World’s Safest Banks 2025 Rankings Announced by Global Finance Magazine
November 5, 2025 - Global Finance has unveiled its latest rankings of the World’s Safest Banks, expanding the list to include the top 100 as the global banking sector confronts challenges arising from U.S. tariff policies and fierce competition. The revised rankings provide deeper insights into the banking sector's resilience amid ongoing economic volatility. Amid disruptions to global trade and supply chains caused by changing tariff policies, inflationary pressures and a slowdown in global growth have become prominent concerns. The World Trade Organization (WTO) has adjusted its forecast for global trade volume growth in 2025 to 2.4%, a rise from earlier predictions of 0.9% in August. However, the outlook for 2026 is less optimistic, with anticipated growth falling to 0.5%. Economic forecasts from the OECD indicate a slight decline in global GDP growth, from 3.3% in 2024 to 3.2% in 2025 and further down to 2.9% in 2026. The U.S. economy is projected to experience a drop from 2.8% to 1.8% growth in 2025, while growth in the Euro area is forecasted to decrease to 1.2%. In this environment, banks that have embraced technology and generative artificial intelligence (GenAI) to adapt their business models have emerged as leaders. Institutions such as the Saudi National Bank and Al Rajhi Bank have benefitted from upgrades in credit ratings, allowing them to join the top 100 list. Moody’s recent downgrades of banks in France and China reflect the ongoing impact of sovereign ratings on bank rankings, demonstrating the interconnected nature of fiscal challenges and banking stability. The rating is taken from the 500 largest banks that are rated by at least two of the three major ratings agencies (Fitch, S&P, Moodys): The top four worldwide are, in some way, all part-owned or affiliated with state institutions and all received top scores with all three agencies: KfW Bank (Germany) Zuercher Kantonalbank (Switzerland) BNG Bank (Netherlands) Landwirtschaftliche Rentenbank (Germany) All of the top ten are in based in Europe, with four in Germany, two each in the Netherlands and Switzerland, and one each in Norway and Sweden. The highest rank non-European bank is the Bank of Canada, in 11th spot, which was also rated as the safest commercial bank. Several banks from Singapore and South Korea appear in the top twenty, with banks from Australia, Taiwan, Luxembourg, UAE and France appearing in the top thirty. The highest rank US bank is Agribank, in 45th spot. Eight further US banks made the top 100. The only UK bank to be ranked in the top 100 was Nationwide Building Society, in 77th position. The full rankings will be available in the December issue of Global Finance Magazine, and are available online. Credits: gfmag.com
Global Finance Magazine has released its updated rankings of the world's safest banks, expanding the list from 50 to 100 in 2025 as the banking sector faces increasing volatility and economic challenges due to U.S. tariff policies and competition.
Penny Goldberg Wins 2025 Jean-Jacques Laffont Prize
On October 30, 2025, Pinelopi (Penny) Koujianou Goldberg, the William Nordhaus Professor of Economics and Global Affairs at Yale, was honored with the 2025 Jean-Jacques Laffont Prize by the Toulouse School of Economics (TSE). This annual award recognizes economists whose research aligns with the legacy of Jean-Jacques Laffont, emphasizing the integration of theory with empirical applications. Goldberg expressed her gratitude upon receiving the award, stating, "I am incredibly honored to receive such a prestigious award; I was certainly not expecting it. It means a lot to me as Jean-Jacques Laffont is someone whom I have always admired. His research exemplifies the qualities I aim for in my work, particularly in addressing pivotal questions with analytical rigor and combining theory with real-world evidence." To commemorate the award, Goldberg presented a lecture titled "Global Trade and Economic Development" on the award date, which was followed by an official awards ceremony held at Toulouse City Hall. This recognition not only celebrates Goldberg's significant contributions to the fields of economics but also highlights her role in addressing crucial policy-related issues in trade and development. Goldberg holds positions at both the Yale Department of Economics and the Jackson School of Global Affairs. From 2018 to 2020, she was the Chief Economist of the World Bank Group. Additional roles of note that she has held include President of the Econometric Society, Vice-President of the American Economic Association, and Editor-in-Chief of the American Economic Review. Read more about Prof. Goldberg's work and research interest on her Yale profile page or personal page. Credits: egc.yale.edu
Yale economist Pinelopi Koujianou Goldberg has been awarded the prestigious Jean-Jacques Laffont Prize for her contributions to trade and development research. The award was celebrated with a lecture and ceremony in Toulouse.
