25th BIS Annual Conference

Tobias Adrian leads the International Monetary Fund’s (IMF’s) work on financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, bank resolution, debt management, capital markets and climate finance. He also oversees capacity-building activities in IMF member countries. Prior to joining the IMF, Mr Adrian was Senior Vice President of the Federal Reserve Bank of New York and Associate Director of the Research and Statistics Group.

Mr Adrian holds a PhD from the Massachusetts Institute of Technology in economics, an MSc from the London School of Economics in econometrics and mathematical economics, a Diplom from Goethe University Frankfurt and a Maîtrise from Dauphine University Paris. He received his Abitur in literature and mathematics from Humboldtschule Bad Homburg.

Franklin Allen has been Professor of Finance and Economics at Imperial College London since July 2014. He was at the Wharton School of the University of Pennsylvania from September 1980 to June 2016 and is now Emeritus there. He is past President of the American Finance Association and Fellow of the Econometric Society and the British Academy. He received his doctorate from Oxford University and is a co author of the textbook Principles of Corporate Finance.

Mr Ayman M Al-Sayari has been the Governor of the Saudi Central Bank (SAMA) since February 2023 and is the Chair of SAMA’s Board of Directors. He joined SAMA in 1999 and became Deputy Governor for Investment in 2013. He started his career as a financial analyst at the Saudi Industrial Development Fund (SIDF) in 1995 and completed the credit analyst program at Chase Manhattan NY.

Mr Al-Sayari is a board member of the BIS, member of the Financial Stability Board’s Plenary and Steering Committees and Co-Chair of the FSB Regional Consultative Group for Middle East and North Africa. He holds several board and committee memberships at the Public Investment Fund, National Debt Management Centre and National Development Fund.

He has a bachelor’s degree in accounting from KFUPM and a master’s in finance from George Washington University. He is a CFA Charterholder and has completed the General Management Program at Harvard Business School.

Santiago Bausili is Governor of the Central Bank of Argentina. He previously held several positions in Argentina’s public sector, including Secretary of Finance between 2017 and 2019 and Undersecretary of Financing at the Ministry of the Treasury and Public Finance in 2016. His professional training in the field of international banking included 11 years at JP Morgan and nine years at Deutsche Bank. He also worked as a consultant on macroeconomic and financial issues with a focus on Argentina between 2020 and 2023.

Francesco Bianchi is the Louis J Maccini Professor of Economics at Johns Hopkins University. Professor Bianchi is a co-editor of the American Economic Journal: Macroeconomics and Associate Editor of the Quarterly Journal of Economics. He is a member of the Centre for Economic Policy Research and the National Bureau of Economic Research. Professor Bianchi received his PhD in economics from Princeton University. He has published in the American Economic Review, the Review of Economic Studies, the Quarterly Journal of Economics and other leading academic journals. He has been invited to discuss his research at the Jackson Hole Economic Symposium, the G20 Framework Working Group meeting and at numerous policy and academic institutions.

Governor Anna Breman joined the Reserve Bank of New Zealand in December 2025. Dr Breman served as the First Deputy Governor of Sveriges Riksbank (the central bank of Sweden) from September 2022 to October 2025. She was also a member of its Executive Board as a Deputy Governor from December 2019. The Executive Board members are jointly responsible for contributing to the overall management and decision-making of the central bank, including monetary policy, financial stability and national payments systems.

Dr Breman holds a PhD in economics from the Stockholm School of Economics and has previously been Group Chief Economist and Global Head of Macro Research at Swedbank. She has also worked at the Swedish Ministry of Finance, the World Bank and as a researcher at the University of Arizona.

Elena Carletti is Professor of Finance and Dean for Research at Bocconi University. She serves as Deputy Vice Chair of the Board of Directors of UniCredit Group, where she also chairs the Risk Committee. She is a member of the European Parliament’s Expert Group on Bank Supervision and Director of the Banking and Corporate Finance Programme at the Centre for Economic Policy Research.

Professor Carletti founded the Florence School of Banking and Finance at the European University Institute and is a past President of the European Finance Association. From 2015 to 2023 she served on the Advisory Scientific Committee of the European Systemic Risk Board, and from 2015 to 2021 she was a member of the Scientific Committee of the Bank of Italy’s Paolo Baffi Lecture. She also acts as an external evaluator for several central banks, particularly in the areas of research and financial stability.

