South Africa Appoints Economic Experts for G20 Report on Wealth Inequality
In a historic initiative, South Africa’s presidency of the Group of Twenty (G20) developed and developing nations has launched a comprehensive project to tackle global wealth inequality, with a report set to be presented to G20 Leaders. President Cyril Ramaphosa announced the formation of an Extraordinary Committee comprising six renowned economic experts, including Nobel Laureate Professor Joseph E. Stiglitz. The committee's formation comes amid growing concerns about the alarming increase in global wealth disparity, particularly worsened by shocks to international trade, financing, and the COVID-19 pandemic. Stiglitz pointed out that the wealthiest 1% have accrued wealth exceeding $33.9 trillion, a sum sufficient enough to eliminate global poverty 22 times over, highlighting the urgent need for actionable solutions. During the announcement, Ramaphosa emphasized the detrimental impacts of extreme inequality, which undermines social cohesion and economic progress. He noted that the current trajectory of wealth accumulation by a small elite poses systemic risks to the global economic and social order. The panel, which includes economists from Brazil, Uganda, India, and South Africa, aims to assess the current state of wealth and income inequality and provide policymakers with effective solutions. The urgency of their work is underscored by their commitment to presenting evidence-based policy proposals capable of addressing the challenges posed by escalating inequality. The six independent experts are: - Professor Joseph Stiglitz (USA): Nobel Laureate in Economics; university professor at Columbia University and chief economist of the Roosevelt Institute. - Dr Adriana E. Abdenur (Brazil): Brazilian social scientist, former Special Advisor in International Affairs in the office of President Lula of Brazil; co-founder of the Brazilian think tank, Plataforma CIPÓ, and current co-President of the Global Fund for a New Economy (GFNE). - Ms Winnie Byanyima (Uganda): Executive Director of UNAIDS and an Under-Secretary General of the United Nations; Convenor of the Global Council on Inequality, AIDS and Pandemics, and co-founder and co-chair of the People’s Medicines Alliance. - Professor Jayati Ghosh (India): Professor at the University of Massachusetts at Amherst, and Co-Chair: International Commission for the Reform of International Corporate Taxation. - Professor Imraan Valodia (South Africa): Professor of Economics; Pro Vice-Chancellor: Climate, Sustainability and Inequality, and Director of the Southern Centre for Inequality Studies, University of the Witwatersrand. - Dr Wanga Zembe-Mkabile (South Africa): Senior Specialist Scientist in the Health Systems Research Unit of the South African Medical Research Council, and an Extraordinary Professor at the UWC School of Public Health. As global leaders prepare for the G20 summit, the South African government hopes that the focus on inequality, historically sidelined, will take center stage, thanks to its initiative in launching the taskforce and its advocacy for a more equitable global economic framework. Multiple sessions and meetings are planned at various levels between September and November under South Africa's presidency, with the leaders' summit taking place on 22 and 23 November 2025. Image Credits: sanews.gov.za / g20.org
South Africa has appointed a panel of distinguished economists to address the pressing issue of global wealth inequality as part of its G20 Presidency. The initiative aims to provide comprehensive solutions to counteract the widening wealth gap exacerbated by recent economic shocks.
Macroeconomics and Monetary Economics (JEL E)
Hawaii Appoints Seth Colby as Chief State Economist
HONOLULU - The Department of Business, Economic Development and Tourism (DBEDT) of Hawaii announced the appointment of political economist Seth Colby as the new Chief State Economist. Colby will head the Research and Economic Analysis Division (READ), which is responsible for collecting and analyzing data related to Hawaii’s economy, covering crucial areas like tourism, labor, energy, and demographics. Colby joins DBEDT after serving as the tax research and planning officer for the Hawaii Department of Taxation, where he managed research on the state’s revenue system and macroeconomic forecasting. DBEDT Director James Kunane Tokioka expressed excitement over Colby's appointment, emphasizing the importance of comprehensive economic analyses in promoting a competitive and productive Hawaii economy. In his new role, Colby aims to lead the READ team to produce critical analytical products that will empower both public and private decision-making processes. Originally from California, Colby moved to Hawaii in 2016. He is fluent in both Portuguese and Spanish. In a recent interview with the Aloha Daily Newspaper, he revealed that it was as a result of his undergraduate degree in Biological Sciences and subsequent time in Africa in the US Peace Corps that he realised that "good intentions are not enough to bring billions of people out of poverty", and set him on his path towards development economics and political economy. While in Africa, he was confronted with the question of how it could be that people in developing countries could be working "just as hard, if not harder" than people he knew from the US, but were "five to eight times poorer". He was inspired to gain a Masters and later a PhD in Political Economy from John Hopkins University, and gained experience in economic and social development across Latin America, the Caribbean, and Africa with organizations such as the Inter-American Development Bank and the World Bank. Colby is the fourth person to hold the title of Chief State Economist, succeeding Dr. Eugene Tian, who retired after serving 15 years in the position. Image Credits: dbedt.hawaii.gov
Seth Colby, Ph.D., has been appointed as Hawaii's Chief State Economist by the Department of Business, Economic Development and Tourism (DBEDT). He will oversee data analysis on essential aspects of Hawaii's economy.
