Axel A. Weber

Axel Weber
Axel Weber
Born	March 8, 1957 (age 69); Kusel, Germany
Occupation(s)	Economist, academic, banking executive
Years active	1982–present
Known for	President of Deutsche Bundesbank (2004–2011), Chairman of UBS Group AG (2014–2022)

Axel Alfred Weber (born 8 March 1957) is a distinguished German economist, academic, and banking executive. He currently serves on the board and holds the position of chairman at the Swiss investment bank and financial services firm UBS Group AG, with his departure scheduled for 7 April 2022.

Weber held the presidency of the Deutsche Bundesbank and was a member of the European Central Bank Governing Council from 30 April 2004 until 30 April 2011. Additionally, he is affiliated with the Group of Thirty.

Early life and education

Originating from Kusel, Germany, Weber pursued studies in economics and public administration at the University of Constance between 1976 and 1982, where he earned a master's degree (Diplom) in economics.

He achieved a Dr. rer. pol. doctorate in economics at the University of Siegen in 1987 and furthered his academic research at both the University of London and Tilburg University. Between 1992 and 1993, he held a teaching position in Washington, D.C.. In 1994, Weber completed his habilitation in Economics at the University of Siegen. He has been awarded honorary doctorates by the University of Duisburg-Essen and the University of Konstanz.

Career

Between 1982 and 1988, Weber served as a research assistant specializing in monetary economics at the University of Siegen, during which time he earned his doctoral degree in 1987. Following his habilitation completion at Siegen in 1994, he was appointed Professor of Economic Theory at the University of Bonn. In 1998, he transitioned to Goethe University Frankfurt, where he led the Center for Financial Studies from 1998 to 2001, then directed the Center for Financial Research at the University of Cologne from 2001 until 2004.

In 2001, Weber assumed the role of Professor of International Economics at the University of Cologne and was a member of the German Council of Economic Experts between 2002 and 2004. From 2002 to 2011, he also served as an expert consultant to the Deutsche Bundesbank.

Bundesbank

Finance minister Hans Eichel appointed Weber as President of the Deutsche Bundesbank in 2004, succeeding Ernst Welteke. Concurrently, he became a member of the Governing Council of the European Central Bank. His responsibilities included serving on the Board of Directors for the Bank for International Settlements (BIS), acting as Germany’s governor to the International Monetary Fund, and participating in meetings with finance ministers and central bank governors within both the G7 and G20. From 2010 to 2011, Weber contributed to the Steering Committees for both the European Systemic Risk Board and the Financial Stability Board.

On 9 February 2011, Weber declared his intention to resign as Bundesbank President effective from 30 April 2011, stepping down one year prior to his term’s conclusion. This resignation enabled him to be considered as a candidate for president of the European Central Bank, succeeding Jean-Claude Trichet in November 2011.

University of Chicago

During 2011–2012, Weber held a visiting professorship at the University of Chicago Booth School of Business, where he taught "Central Banking: Theories and Facts." In addition, he took part in the Federal Reserve Bank of Kansas City’s Economic Policy Symposium held near Moran by Jackson Hole, Wyoming in 2011.

UBS AG

In 2012, Weber became a member of the Board of Directors at the Swiss financial institution UBS AG, and in November 2014, he assumed the role of chairman of UBS Group AG, taking over from Kaspar Villiger. His selection was revealed in 2011, prior to Villiger’s planned retirement in 2013. Weber stepped down from his position at UBS AG on 6 April 2022.

From 2012 onwards, Weber has led the Governance and Nominating Committee and, beginning in 2013, took on the chairmanship of the Corporate Culture and Responsibility Committee.

Regulatory agencies

Member of the International Advisory Council at the China Banking and Insurance Regulatory Commission (CBIRC)
Member of the International Advisory Council at the China Securities Regulatory Commission (CSRC)
Member of the International Advisory Panel for the Monetary Authority of Singapore (MAS)

Corporate boards

Serves on the International Panel of Temasek Holdings

Non-profit organizations

Distinguished Fellow at the Center for Economic and Policy Research (CEPR) since 2019
Chairman of the Board at the Institute of International Finance (IIF) since 2016
Chair of the Board of Trustees at the German Institute for Economic Research (DIW) since 2015
Member of the Council for the Future of Europe at the Berggruen Institute since 2011
Board member of the Swiss Finance Council
Participant in the European Group of the Trilateral Commission
Board member of the Swiss Bankers Association
Board member of the International Monetary Conference
Board member of the Financial Services Professional Board
Member of the Group of Thirty
Trustee member at Avenir Suisse
Board member of IMD Foundation
Member of the European Financial Services Roundtable (EFR)
Member of the European Banking Group
Part of the International Advisory Panel for the Monetary Authority of Singapore
Advisory Board member for the Department of Economics at University of Zurich
Advisory Board member at Zukunft Finanzplatz

Recognition

Towards the end of 2015, Weber received Germany’s "European Banker of the Year 2014" award from the International Association of Economic Journalists (Group of 20+1). In that same year, he was honored with the first-ever Prix Marjolin Prize presented by SUERF’s Council of Management.

Selected works

Neue Klassische Makroökonomie, rationale Erwartungen und kontemporäre Information: Theoretische Analyse, ökonometrische Testprobleme und empirische Evidenz für die Bundesrepublik Deutschland unter Verwendung des Kalman-Filters (1988)
The Asian Financial Crisis: Causes, Contagion and Consequences, editor, Cambridge University Press (1999)
The Euro: A Challenge and Opportunity for Financial Markets, editor, Routledge (1999)
Monetary Policy and Credibility: Theories and Facts, Mimeo

External links