The Global Macroeconomic Outlook
Unedited rush transcript [pdf]
Axel A. Weber, chairman of the Board of Directors of UBS AG, discussed whether the global economy can heal and if inflation will make a comeback in 2015. The global economic recovery is weak and uneven, monetary policies around the world are diverging, and geopolitical tensions have risen. Despite extraordinary global monetary policy easing, inflationary pressure has been mostly absent and deflation is now considered by many as the bigger risk.
Weber has been chairman of the Board of Directors at UBS AG since 2012. He was president of the German Bundesbank between 2004 and 2011, during which time he was also German governor of the International Monetary Fund and served as member of the Governing Council of the European Central Bank, the Board of Directors of the Bank for International Settlements, and the G-7 and G-20 Ministers and Governors. He has taught at various colleges and universities in Germany and the United States, including the University of Cologne, Goethe University, University of Bonn, and the University of Chicago Booth School of Business. Weber earned a master's degree in economics from the University of Constance and holds honorary doctorate degrees from both the universities of Duisburg-Essen and Constance.