Axel Alfred Weber (born 8 March 1957) is a German
economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics.
The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
, professor, and banker. He is currently a board member and chairman of Swiss investment bank and
financial services
Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...
company,
UBS Group AG
UBS Group AG is a multinational Investment banking, investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres ...
,
and has announced his resignation effective 7 April 2022.
He was the president of the
Deutsche Bundesbank
The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the most ...
and a member of the
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
Governing Council from 30 April 2004 to 30 April 2011.
He is also a member of the
Group of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
.
Early life and education
Weber was born in
Kusel
Kusel (; written ''Cusel'' until 1865) is a town in the Kusel district in Rhineland-Palatinate, Germany. It is the seat of the Kusel-Altenglan ''Verbandsgemeinde'' and is also the district seat.
The well-known operatic tenor Fritz Wunderlich was ...
, Germany.
He studied
economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics anal ...
and
public administration
Public Administration (a form of governance) or Public Policy and Administration (an academic discipline) is the implementation of public policy, administration of government establishment ( public governance), management of non-profit es ...
at the
University of Constance
The University of Konstanz (german: Universität Konstanz) is a university in the city of Konstanz in Baden-Württemberg, Germany. Its main campus was opened on the Gießberg in 1972 after being founded in 1966. The university is German ...
from 1976 to 1982 and graduated with a master's degree (''
Diplom
A ''Diplom'' (, from grc, δίπλωμα ''diploma'') is an academic degree in the German-speaking countries Germany, Austria, and Switzerland and a similarly named degree in some other European countries including Albania, Bulgaria, Belarus, ...
'') in economics.
After obtaining a
Dr. rer. pol.
A doctorate (from Latin ''docere'', "to teach"), doctor's degree (from Latin ''doctor'', "teacher"), or doctoral degree is an academic degree awarded by universities and some other educational institutions, derived from the ancient formalism ''li ...
in economics from the
University of Siegen,
Germany in 1987, Weber pursued his scientific studies abroad at the
University of London
The University of London (UoL; abbreviated as Lond or more rarely Londin in post-nominals) is a federal public research university located in London, England, United Kingdom. The university was established by royal charter in 1836 as a degr ...
and
Tilburg University
Tilburg University is a public research university specializing in the social and behavioral sciences, economics, law, business sciences, theology and humanities, located in Tilburg in the southern part of the Netherlands.
Tilburg University h ...
. Between 1992 and 1993, Weber spent an academic year in
Washington, D.C. while teaching.
In 1994, Weber received his habilitation in Economics from the
University of Siegen.
He also holds honorary doctorates from the
University of Duisburg-Essen
The University of Duisburg-Essen (german: link=no, Universität Duisburg-Essen) is a public research university in North Rhine-Westphalia, Germany. In the 2019 ''Times Higher Education World University Rankings'', the university was awarded ...
and the
University of Konstanz
The University of Konstanz (german: Universität Konstanz) is a university in the city of Konstanz in Baden-Württemberg, Germany. Its main campus was opened on the Gießberg in 1972 after being founded in 1966. The university is German ...
.
Career
From 1982 to 1988 Weber worked as research assistant in the field of
monetary economics
Monetary economics is the branch of economics that studies the different competing theories of money: it provides a framework for analyzing money and considers its functions (such as medium of exchange, store of value and unit of account), and ...
at the
University of Siegen and was awarded a
Doctorate
A doctorate (from Latin ''docere'', "to teach"), doctor's degree (from Latin ''doctor'', "teacher"), or doctoral degree is an academic degree awarded by universities and some other educational institutions, derived from the ancient formalism ''l ...
in 1987.
After gaining his ''
habilitation
Habilitation is the highest university degree, or the procedure by which it is achieved, in many European countries. The candidate fulfills a university's set criteria of excellence in research, teaching and further education, usually including ...