Economic Development, Innovation and Growth (JEL O)
Trump Moves to Remove Federal Reserve Governor Lisa Cook
In a contentious move, Trump has begun the process of removing Federal Reserve Governor Lisa Cook. The news broke as Trump published the termination letter to Cook on his social media platform, Truth Social. However, whether the move is legal or not is unclear. In US law, Fed governors can only be removed for some kind of wrongdoing, or "cause". Cook has not been charged with any crime, although has recently had to defend her actions related to mortgages she has taken out on two properties, after accusations from William Pulte, the Trump-appointed director of the Federal Housing Finance Agency (FHFA). The move has raised eyebrows among economists and politicians alike, spurring debates about the politicization of what has traditionally been viewed as a non-partisan institution. As Trump pushes forward with his agenda—aimed at reshaping governmental bodies to reflect his fiscal philosophies—his engagement in Federal Reserve operations indicates a desire to steer economic policy in a direction he deems more favorable. The implications of Cook's potential removal could be far-reaching, altering the dynamics of the Fed's decision-making and its response to ongoing economic challenges. The Trump administration's history with the Federal Reserve has often been characterized by tension and critique, particularly regarding interest rate hikes and inflation management strategies. Analysts are concerned that such political maneuvers might undermine the Federal Reserve's autonomy, which is essential for effective economic governance. As this story develops, it will be closely monitored by financial markets and political observers alike, with a potential impact on U.S. monetary policy going forward. Appointed during the Biden administration, Cook’s tenure has seen her engage in pivotal discussions regarding interest rates, inflation, and economic policy. Trump's motives appear tied to dissatisfaction with the Fed's current monetary policies, particularly its response to rising inflation rates. Critics argue that her removal could destabilize the Federal Reserve at a time when consistent leadership is crucial for maintaining economic stability. Cook is the first Black woman to serve on the Fed Board and has been a proponent of addressing social and economic inequalities through monetary policy. After completing her first BA at Spelman College, Cook was a Marshal Scholar at Oxford University, where she gained a BA in PPE (Politics, Philosophy and Economics). She moved to Senegal to gain a Master's Degree in Philosophy from Cheikh Anta Diop University. During a field trip in which she climbed Mount Kilimanjaro with an economist, she was inspired to shift from Philosophy to Economics, and gained her PhD from Berkeley in 1997. She has worked as an academic at Harvard, Stanford and Michigan State, and was appointed as a member of the Federal Reserve Board in 2022.
President Donald Trump has initiated steps to remove Federal Reserve Governor Lisa Cook, marking a significant political maneuver as he aims to reshape the Fed's direction. Cook's potential removal surfaces amidst broader controversies surrounding monetary policy amid inflationary pressures.
Public Economics & Economic Policy (JEL H)
Commonwealth Bank Appoints Belinda Allen as Head of Australian Economics
In her new role, Allen will focus on creating the Bank's Australian economic forecasts and analysis regarding the Reserve Bank of Australia's cash rate. Currently serving as a Senior Economist within CBA's Global Economic and Markets Research (GEMR) team, she has been with the bank since 2017 and has built a reputation for providing valuable insights on the Australian economy and financial markets. Luke Yeaman, Chief Economist at CBA, stated: Belinda has established herself as a trusted and authoritative voice on the Australian economy over a long period. Her deep expertise will be instrumental as we continue to lead the national conversation on key economic issues. In her own words, Allen expressed her enthusiasm for the role, noting: "It's an honour to take on the role of Head of Australian Economics at CBA. I'm excited to lead our talented team in delivering timely, actionable insights." The appointment is part of a broader restructuring within CBA’s GEMR, which now features four teams. New leadership roles have also been created, with Vivek Dhar heading Commodities and Sustainable Economics, and Adam Donaldson appointed as Head of Market Strategy and Rates Research, further strengthening CBA's research capabilities as they navigate complex economic trends. CBA's reorganization aims to enhance its dedication to providing insightful analysis that can guide customers through an evolving economic landscape, reflecting the increasing complexity of global financial dynamics. Belinda Allen has a wealth of experience as a financial markets economist. She joined the Commonwealth Bank in 2017; prior to joining the CBA, Allen spent over 10 years at Colonial First State Global Asset Management, working as a Senior Analyst in the Economic and Market Research team. Allen holds a Bachelor of Economics and Bachelor of Applied Finance from Macquarie University and has been awarded the CFA designation. Allen is also a Committee Member on the NSW Women in Economics Network. Image Credits: miragenews.com
The Commonwealth Bank of Australia (CBA) has officially appointed Belinda Allen as the new Head of Australian Economics. She brings extensive expertise and insights into the economic landscape, enhancing CBA's economic research capabilities.
