Global trade in crisis – what’s next?

Nov
10
Free registrationvia UZH event portal

Outline

We are delighted to invite you to our annual Forum for Economic Dialogue, which is dedicated to the topic of global trade and international finance. Protectionist policies, geopolitical tensions, and disrupted supply chains have put the global trading system under pressure. What will be the consequences for consumers, countries, and firms? How should business and policy respond? What future does international trade have in a world marked by fragmentation?

Keynote: Global trade in crisis – what’s next?

What happens when global trade frays under the pressure of protectionism, geopolitical rivalries, and shifting supply chains? What are the consequences for growth, inequality, and global cooperation? And what role can economic policy play in steering through this uncertainty? With deep experience at the helm of both the IMF and the Reserve Bank of India, Raghuram G. Rajan (University of Chicago) is uniquely positioned to reflect on the current state of the global economy and offer insights into the future of international trade.

Panel I: Global trade wars and their fallout

Former WTO Chief Economist Ralph Ossa (University of Zurich), CEPR Vice-President Hélène Rey (London Business School), and Director-General for Trade Sabine Weyand (European Commission) will discuss whether current trade tensions signal temporary disruption or lasting fragmentation.

Panel II: Rethinking business in a world in turmoil

Nestlé’s Chairman of the Board of Directors Paul Bulcke, Chief Economist of UBS Global Wealth Management Paul Donovan, and CEO of the Swiss-American Chamber of Commerce Rahul Sahgal will explore how global firms navigate uncertainty and adapt to shifting trade realities.

Zurich Lecture of Economics in Society: The future of money in a divided world

As geopolitical tensions rise and protectionist policies gain momentum, the future of the global economic order hangs in the balance. How will the new wave of mercantilist trade policies, impact the international financial system? Is the system resilient enough to withstand the fragmentation into rival blocs, or will the long-held privilege of the U.S. dollar as the world's reserve currency be challenged? Are we witnessing a reversal of globalization itself, and could these forces potentially trigger a new financial crisis? As one of the world’s foremost scholars on international finance and economic history, Barry Eichengreen (UC Berkeley) brings the long view to current debates.

This is a free, public on-site event with access via livestream on our website. On-site access will be granted to registered guests on a first-come, first-served basis as space is limited. Your registration does not guarantee a seat in the auditorium. The livestream is presented in association with the Centre for Economic Policy Research (CEPR).

We are delighted to invite you to our annual Forum for Economic Dialogue, which is dedicated to the topic of global trade and international finance. Protectionist policies, geopolitical tensions, and disrupted supply chains have put the global trading system under pressure. What will be the consequences for consumers, countries, and firms? How should business and policy respond? What future does international trade have in a world marked by fragmentation?

Keynote: Global trade in crisis – what’s next?

What happens when global trade frays under the pressure of protectionism, geopolitical rivalries, and shifting supply chains? What are the consequences for growth, inequality, and global cooperation? And what role can economic policy play in steering through this uncertainty? With deep experience at the helm of both the IMF and the Reserve Bank of India, Raghuram G. Rajan (University of Chicago) is uniquely positioned to reflect on the current state of the global economy and offer insights into the future of international trade.

Speakers

Professor of Economics and Political Science, University of California, Berkeley
Prof. Barry Eichengreen

Barry Eichengreen is the George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. He is one of the world’s leading experts on global monetary systems, financial crises, and economic history. His research spans exchange rates, capital flows, and the evolution of international institutions such as the IMF. Eichengreen has held visiting positions at the IMF, the Institute for Advanced Study in Berlin, and the Center for Advanced Study in the Behavioral Sciences in Palo Alto. He is a fellow of the American Academy of Arts and Sciences and chairs the Academic Advisory Committee of the Peterson Institute for International Economics. He has published widely cited books, including Hall of Mirrors: The Great Depression, the Great Recession, and the Uses – and Misuses – of History, and most recently In Defense of Public Debt (2021). His monthly columns on global macroeconomic issues appear regularly in Project Syndicate.

Professor of Finance at the University of Chicago Booth School of Business
Prof. Raghuram G. Rajan

Raghuram G. Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. From 2013 to 2016, he served as the 23rd Governor of the Reserve Bank of India, where he was widely credited with stabilizing the Indian economy during turbulent global conditions. Earlier in his career, he was Chief Economist and Director of Research at the International Monetary Fund. Professor Rajan has authored several acclaimed books, including Fault Lines, which won the Financial Times Business Book of the Year award, and The Third Pillar, a finalist for the same prize. His recent research has focused on sovereign debt, climate resilience, and liquidity dynamics in modern financial systems. He is a member of the American Academy of Arts and Sciences and currently chairs both the Group of Thirty and the Per Jacobsson Foundation. Rajan’s insights continue to shape the global conversation on financial regulation and inclusive growth.