Wenxin Du is the Sylvan C Coleman Professor of Financial Management at Harvard Business School. Her research focuses on global currency and fixed income markets, central banking, financial regulation and fintechs. She received the 2022 Award for Economics in Central Banking and was an Alfred P Sloan Foundation Research Fellow from 2021 to 2023. Previously, Du was the Henry Kaufman Professor of Financial Institutions at Columbia Business School and Professor of Finance at the University of Chicago Booth School of Business. She has also served as a Financial Research Advisor at the Federal Reserve Bank of New York, Principal Economist at the Federal Reserve Board and Central Bank Research Fellow at the Bank for International Settlements.

Pablo Hernández de Cos assumed the role of General Manager of the Bank for International Settlements on 1 July 2025. He is a member of the Financial Stability Board and the Group of Central Bank Governors and Heads of Supervision.

Mr Hernández de Cos served as Governor of the Bank of Spain and member of the Governing Council of the European Central Bank from 2018 to 2024. From 2019 to 2024, he chaired the Basel Committee on Banking Supervision and the Advisory Technical Committee of the European Systemic Risk Board. He began his career at the Bank of Spain in 1997, where he held various roles including Director General Economics, Statistics and Research. He holds a PhD in economics from the Complutense University of Madrid.

Fatih Karahan is Governor of the Central Bank of the Republic of Türkiye. He was previously acting Deputy Governor. Mr Karahan was Principal Economist at Amazon from 2022, following his initial appointment as Senior Economist at the company.

He started his career in 2012 as an Economist at the Federal Reserve Bank of New York and served as Team Leader of Labor and Product Market Studies. He was a Monetary Policy Advisor at the Bank until 2022 and worked as an Adjunct Professor at Columbia University and New York University. Mr Karahan holds a PhD in economics from the University of Pennsylvania.

Randall S Kroszner is the Norman R Bobins Professor of Economics at the University of Chicago Booth School of Business. He served as a Governor of the Federal Reserve System (2006–09), leading efforts to address the financial crisis, strengthen consumer protection and enhance financial stability. He represented the Federal Reserve on the predecessor to the Financial Stability Board, the Basel Committee on Banking Supervision and other key bodies. Previously, he was a member of the President’s Council of Economic Advisers (2001–03). Currently, he is an external member of the Bank of England’s Financial Policy Committee. Dr Kroszner has published widely on financial regulation, crises and monetary economics. He holds a ScB from Brown University and PhD in economics from Harvard University.

Sarah M Lein is Full Professor of Macroeconomics at the University of Basel and a Research Fellow at the Centre for Economic Policy Research, CESifo and the KOF Swiss Economic Institute at ETH Zurich. Before joining the University of Basel in 2014, she worked as a Senior Economist at the Swiss National Bank. She earned her PhD in economics from the University of Zurich in 2009. Her research focuses on monetary economics, inflation expectations, international macroeconomics, inflation dynamics, exchange rate pass-through, price and wage setting and firm heterogeneity.

Tiff Macklem was appointed Governor of the Bank of Canada in June 2020 for a seven-year term. He first joined the Bank of Canada in 1984 and held various senior positions, including Chief of Research and Advisor to the Governor. He was appointed Deputy Governor in 2004 and Senior Deputy Governor in 2010. During the Great Financial Crisis, Mr Macklem was Associate Deputy Minister at the Department of Finance and represented Canada at the G7, G20 and Financial Stability Board. From 2014 until his appointment as Governor, he was the Dean of the Rotman School of Management at the University of Toronto.

Matteo Maggiori is the Moghadam Family Professor of Finance at the Stanford Graduate School of Business. His research focuses on international economics and finance. He is a co-founder and director of the Global Capital Allocation Project. His research topics have included the analysis of exchange rates under imperfect capital markets, geoeconomics, capital flows, the international monetary system, reserve currencies, tax havens, very long-run discount rates and climate change, and expectations and portfolio investment. His research combines theory and data with the aim of improving international economic policy. He is a faculty research fellow at the National Bureau of Economic Research (NBER), where he organises the NBER International Economics and Geopolitics meeting. He is also a Research Affiliate at the Center for Economic Policy Research. He received his PhD from the University of California at Berkeley.