BlackRock's Larry Fink Named Interim Co-Chairman of World Economic Forum
Fink's appointment is seen as a strategic move, given BlackRock's significant influence in the financial sector and Fink's understanding of the interplay between economics, politics, and environmental sustainability. Fink has long been an advocate for corporate responsibility and sustainable finance, aligning closely with the WEF's mission to improve the state of the world through public-private cooperation. His leadership is expected to guide the WEF through upcoming discussions that will focus on crucial challenges such as climate change, inequality, and the future of work. The World Economic Forum, a not-for-profit non-governmental organization and think tank known for its annual meetings in Switzerland, has always been at the forefront of fostering dialogue among global leaders. Fink's interim appointment is anticipated to enhance those discussions. As the world navigates through recovery from the pandemic and economic uncertainties, Fink's insights will be invaluable in shaping the responses of businesses and governments alike. This announcement comes as the WEF looks to bolster its leadership amid shifting global economic dynamics and amid a recent announcement that an internal investigation has cleared WEF founder Klaus Schwab of allegations made by anonymous whistleblowers involving expense irregularities. Schwab stepped down from the WEF in April of this year. Stakeholders in the global economy remain optimistic about the diverse perspectives that Fink will bring to the WEF, especially in advocating for sustainable business practices and investment strategies that prioritize long-term growth and resilience. This appointment marks a significant moment for both Fink and the WEF, indicating a continuation of their commitment to tackling pressing issues while adapting to a rapidly changing global landscape. Image Credits: msn.com
Larry Fink, chairman and CEO of BlackRock, has been appointed as the interim co-chairman of the World Economic Forum (WEF), signaling a strategic shift in the organization’s leadership, as MSN reports.
CEPA plays a crucial role in providing guidance to the United Nations on how best to develop and implement effective governance frameworks that can foster good governance around the world. As such, Nilsson's extensive background in public administration is set to bring valuable insights to CEPA’s functions. Nilsson's dedication and experience illustrate a commitment to enhancing public administration on a global scale; with many years of experience in various governmental roles, he is well-versed in the challenges and opportunities that exist within public service sectors. His appointment has been welcomed by colleagues and experts who recognize the critical nature of governance in achieving the United Nations Sustainable Development Goals (SDGs). As CEPA addresses pivotal issues such as transparency, inclusion, and efficiency in public services, Nilsson's expertise is expected to enhance deliberations and contribute to improved policies. “He brings a wealth of knowledge and experience that will help shape responses to contemporary governance challenges globally,” commented a representative from the UN. As the world faces unprecedented challenges, including the ongoing aftermath of the COVID-19 pandemic, Nilsson's role in CEPA will be instrumental in guiding member states to adopt best practices in governance to ensure that public institutions work effectively for all citizens. For more information about CEPA and its initiatives, visit the United Nations' official page. Måns Nilsson serves as the Executive Director of the Stockholm Environment Institute (SEI). His responsibilities include directing, organizing and delegating all work at SEI and its seven centers worldwide. He is a scholar of policy science with more than 60 published papers whose interests include policy coherence, integrated decision making, energy and industry transitions, and development policy. Nilsson has been an advisor to the UN, the OECD, the European Commission, and the Government of Sweden in recent years. He is a member of the Royal Swedish Academy of Agriculture and Forestry (KSLA). He received his MSc from University of Lund and his PhD from Delft University of Technology. Image Credits: sei.org
Måns Nilsson, current Executive Director of the Stockholm Environment Institute, has been appointed to the United Nations Committee of Experts on Public Administration (CEPA) reports the SEI, bringing his extensive experience in public administration and governance to the important role.
