronberger Kreis and the Scientific Advisory Council of the German Federal Ministry of Finance.

In 1995 Mr Wieland received a PhD in economics from Stanford University. Before joining Goethe University in 2000, he was a senior economist at the Board of Governors of the Federal Reserve System in Washington, D.C. He has also served as a consultant to the European Central Bank and the European Commission as well as several central banks and financial institutions. In recent years he has received several awards in recognition of his public policy contributions as a member of the German Council of Economic Experts and for his research regarding monetary economics.

His research has been published in leading economic journals, such as the American Economic Review, Journal of Monetary Economics, Journal of the European Economic Association, European Economic Review and Journal of Economic Dynamics and Control. Recently, Mr Wieland has been coordinating the creation of a public archive of macroeconomic models for comparative purposes known as the Macroeconomic Model Data Base.