Chairman of the Board of Directors, Nestlé S.A.
Paul Bulcke

Paul Bulcke is Chairman of the Board of Directors of Nestlé S.A., a position he has held since 2017. He has been with the Nestlé Group since 1979, starting as a marketing trainee and subsequently holding key leadership roles across Latin America and Europe. From 2008 to 2016, he served as Chief Executive Officer of Nestlé S.A., after leading the company’s operations in the Americas as Executive Vice President and Zone Director. Earlier in his career, he was Market Head in Portugal, the Czech and Slovak Republics, and Germany. Bulcke holds a degree in Commercial Engineering from the University of Louvain and completed postgraduate studies in management at the Vlerick Business School as well as executive training at IMD in Switzerland. Paul Bulcke holds dual Belgian and Swiss citizenship and serves on several international advisory bodies, including the World Economic Forum’s Community of Chairpersons and the J.P. Morgan International Council, while also acting as Vice-Chairman of the Board of L’Oréal.

Chief Economist of UBS Global Wealth Management
Paul Donovan

Paul Donovan is the Chief Economist of UBS Global Wealth Management. He leads the firm’s economic analysis and is a member of the Global Investment Committee. Donovan is known for focusing on the human aspects of economic systems and regularly communicates insights on inflation, sustainability, and economic inequality. He is actively involved in UBS initiatives promoting diversity, economics education, and sustainable finance.  Donovan has a MA in Philosophy, Politics and Economics from Oxford University and a MSc in Financial Economics from the University of London. He is also an Honorary Fellow of St Anne’s College, Oxford and sits on their investment committee and development board.

UBS Foundation Professor of Economics

Ralph Ossa, who served as Chief Economist of the World Trade Organization (WTO) from January 2023 to June 2025, took up the UBS Foundation Professorship of Economics at the Department of Economics of the University of Zurich (UZH) as of July 1, 2025. Before joining the WTO, Ralph Ossa was already teaching and conducting research at UZH in the field of international economics, with a particular focus on policy-relevant questions. He was chairman of the Department of Economics from 2019 to 2022 and coeditor of the Journal of International Economics from 2016 to 2022. Prior to Zurich, he was on the faculty at the University of Chicago Booth School of Business. He holds a PhD in Economics from the London School of Economics.

Professor of Economics at the London Business School
Prof. Hélène Rey

Hélène Rey is the Lord Bagri Professor of Economics at London Business School and a leading expert in international macroeconomics and finance. Her influential research focuses on global financial cycles, exchange rates, and the international monetary system. She previously taught at Princeton University and the London School of Economics, and her work appears in top academic journals. Rey is a Fellow of the British Academy, the Econometric Society, and the American Academy of Arts and Sciences, and has received numerous prestigious prizes. She serves as Vice-President of CEPR, co-editor of the Annual Review of Economics, and advises institutions including the IMF and the French government. Rey holds degrees from ENSAE Paris, Stanford, LSE, and EHESS.

CEO of the Swiss-American Chamber of Commerce
Dr. Rahul Sahgal

Rahul Sahgal is the CEO of the Swiss-American Chamber of Commerce, appointed in August 2024. He brings over 20 years of experience at the intersection of business and diplomacy, having previously served in senior roles at Switzerland’s Federal Department of Foreign Affairs and the State Secretariat for International Financial Matters. Before his public-sector career, Sahgal held leadership positions at Deloitte Consulting, Autoneum India, and Rieter, and led the Northern Region of the Swiss-Indian Chamber of Commerce. He holds dual master’s degrees in business and law, a PhD from the University of St. Gallen, and speaks six languages.

Director-General for Trade for the European Commission
Dr. Sabine Weyand

Sabine Weyand is the Director-General for Trade at the European Commission, a role she has held since June 2019. She leads EU trade policy, overseeing global trade negotiations, enforcement, and market access strategies. A seasoned EU official, Weyand has held senior roles in the Commission since 1994, including as Deputy Chief Brexit Negotiator from 2016 to 2019. She has played key roles in major trade agreements such as TTIP and CETA. Weyand holds degrees from the University of Freiburg, the College of Europe, and a PhD in political science from the University of Tübingen. She is widely respected for her technical expertise and strategic acumen.

Moderatorin, Journalistin
Carolin Roth

Carolin Roth ist freiberufliche Broadcastjournalistin für CNBC International und Konferenz-/Veranstaltungsmoderatorin mit einer Leidenschaft für komplexe Themen aus den Bereichen Finanzen, Wirtschaft und Politik. Sie verfügt über 12 Jahre Erfahrung im Live-Fernsehen als internationale Finanz- und Wirtschaftsjournalistin bei CNBC.