Agricultural and Environmental Economics (JEL Q)
Zhu Haibin Appointed Executive Director of Research at Hong Kong Monetary Authority
Dr. Zhu was previously the Chief Economist for China at J.P. Morgan, and has a robust track record of contributions to research and analysis of monetary policy and macroeconomic trends, both in China and globally. As the new Executive Director, Dr. Zhu will lead the HKMA's research team and focus on critical areas including economic and financial system stability, monetary policy research, and data analytics. This role is pivotal in guiding the HKMA in its mission to promote the stability of Hong Kong’s monetary and financial systems. The Hong Kong Monetary Authority was founded in April 1993, and has three main functions: maintaining currency stability via the linked exchange rate system tying the Hong Kong Dollar to the U.S. Dollar; promoting the stability and integrity of the banking system; and helping to maintain Hong Kong's status as a financial hub. Dr. Zhu’s appointment comes at a significant time as the HKMA navigates complex financial landscapes, particularly in the post-pandemic economy. The authority values Dr. Zhu's insights, stemming from his academic credentials and practical experiences in financial services, to enhance its policy-making processes. Commenting on his new position, Dr. Zhu expressed his enthusiasm for contributing to Hong Kong’s economic development and his commitment to fostering a transparent and robust financial regulatory framework. His leadership is expected to not only benefit the HKMA but also the broader Hong Kong financial ecosystem. Dr. Zhu’s extensive experience and deep understanding of both local and international markets position him as a capable leader in steering research efforts at the HKMA. Dr. Zhu obtained his Ph.D. in economics from Duke University, holds an M.A. in Economics from the Graduate School of People’s Bank of China, and holds a B.S. in Information Management from Peking University. Mr. Zhu was formerly a research economist at the Bank for International Settlements (BIS) for over a decade, starting in 2001. He joined J.P. Morgan in 2011; from 2016-2020, Mr. Zhu served as the Head of China Equity Strategy at J.P. Morgan. His areas of expertise include China's economy, banking regulation and financial stability, equity strategy and asset allocation, and he has published dozens of papers on these subjects in peer-reviewed journals. Image Credits: Faculty of Social Sciences of the University of Hong Kong, Pixabay
The Hong Kong Monetary Authority (HKMA), the central banking institution of Hong Kong, announced the appointment of Dr. Zhu Haibin as its new Executive Director of Research, taking effect on October 1, 2025. Dr. Zhu, an experienced economist, will play a crucial role in shaping monetary policy and financial regulatory frameworks in Hong Kong.
Dr. Richard Whittle Appointed as New Professor of AI and Public Policy at University of Salford
The University of Salford has announced the appointment of Dr. Richard Whittle as Professor of Artificial Intelligence (AI) and Public Policy at its Business School. Dr. Whittle, who previously served as a University Fellow, brings a robust interdisciplinary research background that blends artificial intelligence, behavioral economics, and public policy. With a strong focus on national and regional policy, Dr. Whittle has published in leading journals such as Public Administration and has provided consultancy to various organizations. His research funding comes from distinguished sources such as the Economic and Social Research Council (ESRC). Notably, Dr. Whittle is involved with Manchester City Council’s digital strategy, contributing to the mapping of the city's AI ecosystem and advocating for ethical design practices in technology. In this new position, Dr. Whittle will aim to lead research programs that investigate the political economy of AI while promoting inclusive economic development. Expressing his enthusiasm about the new role, Dr. Whittle remarked, “I’m excited to collaborate with colleagues across the University and region to help ensure AI supports inclusive, fair, and sustainable futures.” Professor Katy Mason, Pro Vice-Chancellor of Salford Business School, expressed confidence in Dr. Whittle's capacity to address critical societal challenges through research. His addition to the academic leadership team is anticipated to enhance the university’s impact on regional and national levels. The appointment is also interesting, with Whittle's background in economics and public policy implying increasing recognition of the impact, current and potential, of AI on these areas of public life. Image Credits: salford.ac.uk
Dr. Richard Whittle has been appointed Professor of Artificial Intelligence and Public Policy at the University of Salford’s Business School, focusing on responsible AI and economic transformation.
Tributes Pour in for Lord Meghnad Desai, Renowned Economist and Politician
Lord Meghnad Desai, a distinguished economist known for his profound impact on economic theories and policies, has died at the age of 85. He was an influential member of the House of Lords and served as a professor at the London School of Economics (LSE), where he was regarded as a trailblazer in economic discourse. Desai's academic career was marked by a dedication to exploring the intricacies of economic policy, development, and global financial systems. His work extended beyond academia, making significant contributions to public policy that resonated in a variety of national and international contexts. He was particularly noted for his critiques of economic structures and advocates for more inclusive approaches to economic governance. In the wake of his passing, many from various sectors of the political and academic community have expressed condolences, highlighting his unique ability to bridge the gap between rigorous economic theory and practical application. His insights often challenged conventional wisdom, encouraging innovative approaches to tackling economic challenges. Desai also made history as one of the first Indian-born members of the House of Lords, which underscored his commitment to fostering a greater understanding of economic issues from a diverse perspective. The legacy of Lord Meghnad Desai will continue through his vast body of work, inspiring future generations of economists, policymakers, and scholars. The LSE reported the many tributes to Lord Desai, celebrating not just his economic brilliance but also his engaging personality and vast intellect that enriched conversations on crucial economic issues in the modern world. Image Credits: blogs.lse.ac.uk
Lord Meghnad Desai, a celebrated economist and member of the House of Lords, has passed away at the age of 85. His contributions to economic thought and public policy were instrumental in shaping modern economics.