'' at the University Siegen in 1994, he was appointed Professor of Economic Theory at the
University of Bonn
The Rhenish Friedrich Wilhelm University of Bonn (german: Rheinische Friedrich-Wilhelms-Universität Bonn) is a public research university located in Bonn, North Rhine-Westphalia, Germany. It was founded in its present form as the ( en, Rhine ...
, and moved to the
Goethe University Frankfurt
Goethe University (german: link=no, Johann Wolfgang Goethe-Universität Frankfurt am Main) is a university located in Frankfurt am Main, Germany. It was founded in 1914 as a citizens' university, which means it was founded and funded by the wealt ...
in 1998.
He was also the Director of the
Center for Financial Studies
The Center for Financial Studies (CFS) (Gesellschaft für Kapitalmarktforschung), located in Frankfurt am Main, is an independent research institute affiliated to the Goethe University Frankfurt. CFS conducts independent and internationally orient ...
in
Frankfurt am Main
Frankfurt, officially Frankfurt am Main (; Hessian: , " Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on it ...
from 1998 to 2001
and of the Center for Financial Research at the University of Cologne from 2001 to 2004.
In 2001 Weber was appointed Professor of
International Economics
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and ...
at the
University of Cologne
The University of Cologne (german: Universität zu Köln) is a university in Cologne, Germany. It was established in the year 1388 and is one of the most prestigious and research intensive universities in Germany. It was the sixth university to ...
, and from 2002 to 2004 he was a Member of the
German Council of Economic Experts
The German Council of Economic Experts ( German: ') is a group of economists set up in 1963 to evaluate economic policies of the German government. In the media, the council is often referred to as the "Five Sages of Economy" (''Fünf Wirtschaftswe ...
.
From 2002 until 2011 he was a member of the expert advisory panel to the
Deutsche Bundesbank
The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the most ...
.
Bundesbank
Weber was appointed President of the
Deutsche Bundesbank
The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the most ...
by the German finance minister
Hans Eichel as successor of the resigning
Ernst Welteke,
and elected as a member of the
Governing Council of the European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important central b ...
in 2004.
In this capacity, Weber also served on the Board of Directors for the
Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks".
The BIS carries out its work th ...
(BIS),
as German governor of the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
and a member of the
G7 and
G20 Ministers and Governors during this time. From 2010 to 2011 he was also a member of the Steering Committees of the
European Systemic Risk Board and the
Financial Stability Board
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...
.
On 9 February 2011, Weber announced his resignation from his chairmanship of the Bundesbank, effective 30 April 2011, a year before the expiry of his term of office.
The move was seen as throwing open the candidacy for president of the
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
to others to succeed
Jean-Claude Trichet
Jean-Claude Trichet (; born 20 December 1942) is a French economist who served as President of the European Central Bank from 2003 to 2011. Previous to his assumption of the presidency he served as Governor of the Bank of France from 1993 to 2003 ...
starting 1 November 2011.
University of Chicago
From 2011 to 2012 Weber was a visiting professor at the
University of Chicago Booth School of Business
The University of Chicago Booth School of Business (Chicago Booth or Booth) is the graduate business school of the University of Chicago. Founded in 1898, Chicago Booth is the second-oldest business school in the U.S. and is associated with 10 N ...
. As visiting professor, he taught two three-hour sessions of the course "Central Banking: Theories and Facts" on Mondays, in fall 2011. He attended the
Federal Reserve Bank of Kansas City
The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern Ne ...
's Economic Policy Symposium in
Moran near
Jackson Hole, Wyoming
Jackson Hole (originally called Jackson's Hole by mountain men) is a valley between the Gros Ventre and Teton mountain ranges in the U.S. state of Wyoming, near the border with Idaho, in Teton County, one of the richest counties in the Un ...
, in summer 2011.
UBS AG
Weber was elected to the Board of Directors of the Swiss bank
UBS AG
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swis ...
at the 2012 AGM held on 3 May 2012 and of UBS Group AG in November 2014. He succeeded
Kaspar Villiger as chairman of the Board of Directors. His appointment was announced in mid-2011, when Villiger had been expected to retire in 2013.