Economic Development, Innovation and Growth (JEL O)
Claudia Goldin Appointed Samuel W. Morris University Professor at Harvard
The appointments were announced in the Harvard Gazette. Goldin is among four faculty members awarded the title, which was also granted within the fields of Medicine, Law, and Physical Sciences as well. Harvard President Alan M. Garber praised the newly appointed University Professors as "outstanding colleagues" embodying the university's commitment to academic excellence. He highlighted their contributions to both scholarly pursuits and the wider community. Goldin, currently the Henry Lee Professor of Economics and the Lee and Ezpeleta Professor of Arts and Sciences, is celebrated for her groundbreaking research in economic history, particularly regarding women's labor market outcomes, the gender earnings gap, and the challenges women face in balancing career and family. In 2023 she was awarded the Sveriges Riksbank Prize in Economic Sciences for her advancements in this critical area of study. In a recent statement, Goldin expressed her gratitude for the new role, stating, "I am deeply honored and thank President Garber for this unique opportunity." She plans to introduce a course focused on the interdisciplinary insights of economic history, furthering the mission of a University Professor. Goldin has a long-standing reputation; her notable works include “The Race between Education and Technology” and "Career and Family: Women’s Century-Long Journey Toward Equity," the latter translated into over a dozen languages. She is actively involved in various economic research initiatives and recognized by numerous academic societies. As Goldin steps into her new role, she aims to explore the dynamics of women’s rights and the evolving landscape of caregiving benefits in the U.S., contributing to a deeper understanding of societal change. Credits: Mark James Dunn / Harvard Gazette and Kris Snibbe / Harvard University and Stephanie Mitchell / Harvard University
Harvard University has honored economist Claudia Goldin with her appointment as Samuel W. Morris University Professor. The title of University Professor is one of the highest distinctions a faculty member can receive. This title, introduced in 1935, recognizes individuals whose work transcends multiple disciplines.
Winners of 2025 Philip Leverhulme Prize Announced
The Leverhulme Trust has announced the winners of the 2025 Philip Leverhulme Prizes. Chosen from over 350 nominations, the Trust offered five prizes in each of the following subject areas: Archaeology, Chemistry, Economics, Engineering, Geography, and Languages and Literatures. There are six winners for each prize, with each winner receives an award of £100,000 which may be used for any purpose that advances the prize winner’s research. The winners in the economics category for 2025 were: Dr Clare Balboni, Department of Economics, London School of Economics and Political Science, for their work on environmental economics, trade, development economics and spatial economics. Professor Felipe González, Department of Economics, King’s College London, for their work on political economy, economic history, development economics and public economics. Professor Attila Lindner, Department of Economics, University College London, for their work on applied microeconomics, specialising in labour markets and public finance. Dr Ludvig Sinander, Department of Economics, University of Oxford, for their work on economic theory. Professor Constantine Yannelis, Faculty of Economics, University of Cambridge, for their work on financial economics, human capital investment, corporate finance, applied microeconomics and student loans. Announcing the awards, Professor Anna Vignoles, Director of the Leverhulme Trust, said: "We continue our centenary celebrations with the announcement of this year’s prize winners. The Trust is delighted to support them through the next stage of their careers." She also noted the high quality of nominations, saying: "Selecting the winners becomes increasingly challenging year-on-year due to the extraordinarily high calibre of those nominated. We are immensely grateful to the reviewers and panel members who help us in our decision-making." Now in its twenty-fourth year, this scheme commemorates the contribution to the work of the Trust made by Philip, Third Viscount Leverhulme and grandson of William Lever, the founder of the Trust. The prizes recognise and celebrate the achievements of outstanding researchers whose work has already attracted international recognition and whose future careers are exceptionally promising. Credits: lse.ac.uk / kings.ac.uk / Attila Lindner website / economics.oxford.ac.uk / econ.cam.ac.uk
The Leverhulme Trust has awarded £3 million to 30 outstanding researchers, six of which in Economics.