Portugal Nominates Alvaro Santos Pereira as New Central Bank Governor
LISBON (Reuters) - The Portuguese government has nominated Alvaro Santos Pereira, the current chief economist at the Organisation for Economic Cooperation and Development (OECD), to become the next governor of the central bank. His nomination comes following the end of Mario Centeno’s term, which officially concluded on July 19. The announcement was made by Cabinet Minister Antonio Leitao Amaro during a weekly cabinet meeting. The central bank governor's role is critical and comes with a five-year term, with the possibility of reappointment. Prior to officially taking office, Pereira will need to face questioning from a parliamentary committee; however, this committee holds no power to veto his nomination. It's common in Portugal for heads of regulatory bodies to continue in their positions for months after their official terms have ended, a scenario that occurred with Centeno as well, who had expressed his willingness to remain in the role. This nomination highlights the importance of leadership within Portugal's financial landscape, especially as economic conditions evolve. The appointment is now set to undergo the next steps in the approval process, continuing to attract attention within both political and economic spheres. Credits: Banco de Portugal / REUTERS/Pedro Nunes
The Portuguese government has announced the nomination of Alvaro Santos Pereira as the next governor of the central bank, succeeding Mario Centeno, whose term ended in July. Pereira, chief economist at the OECD, must undergo parliamentary questioning before his appointment. Centeno's tenure faced criticism for perceived lack of independence after transitioning from finance minister to central bank governor.
Professor Jagjit Chadha Appointed Fellow of Gresham College
In a press release, the University of Cambridge has announced that Professor Jagjit S. Chadha, a distinguished academic at the Faculty of Economics at the University, has been appointed a Fellow of Gresham College, an esteemed institution known for its public lectures since 1597. Chadha, who previously held the title of Mercers' Memorial Professor of Commerce at Gresham College from 2014 to 2018, expressed his honor in continuing his collaboration with the college which aims to promote public knowledge in the arts and sciences. In his tenure at Gresham, he delivered 24 lectures focused on enhancing public understanding of economics and economic policy. "I am honoured and delighted to be recognised by Gresham College in this way. My 24 lectures were designed to support public understanding of economics and economic policy but I think I learned the most from their delivery," stated Professor Chadha. He will now be in a position where he can also make contributions to the college's Academic Board. In addition to his new role, Professor Chadha has also been appointed a Visiting Professor at Birkbeck, part of the University of London, where he will be engaged with the Economics Group for the next three years. Plans are in discussions about introducing an Annual State of Economic Address. Chadha has an illustrious academic background, having served as Director of the National Institute of Economic and Social Research until December 2024, and has previously held positions at the University of Kent and the University of St Andrews. His contributions to the field have been recognized with an OBE in the 2021 Queen's Birthday Honours, and he was elected a Founding Fellow of the Royal Economic Society in 2025. This appointment highlights Professor Chadha's ongoing commitment to economic discourse and public education in the field. Image Credits: econ.cam.ac.uk / gresham.ac.uk
Professor Jagjit Chadha from the Faculty of Economics at Cambridge has been appointed a Fellow of Gresham College.
EABCN Takes Over ECB's Area Wide Model (AWM) Database
The Euro Area Business Cycle Network (EABCN) has officially assumed control over the Euro Area Business Cycle Dating Committee's (EABCDC) Area Wide Model (AWM) database, which was decommissioned by the European Central Bank (ECB) in 2010. The AWM database, instrumental for empirical work on the euro area, has not been updated since 2019. It is hoped that the EABCN's involvement will rejuvenate this important resource, allowing for regular updates twice a year in conjunction with EABCDC meetings. The AWM database provides a foundational source for analyzing the euro area’s economic fluctuations and is significant for output gap estimations among other economic indicators. The recent transition of data management to EABCN may come as a relief for both both academic researchers and policy institutions focused on the euro area's economic stability who benefit from reliable data about business cycles within the Eurozone. Image Credits: Peter Hermus / Getty Images, via Canva Teams
The Euro Area Business Cycle Network (EABCN) has taken responsibility for updating the Euro Area Business Cycle Dating Committee’s (EABCDC) Area Wide Model (AWM) database, originally managed by the ECB. This move aims to enhance the availability of the data for research on the euro area business cycle, with plans for updates twice yearly.