Professor of Economics and Political Science, University of California, Berkeley
Prof. Barry Eichengreen

Barry Eichengreen is the George C. Pardee & Helen N. Pardee Chair and Distinguished Professor of Economics and Political Science at the University of California, Berkeley. He is one of the world’s leading experts on global monetary systems, financial crises, and economic history. His research spans exchange rates, capital flows, and the evolution of international institutions such as the IMF. Eichengreen has held visiting positions at the IMF, the Institute for Advanced Study in Berlin, and the Center for Advanced Study in the Behavioral Sciences in Palo Alto. He is a fellow of the American Academy of Arts and Sciences and chairs the Academic Advisory Committee of the Peterson Institute for International Economics. He has published widely cited books, including Hall of Mirrors: The Great Depression, the Great Recession, and the Uses – and Misuses – of History, and most recently In Defense of Public Debt (2021). His monthly columns on global macroeconomic issues appear regularly in Project Syndicate.

Professor of Finance at the University of Chicago Booth School of Business
Prof. Raghuram G. Rajan

Raghuram G. Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. From 2013 to 2016, he served as the 23rd Governor of the Reserve Bank of India, where he was widely credited with stabilizing the Indian economy during turbulent global conditions. Earlier in his career, he was Chief Economist and Director of Research at the International Monetary Fund. Professor Rajan has authored several acclaimed books, including Fault Lines, which won the Financial Times Business Book of the Year award, and The Third Pillar, a finalist for the same prize. His recent research has focused on sovereign debt, climate resilience, and liquidity dynamics in modern financial systems. He is a member of the American Academy of Arts and Sciences and currently chairs both the Group of Thirty and the Per Jacobsson Foundation. Rajan’s insights continue to shape the global conversation on financial regulation and inclusive growth.

Chairman of the Board of Directors, Nestlé S.A.
Paul Bulcke

Paul Bulcke is Chairman of the Board of Directors of Nestlé S.A., a position he has held since 2017. He has been with the Nestlé Group since 1979, starting as a marketing trainee and subsequently holding key leadership roles across Latin America and Europe. From 2008 to 2016, he served as Chief Executive Officer of Nestlé S.A., after leading the company’s operations in the Americas as Executive Vice President and Zone Director. Earlier in his career, he was Market Head in Portugal, the Czech and Slovak Republics, and Germany. Bulcke holds a degree in Commercial Engineering from the University of Louvain and completed postgraduate studies in management at the Vlerick Business School as well as executive training at IMD in Switzerland. Paul Bulcke holds dual Belgian and Swiss citizenship and serves on several international advisory bodies, including the World Economic Forum’s Community of Chairpersons and the J.P. Morgan International Council, while also acting as Vice-Chairman of the Board of L’Oréal.

Chief Economist of UBS Global Wealth Management
Paul Donovan

Paul Donovan is the Chief Economist of UBS Global Wealth Management. He leads the firm’s economic analysis and is a member of the Global Investment Committee. Donovan is known for focusing on the human aspects of economic systems and regularly communicates insights on inflation, sustainability, and economic inequality. He is actively involved in UBS initiatives promoting diversity, economics education, and sustainable finance.  Donovan has a MA in Philosophy, Politics and Economics from Oxford University and a MSc in Financial Economics from the University of London. He is also an Honorary Fellow of St Anne’s College, Oxford and sits on their investment committee and development board.

Program

12.30 Door opening
13.00 Global trade in crisis – what’s next?
Raghuram G. Rajan (Chicago Booth)
14.00 Coffee break
14.30 Global trade wars and their fallout
Ralph Ossa (University of Zurich)
Hélène Rey (London Business School)
Sabine Weyand (European Commission)
Moderation: Carolin Roth
15.30 Coffee break
16.00 Rethinking business in a world in turmoil
Paul Bulcke (Nestlé)
Paul Donovan (UBS Global Wealth Management)
Rahul Sahgal (Swiss-American Chamber of Commerce)
Moderation: Carolin Roth
17.00 Apéro
17.30 Zurich Lecture of Economics in Society: The future of money in a divided world
Barry Eichengreen (UC Berkeley)
18.30 End of event
12.30 Door opening
13.00 Global trade in crisis – what’s next?
Raghuram G. Rajan (Chicago Booth)
14.00 Coffee break
14.30 Global trade wars and their fallout
Ralph Ossa (University of Zurich)
Hélène Rey (London Business School)
Sabine Weyand (European Commission)
Moderation: Carolin Roth
15.30 Coffee break
16.00 Rethinking business in a world in turmoil
Paul Bulcke (Nestlé)
Paul Donovan (UBS Global Wealth Management)
Rahul Sahgal (Swiss-American Chamber of Commerce)
Moderation: Carolin Roth
17.00 Apéro
17.30 Zurich Lecture of Economics in Society: The future of money in a divided world
Barry Eichengreen (UC Berkeley)
18.30 End of event

Livestream

Venue

Kongresshaus Zürich

Claridenstrasse 5, 8002 Zürich
(Google Maps)