Macroeconomics and Monetary Economics (JEL E)
Andy Haldane Elected New President of British Chamber of Commerce
Andy Haldane CBE has been elected the new President of the British Chambers of Commerce (BCC) during the BCC’s Annual General Meeting held on October 15, 2025. He is set to take office on February 1, 2026, succeeding Baroness Lane-Fox, whose three-year term concluded in accordance with the BCC Articles of Association. In his new position, Haldane will collaborate with BCC Director General Shevaun Haviland and Chair Sarah Howard to represent the interests of chamber business communities, particularly as the UK economy navigates critical challenges. Haldane's extensive background includes serving as the Chief Economist at the Bank of England and as the Chief Executive of the Royal Society for Arts. His experience also encompasses being a member of the Bank's Monetary Policy Committee and the Permanent Secretary for Levelling Up at the Cabinet Office under former UK Chancellor (finance minister) Jeremy Hunt. Sarah Howard MBE, BCC Chair, expressed her confidence in Haldane’s ability to steer the organization through contemporary geopolitical and economic uncertainties. She also acknowledged Baroness Lane-Fox for her vital contributions to the BCC over the past three years. In his acceptance remarks, Haldane stated, "I am thrilled and honoured to be joining the BCC as President... The Chambers have been celebrating and supporting the brilliance of British business for many decades." He emphasized the essential role BCC will play in fostering UK business growth both domestically and internationally. Outgoing President Baroness Lane-Fox reflected on her tenure, highlighting the significance of the BCC’s role during these challenging economic times and expressing confidence in Haldane’s leadership abilities. Credits: britishchambers.org.uk
Andy Haldane CBE, former Chief Economist at the Bank of England, has been elected as the new President of the British Chambers of Commerce, succeeding Baroness Lane-Fox. He will assume the role on February 1, 2026.
Public Economics & Economic Policy (JEL H)
Philippe Aghion - Following Nobel Prize to be awarded Hypatia Prize by the city of Barcelona
The City Council of Barcelona has announced that French economist and professor Philippe Aghion will be awarded the prestigious 6th Hypatia Prize. The award ceremony is set to take place at the Saló de Cent in Barcelona City Hall during the spring of 2026. This accolade, awarded in collaboration with the Barcelona Knowledge Hub of Academia Europaea, recognizes Aghion for his significant contributions to the fields of innovation, economic growth, and the theory of creative destruction. The announcement reflects a timely recognition, as it follows shortly after the Swedish Academy awarded him the Nobel Prize in Economy for his collaborative work with Joel Mokyr and Peter Howitt. The international jury for the Hypatia Prize commended Aghion during their September deliberations, citing his influential theoretical contributions that have shaped public policies worldwide. Barcelona's Mayor, Jaume Collboni, congratulated Aghion in a letter, emphasizing the city’s aim to honor notable scientific achievements and strengthen its role as a European capital of research and innovation. Philippe Aghion, born in Paris in 1956 and a Harvard Ph.D. holder, currently serves as a professor at the Collège de France, INSEAD, and the London School of Economics. His works, including "Endogenous Growth Theory" and "The Power of Creative Destruction", have earned him global recognition with over 136,000 citations, demonstrating his wide-reaching impact on the economic landscape. Established in 2018, the Hypatia Prize is aimed at consolidating Barcelona’s status as a center for science and knowledge and carries a monetary award of 30,000 euros for outstanding research contributions that positively impact humanity. Image Credits: barcelona.cat
The renowned French economist Philippe Aghion will be awarded the 6th Hypatia Prize in a ceremony at Barcelona City Hall in Spring 2026. Recognized for his innovative contributions to economics, Aghion’s work aligns with the city’s commitment to research and innovation.
Joel Mokyr, Philippe Aghion and Peter Howitt win 2025 Nobel Prize in Economics for Insights into Innovation and Growth
The Royal Swedish Academy of Sciences announced on October 13, 2025 that the prestigious Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt. The laureates received the award for their groundbreaking insights into how innovation can drive sustained economic growth. Joel Mokyr, a professor at Northwestern University, received half the prize "for having identified the prerequisites for sustained growth through technological progress". As an economic historian, he emphasized the importance of historical context and the societal openness to new ideas. Philippe Aghion is a professor at Collège de France/LSE/INSEAD and Peter Howitt a professor at Brown University. The were jointly honored with the other half "for the theory of sustained growth through creative destruction". The concept of creative destruction illustrates how new innovations lead to the obsolescence of older products, thereby fueling economic growth but also creating conflicts that must be managed effectively to prevent stagnation. In an accompanying paper "Scientific Background" paper, the Prize Committee commented on Mokyr's contribution as showing... "...how growth became sustained as a result of a set of key prerequisites that were not jointly present prior to the Industrial Revolution, but have been since then. Of central importance is how science interacts with technology, i.e., economic production in practice and that society welcomes technological change. One of his main study objects, quite naturally, was the Industrial Revolution, since it defined the transition between the two [pre-industrial and industrial] regimes." The paper summarizes the contribution of Aghion and Howitt by noting how they... "...were inspired by the sustained economic growth of modern times and how disruptive this process is underneath the aggregate. They developed a theory of growth through “creative destruction”, describing the process of innovation and “business stealing” and how the long-run growth rate of an economy is determined as a result. The theory contains fundamental building blocks of how new technology surpasses old, where some firms win at the expense of other firms, in an economy characterized by constant churning." In their research, the laureates highlight that the past two centuries marked an unprecedented period of sustained economic growth, lifting millions out of poverty. They elucidate how rapid advances in technology have perpetuated a cycle where old practices are continuously replaced by new methods, ultimately improving living standards worldwide. John Hassler, Chair of the Prize Committee, explained the choice of winners: “The laureates’ work shows that economic growth cannot be taken for granted. We must uphold the mechanisms that underlie creative destruction, so that we do not fall back into stagnation.” The total prize money awarded this year amounts to 11 million Swedish kronor (around 1 million Euro, or 1.15 million US Dollars), divided among the three laureates. The full details of their research and findings can be further explored via the official Nobel Prize website. A "Popular Science Background" paper can be downloaded here. The more extensive "Scientific Background" paper can be downloaded here. Read more about the 2025 Laureates: Joel Mokyr: Profile page at Northwestern University Philippe Aghion: Personal Website Peter Howitt: Profile page at Brown University Image Credits: Johann Jarnestad / The Royal Swedish Academy of Sciences / nobelprize.org / Tamara Sushko/Norrphoto via Canva Main Source: Press release. NobelPrize.org. Nobel Prize Outreach 2025. Mon. 13 Oct 2025.
