Axel A. Weber
|Axel A. Weber|
Weber at the World Economic Forum Annual Meeting in 2013
|7th President of the German Bundesbank|
30 April 2004 – 30 April 2011
|Preceded by||Ernst Welteke|
|Succeeded by||Jens Weidmann|
|Born||Axel Alfred Weber
8 March 1957
|Alma mater||University of Siegen
University of Konstanz
|Occupation||Economist, Professor, Banker|
Axel Alfred Weber, Prof., Dr. (born 8 March 1957) is a German economist, professor and banker. He taught at the University of Chicago Booth School of Business and is a board member and chairman of the Board of Directors of UBS. He was president of the Deutsche Bundesbank and a member of the European Central Bank Governing Council from 30 April 2004 to 30 April 2011. He is a member in the Group of Thirty.
Weber obtained a PhD in economics from the University of Siegen, in 1987. Thereafter, he pursued his scientific studies abroad at the University of London and Tilburg. 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, Germany. He also holds honorary doctorates from the University of Duisburg-Essen and the University of Constance.
From 1982 to 1988 Weber worked as research assistant in the field of monetary economics at the University of Siegen and was awarded a Doctorate in 1987. After gaining his Habilitation at the University Siegen in 1994, he was appointed Professor of Economic Theory at the University of Bonn and in 1998 he moved to the Goethe University Frankfurt. He was also the Director of the Center for Financial Studies in Frankfurt am Main from 1998 to 2001 and of the Center for Financial Research at the University of Cologne from 2001 to 2004. In 2001 he was appointed Professor of International Economics at the University of Cologne, and from 2002 to 2004 he was a Member of the German Council of Economic Experts. From 2002 until 2011 he was a member of the expert advisory panel to the Deutsche Bundesbank. Weber was also on the Board of Directors for the Bank for International Settlements (BIS), German governor of the International Monetary Fund 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. From 2011 to 2012 he was a visiting professor at the University of Chicago Booth School of Business.
Weber was appointed President of the Deutsche Bundesbank by the German finance minister Hans Eichel as successor of the resigning Ernst Welteke and he was elected as a member of the Governing Council of the European Central Bank in 2004. On 9 February 2011 Weber announced that he would be resigning 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 to others to succeed Jean-Claude Trichet starting 1 November 2011.
University of Chicago
As visiting professor, Weber taught two three-hour sessions of the course "Central Banking: Theories and Facts" on Mondays, fall 2011. He attended the Federal Reserve Bank of Kansas City's Economic Policy Symposium in Moran near Jackson Hole, Wyoming, summer 2011.
Weber was elected to the Board of Directors of the Swiss bank UBS AG 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. Mr Weber's appointment was announced in mid-2011, when Villiger had been expected to retire in 2013.
Axel A. Weber has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013.
Other mandates and interests
He is currently a board member of
- the Swiss Finance Council,
- the Swiss Bankers Association,
- the IIF (Institute of International Finance) and
- the International Monetary Conference.
- the Financial Services Professional Board, Kuala Lumpur
Weber also serves as a member of
- the Group of Thirty, Washington, D.C.,
- the Board of Trustees of Avenir Suisse,
- the IMD Foundation Board in Lausanne,
- the European Financial Services Roundtable and
- the European Banking Group
- the International Advisory Panel, Monetary Authority of Singapore.
In late 2015, he 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.
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- Christian Vits, Simon Kennedy (11 February 2011). "Weber To Leave Bundesbank In April, Throwing Race For ECB Chief Wide Open". Bloomberg. Retrieved 26 July 2016.
- Jana Randow, Christian Vits, Jeff Black (9 February 2011). "Weber Throws ECB Race Open by Ruling Out Second Bundesbank Term". Bloomberg. Retrieved 26 July 2016.
- Reddy, Sudeep (19 July 2011). "Axel Weber's MBA Course 'Draws Heavily from Current Events'". 2016 Dow Jones & Company, Inc. The Wall Street Journal. Retrieved 26 July 2016.
- "Results Of The Annual General Meeting Of UBS AG". HFT Review Limited 2011-2014. The Trading Mesh. 3 May 2012. Retrieved 26 July 2016.
- "Department of Economics - Advisory Board". University of Zurich. Retrieved 26 July 2016.
- ""Finanzdepartement setzt "Beirat Zukunft Finanzplatz" ein"". admin.ch. 27 March 2015. Retrieved 26 July 2016.
- ""Banker of the Year": Axel Weber in Frankfurt geehrt". Handelsblatt. 16 November 2015. Retrieved 26 July 2016.
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