The topic at hand was “Global Imbalances and Currency Wars: what would Albert Gallatin say?” It linked a relatively little known 19th century giant – Albert Gallatin – who, although born and raised in Geneva, emigrated to America at age 19 and was one of the founding fathers of the United States. Gallatin served in the US Senate and House of Representatives, was chosen as Secretary of the Treasury to two American Presidents (Jefferson and Madison), negotiated the end of the war of 1812 for the young United States, acted as a minister to France and Great Britain and later founded New York University. The Embassy evening was inspired by the 250th anniversary of the birth of Albert Gallatin, whose life and work in international finance were linked in the discussion with our modern economic challenges.

Following an introduction by steering committee member Paul Mathieu who welcomed those present and gave an overview of the activities of the DC Alumni Association during the past year, Anne-Marie Gulde, Senior Advisor, European Department at the International Monetary Fund, set the stage with an explanation and definition of the problem of global imbalances, and everyone was then fascinated to hear Author Nicholas Dungan’s description of Albert Gallatin’s early life and achievements. The discussion continued with former Graduate Institute Professor Hans Genberg (now an Assistant Director of the Independent Evaluation Office at the International Monetary Fund) providing an insightful historical perspective on global currency imbalances. Professor Genberg also artfully connected Albert Gallatin’s approach to financial matters with the current currency issues. The last speaker, Josef Renggli, Minister and Head of Economic & Financial Affairs for the Swiss Embassy, provided the Swiss perspective on the issue and reviewed the challenges a small open economy is facing (in particular the Swiss National Bank) in trying to lean against the wind of strong capital inflows. The appetite of the audience for the topic did not end with the panel as author Nicholas Dungan sold and signed a dozen copies of his book after the discussion.

The evening concluded at the Ambassador’s residence, where panelists, the audience and the newly-arrived Swiss Ambassador Manuel Sager mingled and enjoyed the very fine Swiss culinary delicacies. As usual the food and conversations were “sans pareil”!

The audience included diverse and prestigious Graduate Institute alumni such as Arthur Gene Dewey, former Assistant Secretary of State for Population, Refugees, and Migration and Shara Aranoff, Chairman of the United States International Trade Commission. Also present was Alain Dick visiting from Geneva and who has been very active in the Washington DC Alumni Chapter in years past, including in starting the Albert Gallatin Fellowship in International Affairs. Established in 1976 by the Feris Foundation of America, the Gallatin Fellowships supports advanced doctoral candidates in international studies to complete their studies either at the Graduate Institute (for US students) or at an appropriate US university (for Graduate Institute students).

Warm thanks to the Swiss Embassy and the new Ambassador for their continued hospitality!