The Sveriges Riksbank Prize in Economic Sciences for 2025 goes to Joel Mokyr, Philippe Aghion, and Peter Howitt for their work on innovation-driven economic growth. Mokyr receives half the prize for identifying conditions for sustained growth, while Aghion and Howitt jointly receive the other half for their theory of creative destruction.
Urban, Rural and Transportation Economics (JEL R)
Econometrics, Statistics and Quantitative Methods (JEL C)
Agricultural and Environmental Economics (JEL Q)
Dr. Nicolette Sullivan and Dr. Kiyohito Iigaya Receive 2025 Society of Neuroeconomics Early Career Award
Dr. Nicolette Sullivan, an Assistant Professor of Marketing at the London School of Economics and Political Science (LSE), together with Dr. Kiyohito Iigaya, Assistant Professor in the Department of Psychiatry at Columbia, have been awarded the prestigious 2025 Society of Neuroeconomics (SNE) Early Career Award. The ceremony took place at the SNE Annual Meeting, which was held in Boston, Massachusetts, October 3-5, 2025. This honor is bestowed upon researchers who have made exceptional contributions to the field of neuroeconomics within ten years of defending their PhD. In her response to receiving the award, published in a press release by LSE, Dr. Sullivan expressed her excitement, stating, "I'm thrilled to be the Early Career Award winner. It means a lot to me, as it recognizes the interdisciplinary work that I'm passionate about. This award energizes my commitment to advancing research that bridges neuroscience, economics, and consumer behavior, and opens exciting doors for future collaborations and impact." Neuroeconomics combines economics, psychology, and neuroscience to explore how human decision-making processes work. The SNE aims to foster collaboration among scholars from diverse fields to deepen understanding of economic behavior. Dr. Sullivan's groundbreaking research focuses on the neural mechanisms involved in decision-making and their implications for consumer behavior, public policy, and societal issues. By integrating computational neuroscience with marketing and economics, she sheds light on how various factors influence value-based decisions in different contexts. Dr. Ligaya's research focuses on identifying computational principles underlying learning and decision-making behavior. The recognition includes a monetary prize of $1,000 and an engraved plaque, underscoring Dr. Sullivan’s impactful contributions to the interdisciplinary study of neuroeconomics. Image Credits: lse.ac.uk
Dr. Nicolette Sullivan, Assistant Professor of Marketing at LSE, and Dr. Kiyohito Iigaya, of Columbia University, have been honored with the 2025 Society of Neuroeconomics Early Career Award, recognizing their significant contributions to neuroeconomics.