Among a number of honours, he is the recipient of the Fischer Black Prize awarded to an outstanding financial economist under the age of 40, the Carnegie and Guggenheim fellowships, and the Bernacer Prize for outstanding contributions in macroeconomics and finance by a European economist under age 40.

Carolin Pflueger is an Associate Professor at the University of Chicago, Harris School of Public Policy, a Research Associate at the National Bureau of Economic Research and a Research Associate at the Centre for Economic Policy Research. Her research is at the intersection of macroeconomics and finance, with a particular focus on how inflation is priced in financial markets, perceptions about monetary policy and geoeconomics. She presented research on monetary policy perceptions at the 2024 Jackson Hole Economic Policy Symposium and at the 2025 ECB Forum on Central Banking in Sintra. Her work has been supported by the National Science Foundation and published in the Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance and Journal of Financial Economics. She received her PhD in business economics from Harvard University and holds mathematics degrees from the University of Cambridge.

Ricardo Reis is the AW Phillips Professor of Economics at the London School of Economics. He is an elected Fellow of the British Academy, the Academia das Ciências de Lisboa and the Econometric Society, and is a past winner of the Yrjö Jahnsson Award, the Carl Menger Award, the Bernacer Prize and the Banque de France/Toulouse School of Economics Junior Prize. He has published widely on macroeconomics, including monetary and fiscal policy, inflation and business cycles, and finance in the international monetary system.

Eli M Remolona Jr is the Governor of the Bangko Sentral ng Pilipinas (BSP). Before joining the BSP, he already had a long career in central banking.

Governor Remolona worked at the Federal Reserve Bank of New York for 14 years and at the Bank for International Settlements (BIS) for 19 years. At the BIS, he was Head of Financial Markets and editor of the BIS Quarterly Review, and afterwards, he served as Chief Representative of the BIS Representative Office for Asia and the Pacific. He has taught at Williams College, Columbia University, New York University, the Asia School of Business and the University of the Philippines. He has published widely in scholarly journals, writing mainly on monetary policy, international finance and financial markets. He has a PhD in economics from Stanford University.

Antoinette Schoar holds a PhD in economics from the University of Chicago and an undergraduate degree from Germany. Her research interests include entrepreneurial finance, fintech, consumer finance and financial intermediation. She has received several awards, including the Kauffman Prize Medal for Distinguished Research in Entrepreneurship and the Brattle Prize for best paper in the Journal of Finance. She is the co-chair of the NBER Corporate Finance group. She is also the executive editor of the Journal of Finance and has previously served as an associate editor of the Journal of Finance, the American Economic Journal: Applied Economics and the Journal of Economic Perspectives.

Frank Smets joined the Bank for International Settlements (BIS) in December 2024 from the European Central Bank (ECB), where he was Adviser to the Executive Board. Previously, he was Director General of Economics, Adviser to the President of the ECB and Director General of Research at the ECB. He started his career at the BIS, where he worked until 1998. He held the BIS Alexandre Lamfalussy Senior Research Fellowship in 2023.

Mr Smets is a recognised expert on monetary economics and monetary policy. He holds a PhD in economics from Yale University. His research includes work on monetary, macroeconomic, financial and international issues, mostly related to central banking.

Ida Wolden Bache was appointed Governor of Central Bank of Norway on 8 April 2022. She is Chair of the Executive Board and the Monetary Policy and Financial Stability Committee.

Her work experience includes posts as Deputy Governor, Executive Director of Monetary Policy and Executive Director of Financial Stability at the Central Bank of Norway. She has also been a Macroeconomist at Handelsbanken Capital Markets. Bache was a member of the Systemic Risk Council in Denmark between 2017 and 2022. She holds a doctorate in economics from the University of Oslo and an MSc in economics from the London School of Economics.

Motohiro Yogo is the Hughes-Rogers Professor of Economics at Princeton University. He is also a research associate of the National Bureau of Economic Research (NBER), a co-director of the NBER Insurance Working Group and a fellow of the Econometric Society. He is a financial economist with research interests in asset pricing, insurance, international finance and household finance. He has co-authored a graduate-level textbook titled Financial Economics of Insurance. His research has received financial support from the National Science Foundation, the National Institute on Aging and the Social Security Administration. He teaches undergraduate financial investments and graduate asset pricing at Princeton. He earned a PhD in economics from Harvard in 2004 and an AB in economics from Princeton in 2000.