Econometrics, Statistics and Quantitative Methods (JEL C)
IMF Appoints Rodrigo Valdes as Director Fiscal Affairs Department
In a significant leadership change, the International Monetary Fund (IMF) has announced the appointment of Rodrigo Valdes, originally from Chile, as the new Director of the Fiscal Affairs Department. This decision was made public on July 17, 2025, indicating a commitment to enhancing fiscal policies worldwide. Valdes steps into this role following the departure of Vicky Sterlini, who has served the department with distinction and is now retiring after a notable tenure. Rodrigo Valdes comes to this position with a wealth of experience in economic policy and fiscal management, having served in various capacities within government and international organizations. His extensive background includes leadership roles that influence fiscal policy development, economic reforms, and sustainable growth initiatives. IMF Managing Director Kristalina Georgieva expressed confidence in Valdes’s abilities, stating: “I am pleased to announce that Rodrigo Valdés will assume the role of Director of the Fiscal Affairs Department. I am also delighted that this appointment represents the first time in FAD’s 60-year history that an Emerging Market economist will lead the department.” Valdes's expertise is expected to drive forward the department's objectives, ensuring that governments are better equipped to manage their fiscal challenges, especially in the wake of global economic shifts. The Fiscal Affairs Department is central to the IMF's work, focusing on advising countries on best practices for fiscal policy, budgeting, and tax reforms. Image Credits: imf.org
The International Monetary Fund (IMF) has appointed Rodrigo Valdes as the new Director of the Fiscal Affairs Department, effective immediately. Valdes, who succeeds the retiring Vicky Sterlini, brings extensive experience in economic policy and fiscal management.
Banco de España Announces New Appointments
The Banco de España has announced (in Spanish) two key appointments. David López Salido has been appointed as the new Director General of Economy. He moves to his new role in Madrid from the US Federal Reserve in Washington D.C., where he held the position of Senior Associate Director for Monetary Affairs. Salido's extensive background in economic analysis and policy-making positions him as a pivotal figure in shaping the economic strategies of the Banco. Alongside him, Galo Nuño has been designated as the Director General of Institutional, European and Transparency Relations. Nuño moves from his position as Associate Director General Economics at the bank. His experience in institutional relations emphasizes Banco de España's commitment to transparency and fostering strong ties with various stakeholders in the European financial landscape. These appointments come at a crucial time as the Banco continues to navigate the complexities of economic recovery and financial stability in the current global context. Both López Salido and Nuño expressed their readiness to tackle the challenges ahead and to work collaboratively with their teams to enhance the effectiveness of Banco de España's initiatives. The institution aims to strengthen its role in ensuring a sound monetary policy and contributing positively to Spain's financial ecosystem, reinforcing confidence and stability amidst ongoing changes in the economic environment. The new roles reflect the Banco’s priorities in addressing economic concerns and fostering cooperation between institutions in Europe, which are imperative for its ongoing mission to promote financial stability and economic growth in Spain. Image Credits: bde.es
David López Salido has been appointed as the Director General of Economy at Spain's national bank, while Galo Nuño will take on the role of Director General of Institutional, European and Transparency Relations at Banco de España.
Dr. Dominik Steinkühler Appointed New Head of Group Development and Economics at KfW
In a recent announcement, KfW revealed that Dr. Dominik Steinkühler will take on the role of Head of Group Development and Economics beginning September 1, 2025. Dr. Steinkühler, 44, will inherit responsibilities that encompass corporate strategy, sustainability, strategic planning, and management as well as overseeing the innovation and economics research departments at KfW. Dr. Steinkühler's prior experience includes being a partner at the growth capital firm Vorwerk Ventures, where he founded the Climate Investment department. His impressive credentials also include having served as Managing Director and CFO at Friday Insurance and an executive board member at Commerzbank. Additionally, he has a PhD in business administration from RWTH Aachen University and studied at WHU – Otto Beisheim School of Management. Stefan Wintels, CEO of KfW, expressed confidence in Dr. Steinkühler's extensive banking expertise and stakeholder experience, emphasizing the necessity for KfW to mobilize private capital effectively to strengthen Germany's economic position. Wintels stated, "I am delighted to welcome Dr. Dominik Steinkühler, an experienced strategy expert, to KfW." This leadership transition follows Dr. Susanne Maurenbrecher's promotion to General Manager of KfW, effective October 1, expanding her contributions to the organization. Image Credits: kfw.de / vorwerkventures.com
Dr. Dominik Steinkühler has been appointed as the new Head of Group Development and Economics at KfW, effective September 1, 2025. He succeeds Dr. Susanne Maurenbrecher, who will become General Manager in October.
Mark Calabria Appointed as Chief Statistician of the U.S.