University of Warwick Professor Dennis Novy Appointed Chief Economist at UK Foreign Office
Professor Dennis Novy from the University of Warwick is the new Chief Economist and Director of Analysis at the Foreign, Commonwealth & Development Office (FCDO). The appointment, originally announcement earlier in the year, has been communicated by both the University of Warwick and by the British Goverment as it came into effect on 1 October 2025. The position is a significant role within one of Britain’s most prestigious government departments. The FCDO is responsible for managing the UK’s diplomatic efforts, development aid, and consular services globally. Novy's appointment marks a pivotal moment for the FCDO, as Novy will serve as the lead economic adviser to the Foreign Secretary, currently Yvette Cooper, offering insight and analysis on foreign and international development policy. In his new position, Novy will not only guide policy based on thorough analysis and evidence but also lead the agency's analysts in creating data-driven recommendations. Novy, who joined the University of Warwick in 2006 after earning his PhD from the University of Cambridge, is widely recognized for his research in international trade and macroeconomics. He has a robust history of government engagement, having served as Specialist Adviser to the House of Lords and as a member of various economic advisory councils in the UK. His recent contributions include recommendations on enhancing the UK’s economic security presented to Parliament. Warwick Vice-Chancellor Professor Stuart Croft expressed his enthusiasm for Novy's appointment in a press release, saying: “It is a wonderful appointment for Dennis, who has an impressive track record in parliamentary and government engagement, and also fantastic news for Warwick. Croft also highlighted the impact of Warwick’s research on real-world problems and the university’s commitment to societal contribution. Novy himself expressed excitement about joining the FCDO at a critical time for the UK, emphasizing the importance of "rigorous economic analysis and principled economic thinking" during globally transformative times, while praising the Economics Department at Warwick for being "at the forefront of that intellectual endeavour". He also noted the many Warwick graduates among his new co-workers. Novy will remain on secondment from Warwick for the duration of his tenure at the Foreign Office. Image Credits: warwick.ac.uk / gov.uk
Professor Dennis Novy from the University of Warwick's Department of Economics has taken up his role as Chief Economist and Director of Analysis at the UK Foreign, Commonwealth & Development Office (FCDO).
IMF Economist Shekhar Aiyar Appointed New Head of Indian Think Tank ICRIER
Shekhar Aiyar has officially taken over the position of Director and Chief Executive of the Indian Council for Research on International Economic Relations (ICRIER). This announcement was made in a press release published on their official website. Dr. Aiyar is currently assistant director of research at the IMF, and has extensive experience in various facets of economic research, international relations, and policy analysis from John Hopkins, NCAER and the Bank of England. He succeeds the Dr. Deepak Mishra, who left ICRIER in June 2025 to take on a senior advisory position at the World Bank. Having studied at Delhi University and Oxford University, he received his PhD from Brown University in the U.S. Under Aiyar’s leadership, the organization hopes to enhance its research capabilities and influence policy discussions that will aid in forming a progressive economic agenda for the country. Commenting on his appointment, Aiyar stated: "It’s an exciting time to be in India, where the ongoing changes to the global order present both enormous challenges and opportunities. I look forward to working with my fantastic colleagues at ICRIER on credible, independent, policy-oriented research to illuminate the path ahead.” Aiyar’s new role at ICRIER comes at a critical time as India’s economy faces numerous challenges amid global shifts in trade, technology, and finance. ICRIER, known for its rigorous economic analysis and research, aims to foster a better understanding of economic issues in India and its impact on global communities. Image Credits: icrier.org
Shekhar Aiyar has been appointed as the new Director and Chief Executive of the Indian Council for Research on International Economic Relations (ICRIER).
University of Chicago to sell research institute CRSP to Morningstar for $375 Million
The University of Chicago and Morningstar, Inc. have announced an agreement for Morningstar to acquire the CRSP, a UChicago-affiliated institution known for its historical market and returns data. The University of Chicago has produced some of the finest minds in the fields of finance and economics, and is considered a leading institution in the field, with the neoclassical "Chicago School" pioneered by UChicago economists. Valued at $375 million, the acquisition marks a significant step for CRSP, established over 65 years ago to support research in the field of finance. This transaction will enable CRSP's survival in the face of pressure on academic budgets in the US, instead setting it on a more commercially-aligned path as it increasingly engages in the investment sector, allowing it to further develop its stock indexes. Morningstar intends to capitalise on CRSP’s extensive data validation and indexing methodologies, bolstering its commitment to providing high-quality investment tools to clients. The deal is projected to close in the fourth quarter of 2025, and funds generated will support ongoing education and research initiatives at UChicago. "The acquisition will enable CRSP to explore additional commercial opportunities beyond its academic roots," said Madhav Rajan, dean of Chicago Booth and chair of CRSP’s Board of Directors. Kunal Kapoor, Morningstar's CEO, echoed this sentiment, emphasizing the potential for innovative investment strategies derived from CRSP’s resources. In a press release, Morningstar describe CRSP as the "premier provider of historical stock market data and indexes". Emphasising the CRSP market indexes as the benchmarks for "more than $3 trillion in US equities", Morningstar predicts that the move will catapult "it to one of the largest index providers for public US equity index funds". The news comes after a recent announcement by Paul Alivisatos, UChicago President, about cost-cutting measures at the University. In this, he communicated that the university is scaling back new building projects, reducing the number of doctoral positions, pausing some master's programs, assessing "certain long-term research outlays" and closing "some of the more than 140 centers and institutes that have grown and grown over time without sufficient periodic review". In this context, the sale of CRSP to Morningstar, as an alternative to closure, may well come as a relief to the staff and faculty employed at the center. Image Credits: uchicago.edu
Morningstar, Inc. has agreed to purchase the Center for Research in Security Prices (CRSP) from the University of Chicago for $375 million.