Weber announced his resignation from
UBS AG
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swis ...
on 6 April 2022.
Weber has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013.
Other activities
Regulatory agencies
*
China Banking and Insurance Regulatory Commission (CBIRC), Member of the International Advisory Council
[Board of Directors: Axel A. Weber](_blank)
UBS
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swi ...
.
*
China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) is a government ministry of the State Council of the People's Republic of China (PRC). It is the main regulator of the securities industry in China.
History
China's first Securities Law was ...
(CSRC), Member of the International Advisory Council
*
Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...
(MAS), Member of the International Advisory Panel
Non-profit organizations
*
Center for Economic and Policy Research
The Center for Economic and Policy Research (CEPR) is a progressive American think tank that specializes in economic policy. Based in Washington, D.C. CEPR was co-founded by economists Dean Baker and Mark Weisbrot in 1999.
Considered a lef ...
(CEPR), Distinguished Fellow (since 2019)
*
Institute of International Finance
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body.
In some countries, institutes can ...
(IIF), Chairman of the Board (since 2016)
*
German Institute for Economic Research (DIW), Chairman of the Board of Trustees (since 2015)
*
Berggruen Institute
The Berggruen Institute is a Los Angeles-based think tank founded by Nicolas Berggruen.
History
In 2010, Nicolas Berggruen and Nathan Gardels sat down with a group of academics, business leaders, and political veterans in California to discu ...
, Member of the Council for the Future of Europe (since 2011)
* Swiss Finance Council, Member of the Board
*
Trilateral Commission
The Trilateral Commission is a nongovernmental international organization aimed at fostering closer cooperation between Japan, Western Europe and North America. It was founded in July 1973 principally by American banker and philanthropist David ...
, Member of the European Group
*
Swiss Bankers Association
The Swiss Bankers Association is a professional organization of Swiss financial institutions.
Background
The trade association known as the Swiss Bankers Association was founded in 1912 in Basel, Switzerland. It is the primary industry grou ...
, Member of the Board
*
International Monetary Conference The international monetary conferences were a series of assemblies held in the second half of the 19th century. They were held with a view to reaching agreement on matters relating to international relationships between national currency systems.
B ...
, Member of the Board
* Financial Services Professional Board, Member of the Board
*
Group of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
, Member
*
Avenir Suisse
Avenir Suisse is a classical liberal think tank focused on Switzerland’s future in political, economical and social areas. Its main goal is to stimulate the public debate and to provide new ideas through the publication of studies and the regul ...
, Member of the Board of Trustees
* IMD Foundation, Member of the Board
*
European Financial Services Roundtable
The European Financial Services Round Table (EFR) brings together chairmen and chief executives of leading European banks and insurance companies. The purpose of the EFR is to contribute to the European public policy debate on issues relating to fi ...
(EFR), Member
* European Banking Group, Member
* Monetary Authority of
Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
, Member of the International Advisory Panel
*
University of Zurich
The University of Zürich (UZH, german: Universität Zürich) is a public research university located in the city of Zürich, Switzerland. It is the largest university in Switzerland, with its 28,000 enrolled students. It was founded in 1833 f ...
, Member of the Advisory Board of the Department of Economics
* Zukunft Finanzplatz, Member of the Advisory Board
Recognition
In late 2015, Weber was awarded the title of "European Banker of the Year 2014" in Germany by the International Association of Economic Journalists called the Group of 20+1.
In the same year, Weber was also awarded the first Prix Marjolin Prize by the SUERF Council of Management.
Selected works
*
*
*
*
References
External links
Biography at Who's whoPanel discussion on economic instability in Europe and its political risks, UBS International Center for Economics in Society at the University of Zurich
{{DEFAULTSORT:Weber, Axel A.
1957 births
Living people
German economists
Presidents of the Deutsche Bundesbank
Academic staff of the University of Bonn
University of Siegen alumni
Swiss corporate directors
German chairpersons of corporations
German bankers
Swiss bankers
German chief executives
Group of Thirty