In a significant move for the U.S. government's statistical operations, the White House Office of Management and Budget appointed Mark Calabria as the chief statistician of the United States. Calabria, who also serves as a senior economist and has previous roles within the Trump administration, takes over from Karin Orvis, who held the position since 2022. In his new role, Calabria will chair the Interagency Council on Statistical Policy. The chief statistician role is vital in managing and coordinating the decentralized system of federal statistical agencies, including the Census Bureau and the Bureau of Labor Statistics. It primarily involves setting statistical standards, overseeing policy, and ensuring the effective dissemination of important data. Calabria expressed his eagerness to take on these additional responsibilities in his recent post. Calabria's background includes serving as a senior adviser at the Cato Institute and as the chief economist to former Vice President Mike Pence. He holds a PhD in economics from George Mason University, positioning him well to take on the hefty tasks that come with overseeing the federal statistical landscape. Image Credits: x.com / statspolicy.gov
Mark Calabria has been appointed as the chief statistician by the White House, succeeding Karin Orvis. The move was announced by Calabria himself via X, and reported by Washington news outlet FedScoop.
Teresa Garcia-Milà Assumes Presidency of Cercle d’Economia
In a notable advancement of her esteemed career, Teresa Garcia-Milà has been elected as the President of Cercle d’Economia, a leading economic institution in Spain. Known for her significant contributions to the economic sector, Garcia-Milà's election underscores her influence in shaping economic policy and thought in Europe. She will hold the position for three years, until 2028. Cercle d’Economia is a prominent think tank that facilitates dialogue on critical economic and social issues, involving leaders from various sectors, and her appointment is expected to bring forward a blend of innovation and tradition to its leadership. Garcia-Milà's role is expected to enhance the organization's influence further in the economic discourse in Spain and beyond. Garcia-Milà's election coincides with her inclusion in Forbes' Top 100 list of most influential women in Catalonia, a testament to her leadership capabilities and her impactful contributions to the field. The recognition by Forbes underscores her role as a significant figure among economic leaders globally, demonstrating her leadership in economic governance and policy-making. Her roles so far and her involvement in various economic forums, have been instrumental in her journey to this prestigious position. Having obtained her PhD at the University of Minnesota, Garcia-Milà now holds positions as General Director of the Barcelona School of Economics (BSE), a Professor at Universitat Pompeu Fabra (UPF), and an Associate Researcher at the Center for Research in International Economics (CREI). She will combine these with her new role as President of Cercle D'Economia. Her presidency aligns with ongoing efforts to foster economic dialogue and development, particularly at a time when economic resilience is crucial globally. Garcia-Milà’s new role promises to foster enhanced collaboration across sectors, bringing innovative solutions to the forefront of economic challenges and opportunities. Image Credits: bse.eu
Teresa Garcia-Milà, a prominent figure in the economic sector, has been elected as the new President of Cercle d’Economia, marking a significant milestone in her career. The news was announced by Barcelona School of Economics, which she leads as General Director. Her leadership and contributions in the economic field also earned her a spot on Forbes' prestigious Top 100 list of most influential women in Catalonia.
Urban, Rural and Transportation Economics (JEL R)
Winners Announced for the 21st Korea Times Economic Essay Contest
Rosskopf, a student at the University of Göttingen currently participating in an exchange program at Seoul National University, was recognised for her essay "Where did the bank go? Rebuilding spatial memory in digital finance". Lee, a student at Hanyang University, won for his essay "Face over Interface: How smarter branches can reconnect with ging customers". The contest, which is an opportunity for budding economists to share innovative perspectives, drew numerous submissions from across the globe. Dorothea Rosskopf and Lee Jae-hyeong's essays stood out for their originality, depth, and potential impact on real-world economic scenarios. Judging criteria included the clarity of the argument, the robustness of the analysis, and the feasibility of the proposed solutions. This annual event serves as a platform for young economists to gain recognition and contribute to the ongoing discourse in the field of economics. The competition's primary objective is to encourage critical thinking and the exploration of new economic thought approaches among entrants. Winners were awarded prizes worth 3 million won ($2,202) and had the opportunity to present their ideas to a panel of seasoned economists and academics, providing them with valuable feedback and further insights into their chosen topics. Three other students from Ghana, Korea and Sweden, all studying in Korea, received a commendation and a 1 million won prize. A ceremony on June 17, 2025 celebrated their achievement, showcasing how both individuals explored critical economic issues. The essays will be published in leading academic journals, as well as in the Korea Times, offering Rosskopf and Lee an important springboard as influential young voices in the world of modern economics. Image Credits: koreatimes.co.kr / essaycontest.koreatimes.co.kr
Dorothea Rosskopf and Lee Jae-hyeong have been announced as winners in the Korea Times' 21st Economic Essay Contest, showcasing exemplary work in the field of economics.