New Zealand Appoints Swedish Economist Anna Breman as New Reserve Bank Governor
In a move signalling a new chapter for New Zealand's monetary policy, the government has officially announced the appointment of Swedish economist Anna Breman as the new Governor of the Reserve Bank of New Zealand. Notices of the appointment were shared both by the government, and by the Reserve Bank. Breman, who has previously held notable positions within the Sveriges Riksbank and the European Central Bank, will take over from Christian Hawkesby, who has filled the role on a temporary basis since April 2025 after the previous incumbent, Adrian Orr, stepped down amid criticisms regarding the bank's management and policy directions. Breman's selection has been widely viewed as a positive shift towards reforming the Reserve Bank, which has faced challenges surrounding inflation and interest rates in recent years. The deputy chairman of the RBNZ Board, Rodger Finley, praised the appointment: “Anna’s experience spans central banking, academia and financial markets. She has strong technical knowledge within monetary policy, financial stability and payments systems after several years at the Executive Board at the Riksbank and an extensive international experience.” Since the bank is crucial in controlling inflation and ensuring economic stability, Brennan's appointment is seen as a vital step in restoring confidence among investors and the public. As she transitions into her new role, Breman is expected to focus on balancing inflation control with sustaining economic growth, a task that has proved challenging for many central banks worldwide. The Reserve Bank has already hinted at reviewing its policy framework under her lead, indicating potential updates to ensure more effective economic management. With Breman at the helm, New Zealand hopes to establish a robust monetary policy that not only addresses immediate economic concerns but also prepares for future challenges. Brennan's inauguration as the 14th Governor will formally take place on 1 December 2025, with many stakeholders watching closely to see how her leadership shapes the future of New Zealand's economy. Image Credits: rbnz.govt.nz
Anna Breman has been appointed as the new Governor of the Reserve Bank of New Zealand, marking a significant step in the bank's reform approach following the departure of Adrian Orr earlier this year.
German Government Appoints Martin Blessing as Investment Tsar
The German Federal Government has announced the appointment of former Commerzbank CEO Martin Blessing to the new position of "Personal Representative for Investment". The role could be understood as equivalent to a "Chief Investment Officer", or "Investment Tsar" advisory role to the government. Apart from his tenure at Commerzbank, Blessing has also held senior positions at UBS and most recently led Danske Bank from 2022-2025. He comes from a banking family: his grandfather was President of the German Bundesbank in the 1960s, and his father a board member of Deutsche Bank in the 1980s. He is married to Dorothee Blessing, who led J.P. Morgan's DACH (Germany, Austria and Switzerland) operations from 2016-2024, and who is now co-head of investment banking internationally. Announcing the appointment at a press conference, German Chancellor Friedrich Merz emphasised the importance of the new role in making Germany attractive for foreign investors. Blessing will act as a personal contact for foreign companies and individuals, and represent Germany as an investment destination internationally. By gaining an overview of the priorities and needs of investors, Blessing will act as an advisor for the government on how to optimise investment frameworks, reduce bureaucracy and accelerate decision processes. Additionally to this advisory and representative role, he simultaneously takes over a formal role as head of Germany Trade and Invest (GTAI), an advisory body for foreign companies investing in Germany. A focus of the new role will be to mobilise private capital for investments in innovation and infrastructure projects. In this sense, Blessing was quoted as saying "Germany needs growth, and growth needs investment". During the press conference, Merz emphasised the challenge ahead for Germany to win back the trust of investors. He also pointed out the success of the government during its first six months, having attracted over 60 major investments worth a total of over 630 Billion Euros over the next three years through the initiative "Made for Germany". Apart from the appointment of Blessing, Merz also signalled the government's intent to initiate major Public-Private Partnerships (PPPs), especially in infrastructure projects. Through this, he presented a strategy to drive economic development, positioning Germany as a destination not only for large industrial companies, but also for middle sized companies. The appointment of Blessing and the announcement of the further initiatives and intentions comes in the context in a stagnation of the Germany economy in recent years. According to the GTAI's own figures, the number of investments continued to decline in 2024, a trend the new government is clearly hoping to reverse. Image Credits: bundesregierung.de
German Chancellor Friedrich Merz has appointed Martin Blessing to the new position of "Personal Representative for Investment", tasked with positioning Germany as an attractive destination for foreign investment.
Claudia Steinwender Awarded 2025 Hermann Heinrich Gossen Prize
The award, which carries a prize of €10,000, was presented by Klaus M. Schmidt, chairman of the Verein für Socialpolitik (VfS), on September 16, 2025, at the University of Cologne. Steinwender’s research focuses on the impact of trade liberalization, information frictions, and research spillovers on productivity and economic development. Her work is recognized for its scientific excellence, innovative methodologies, and international visibility, contributing crucial insights into global economic processes. The Gossen Prize is awarded annually to a German-speaking economist in Central Europe under the age of 45, whose work has achieved international acclaim. Its purpose is to bolster the internationalization of economic research originating from Germany, Austria, and Switzerland, with a key emphasis on publications in global academic journals. Named after the Prussian lawyer Hermann Heinrich Gossen, the award commemorates the contributions of economists to the field. Gossen’s influential work laid the groundwork for modern marginalist theory, despite its initial lack of recognition. Claudia Steinwender’s receipt of the Gossen Prize underscores her remarkable contributions to the understanding of economics in a rapidly globalizing world and her role in shaping contemporary economic discourse. Image Credits: socialpolitik.de
Cologne, Germany – Claudia Steinwender, a prominent economist from LMU Munich, has been announced as the winner of the prestigious Hermann Heinrich Gossen Prize for her significant contributions to empirical trade and innovation economics.
WTO Appoints Robert W. Staiger as Chief Economist
The World Trade Organization (WTO) has appointed Professor Robert W. Staiger as its Chief Economist and Director of the Economic Research and Statistics Division (ERSD). Professor Staiger holds a prominent academic role as the Loren M. Berry Professor of Economics at Dartmouth College, where he has significantly contributed to research in international economics. Additionally, he is affiliated with the National Bureau of Economic Research as a Research Associate. An American national, Staiger earned his Bachelor of Arts in Economics from Williams College and completed his PhD in Economics at the University of Michigan. His extensive background positions him as a leading voice in the field of world trade and is expected to bring valuable insights to the WTO during his tenure. The WTO, as an intergovernmental organization that regulates international trade, is keen on enhancing its research capability to support informed decision-making in global trade policies. The announcement comes during a time of increasing complexity in international trade dynamics, especially in the 2025 context of new (reciprocal) tariffs and renegotiated trade deals from the US Government under President Trump. Staiger expressed scepticism about this approach in an article just before Trump took office for his second term, stating that tearing down a "rules-based multilateral trading system and replace it with a power-based system will likely end in disappointment — if not disaster". Announcing the appointment, the Director-General Ngozi Okonjo-Iweala expressed her enthusiasm about Staiger's expertise in international trade policy, particularly regarding the economics of the General Agreement on Tariffs and Trade (GATT) and the WTO itself. Staiger will take up the position at the start of 2026. Image Credits: wto.org
The World Trade Organization has announced the appointment of Professor Robert W. Staiger as its new Chief Economist and Director of the Economic Research and Statistics Division.
Environmental Economists Paloma Peligry and Grégoire Sempé win FAERE Award 2025
Paloma Peligry, a PhD student at Sciences Po in Paris, and Grégoire Sempé, a PhD student at the Paris School of Economics have been awarded the FAERE Award for the year 2025. The FAERE Award is a significant honor in the French and European academic community, recognizing exceptional individuals for their impactful research and contributions to economics. The ceremony took place recently, celebrating the hard work and dedication of Peligry and Sempé in their respective research areas. Both researchers have demonstrated remarkable innovation, pushing the boundaries of economic theory and application. Their winning paper, titled "Climate Policies in the Housing Market", focused on the macroeconomic and redistributive impacts of climate policies applied to the French residential housing market. The FAERE (French Association of Environmental and Resource Economists) Award intends to highlight new academic talents and encourage further development in economic science. The recognition of Peligry and Sempé showcases the Paris School of Economics' commitment to fostering a vibrant research environment that produces influential scholars. This award serves not only to commend the recipients' achievements but also to inspire future economists to engage in rigorous research aimed at addressing pressing economic challenges. Image Credits: FAERE
At the Paris School of Economics, researchers Paloma Peligry and Grégoire Sempé received the prestigious French Association for Environmental and Resource Economists (FAERE) Award 2025 for their outstanding contributions to the field of economics. This recognition highlights their innovative research and dedication to advancing economic understanding.