Alena Wabitsch Wins the 2025 Young Economist Prize at ECB Forum
The award was given at the ECB Forum on Central Banking, an annual event that attracts top policymakers, academics, and market economists. This year, the forum was held between 30 June and 2 July in Sintra, Portugal, and focused on the theme "Adapting to Change: Macroeconomic Shifts and Policy Responses." Wabitsch's research paper, "The Messenger Matters" delves into how the messenger impacts the reach and influence of policy communication. Using big data and experimental models, she concluded that selecting the right messenger can maximize welfare, proving to be a powerful policy tool. Her entry included a poster and video summary: The Young Economist Prize is aimed at PhD students who submit papers on pressing economic themes relevant to the euro area. This year's topics included the macroeconomic implications of structural changes in the labour market, the prudential treatment of non-bank financial intermediaries, and the evolving architecture of international trade. Reacting to the news last month that two of its students were recognised at the Forum, including Wabitsch, the Department of Economics at the University of Oxford stated in a press release: "We’re delighted to share that two of our DPhil students, Alena Wabitsch and Lovisa Reiche, have been selected as finalists for the European Central Bank’s 2025 Young Economist Prize." Upon the announcement of Alena Wabitsch as the winner, the department added: "We are delighted to share that Alena Wabitsch has been announced as the winner of the 2025 ECB Young Economist Prize. Her paper, “The Messenger Matters”, was recognised for its innovation, rigour, and policy relevance at the ECB Forum on Central Banking in Sintra. Congratulations, Alena!" The full list of finalists consisted of: Alena Wabitsch (University of Oxford) for her paper "The Messenger Matters" Thomas Bourany (The University of Chicago) for his paper "The Optimal Design of Climate Agreements" Leonardo D’Amico (Harvard University) for his paper "Capital Market Integration Boosts US Growth" Friederike Fourné (Ludwig Maximilian University Munich and ifo Institute) for her paper "Micro identification of material shocks" Marko Irisarri (Universitat Pompeu Fabra Barcelona) for his paper "Entrepreneurship Across Cities: Uncovering Policy" Patrizia Massner (Stockholm University) for her paper "Should elder care be subsidized?" Lovisa Reiche (University of Oxford) for her paper "Exposure Matters When in Doubt" Giovanni Sciacovelli (Northwestern University) for his paper "Adjustable Mortgages & Monetary Policy" Jacob Sundram (University of Copenhagen) for his paper "Foreign Spillovers of Monetary Policy" Giovanni Trebbi (Tilburg University) for his paper "Inflation Narratives and Expectations" All participating finalists attended the forum from June 30 to July 2, 2025, where their research was assessed by a jury comprised of academics and ECB staff. In addition to a 10,000 euro award, Wabitsch and other finalists engaged in forum activities, including panel discussions and expert talks, fostering a dynamic exchange of ideas on economic challenges and policy solutions. Image Credits: ecb.europa.eu
The European Central Bank (ECB) has announced Alena Wabitsch from the University of Oxford as the winner of the 2025 Young Economist Prize.
Claudine Bouchard Named CEO of Hydro-Québec
Hydro-Québec's Board of Directors has officially appointed Claudine Bouchard as the new President and Chief Executive Officer, starting her tenure on July 5, 2025. Bouchard, a seasoned veteran at the company with over 25 years of experience and currently serving as Executive Vice President and Chief Operating and Infrastructure Officer, is well-recognized for her visionary leadership. She has played a pivotal role in developing the company's Action Plan 2035 and spearheaded initiatives that have significantly reduced service outages by 50% in 2024. During her career at Hydro-Québec, Bouchard has demonstrated strategic expertise and a results-driven management approach, overseeing the company's vast energy infrastructure which includes 88 hydropower stations and 264,000 km of power lines. Her new role will involve managing a $200 billion infrastructure plan and furthering agreements with Newfoundland and Labrador. The board expressed its confidence in Bouchard’s capability to guide Hydro-Québec through this new phase of development and enhance the company’s contribution to Québec’s economic and green energy future. Both François Legault, Premier of Québec, and Christine Fréchette, Minister of Economy, praised Bouchard as a visionary who combines practicality with strategic execution, crucial for leading Hydro-Québec in its mission during these transformative times. In her biography on the website of Hydro-Québec, Ms. Bouchard is described as the first woman in Québec to graduate from Harvard Business School’s Advanced Management Program. She also holds a Bachelor of Science from Université de Montréal and an MBA from Université du Québec à Montréal and Université du Québec à Chicoutimi. In October 2021, Ms. Bouchard received the prestigious Woman of WaterPower Award from Women in Renewable Energy (WiRE) and WaterPower Canada (WPC) in recognition of her contribution to the Canadian hydropower industry and the advancement of women in the renewable energy sector. In December 2024, she was awarded the King Charles III Coronation Medal, bestowed on Canadians having demonstrated dedication and commitment to the well-being of society. Image Credits: news.hydroquebec.com
Hydro-Québec has announced the appointment of Claudine Bouchard as its new President and CEO. With over 25 years of experience at the company, Bouchard's leadership will focus on advancing the Action Plan 2035 and leading prominent infrastructure projects.