Inter-American Development Bank Announces Winners of 2025 IDB Young Economist Award
WASHINGTON - The Inter-American Development Bank (IDB) has announced the recipients of the 2025 IDB Young Economist Award, an esteemed honor acknowledging exceptional research by emerging PhD graduates in economics focusing on Latin America and the Caribbean. Pascuel Plotkin from Argentina secured the first prize for his paper, "Dinner at Your Door: How Delivery Platforms Affect Workers and Firms," which explores the effects of online delivery platforms on restaurants and workers in Brazil, assessing both challenges and benefits particularly in informal economies. The second prize was awarded to Daniel Jaramillo Calderón from Ecuador for his research investigating the impact of mass amnesty on crime rates influenced by former convicts in their neighborhoods. Renata Motta Café from Brazil claimed the third prize with her analysis on how access to government-backed loans influences municipal public spending in her country. Also recognized were Francisco Eslava Sáenz from Colombia, Karla Hernández from Costa Rica, Isaac Martínez Centeno from Chile, Laura Pérez Cervera from Spain, and Víctor Zuluaga from Colombia, who received honorable mentions for their significant contributions. “Recognizing the talents of young economists is critical” stated Laura Alfaro Maykall, the IDB's Chief Economist. “This award underlines the potential of economic research in addressing pressing challenges within the region.” The winners will be honored at the 2nd IDB Research Conference, scheduled for September 15-16 at IDB’s Washington, DC headquarters, which will also tackle how digital technologies are transforming economic development. Image Credits: iadb.org
The Inter-American Development Bank (IDB) has awarded the 2025 Young Economist Award to three outstanding researchers for their impactful studies on economic issues in Latin America and the Caribbean, showcasing academic excellence and policy relevance in economic development.
AcouBatt and Hovanka Triumph at INNOVA Europe Competition
Berlin – In a thrilling Grand Finale held at ESMT Berlin on September 5, 2025, the startups AcouBatt and Hovanka emerged as the champions of the third annual INNOVA Europe competition. This prestigious event witnessed participation from teams representing ten of Europe’s elite business schools plus the SPJIMR business school in India, all vying for a share of €25,000 in prize money while addressing crucial sustainable initiatives. AcouBatt, a team from London Business School led by Arthur Fordham and Chris Haoxin Xu, secured the grand prize in the Rising Stars category, receiving €20,000 and a year of free incubation support. They presented groundbreaking technology that utilizes acoustic sensors and machine learning to optimize battery formation processes, significantly reducing waste and promoting environmentally-friendly production methods. Meanwhile, Hovanka, hailing from the Kyiv School of Economics, won the Young Hopes category. Led by CEO Kris Nadiryan, they were awarded €5,000 to further their innovative mental health app, Mindset Architect. This app is designed to enhance emotional literacy and support users between therapy sessions, demonstrating a strong commitment to mental well-being. The INNOVA Europe competition, founded in 2022 by EDHEC Business School, POLIMI Graduate School of Management and ESMT, focuses on nurturing entrepreneurial talent and sustainable practices that align with the United Nations’ Sustainable Development Goals. This year also marked the debut of the INNOVA Barometer, aimed at evaluating responsible entrepreneurship across European startups. The whole event including the pitches by each of the eleven entries, as well as the announcement of the winners in each category, is available on youtube. Image Credits: esmt.berlin
In a showcase of innovation and sustainability, start-up teams from Europe’s leading business schools competed at the INNOVA Europe competition, where AcouBatt won the Rising Stars category and Hovanka secured the Young Hopes award.
UK Prime Minister appoints Minouche Shafik as Chief Economic Advisor and Darren Jones as Chief Secretary
The Prime Minister has announced significant appointments within Downing Street. On 1 September 2025, Darren Jones MP was appointed as the new Chief Secretary (Minister of State) to the Prime Minister. This newly created role involves working collaboratively across the UK Government to ensure the successful implementation of critical policies and priorities directly under the Prime Minister's direction. Additionally, Baroness Shafik has been appointed as the Chief Economic Advisor, a position aimed at enhancing the government's economic strategy. Baroness Shafik is a well-established economist, and brings a wealth of experience from her previous roles, including in the UK’s Department for International Development and at the IMF. She also served as Deputy Governor of the Bank of England, as well as academic roles at Columbia University in New York, and at LSE in London. Her expertise will play a vital role in driving economic growth and improving living standards throughout the UK. Both appointments coincide with the return of Parliament, indicating a new term focused on the pursuit of the government’s "Plan for Change". The Prime Minister emphasized that these appointments are designed to bolster the government's efforts in delivering on their objectives and addressing the pressing needs of citizens. In the announcement the UK government describes the appointments as representing a proactive approach from the government to support UK citizens in a rapidly evolving economic landscape. Image Credits: gov.uk
In a strategic move to enhance the UK government leadership team, the Prime Minister has appointed Darren Jones MP as Chief Secretary and Baroness Minouche Shafik as Chief Economic Advisor, aiming to drive economic growth and address key policy areas.
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.