This article is written by Elise de Mallmann, a WES 2025 student journalist and writer for Sundial Press.
Since its inception in 2002, and especially after 2009, the annual Warwick Economics Summit organized by students at the University of Warwick, has brought together over 500 students from prestigious institutions worldwide to explore, discuss and debate about the global economy. As one of Europe's largest student-run academic conferences, the WES attracts renowned academics, policy-makers, Nobel Prize laureates, former world leaders, activists and business leaders. Their goal is to leave having enlightened, inspired and empowered the next generation of global leaders, shedding light on topics ranging from the political economy at macro and micro scales to international relations.
This year, the 24th edition of the summit was held in late January 2025 featuring keynote speakers such as Paolo Gentiloni, the European Commissioner for Economy, Ugochi Daniels, the Deputy Director General of the International Organisation for Migration (IOM), and Simonetta Sommaruga, former President of Switzerland. Generous sponsors were also present for seminars, such as Moody’s for « Moody’s and the Era of Exponential Risk », thanks to which the event took place successfully.
The thought-provoking talks, seminars, questions and debates not only allow speakers to share their respective visions on global challenges but also serve as a forum for students to propose and discuss solutions by incorporating diverse international perspectives. Interactions about controversial issues are truly enriching as they act as catalysts for broadening young minds and fostering mutual understanding and communication in an increasingly more globalized yet polarized world. One can see the benefits of the emphasis on respect, dialogue, and moderation as a significant contribution to nurturing qualitative diplomacy among future generations. The tight-knit networks formed at WES ensure that these exchanges endure long after the event, focusing on some of the most pressing issues of our world.
By centring the summit on economics in line with the University of Warwick's field of predilection, WES underscores their importance in both national governance and international relations. Economics is often recognised by academics and journalists as a critical driver for sovereignty. After the COVID-19 pandemic, the world was quickly overwhelmed by a strong accumulation of severe economic challenges, notably inflation, which threatened the legitimacy of governments, social rights and even human survival. The worst-case scenarios included Latin American nations that have been particularly affected by staggering inflation rates – Argentina reached 211% in 2023 – leading to overlapping crises. While such economic turbulence often sparks protests targeting political leaders, different cases result in differentiated responses.
On Saturday (January 25th), Gustavo Franco, former President of the Brazilian Central Bank, delivered a truly insightful speech about how Brazil tackled its hyperinflation crisis in the 1990s.
According to Trading Economics, it reached "an all-time high of 6821.31% in April of 1990 and a record low of 1.65% in December of 1998". After delving into the detailed economic intricacies of this crisis such as the austerity measures, delegates' questions revolved around the real-life social implications of these policies in order to put them into perspective.
Within the European Union, where fostering political cooperation is vital but mostly economic ties are often prioritized, the supranational governance acts as a limitation to national abuses of ever-lasting excessive public deficit and debt. This framework helps maintain equality between eurozone countries and thus stability in the union. However, the historic example of Greece – with a debt surpassing 160% of GDP, well beyond the EU's 60% limit – raises questions about the effectiveness of these norms and mechanisms to contain economic crises. More recently, France, currently burdened with a debt level of 112% of GDP, faces similar fiscal challenges in attempting to reduce it. Inherently, the political instability and social unrest shaking the 5th Republic can only hinder the efforts made. Without an approved budget for 2025 and with ever-rising financial pressure, France perhaps risks bearing the surname of the "New Greece" within the EU. These phenomena highlight the growing tension between national sovereignty and European or international economic convergence posing serious threats to fundamental prosperity.
These questions naturally came to the forefront during the WES discussion panel about "Navigating the Future of a Cashless Society" during which students were particularly intrigued by Paul Buitnik, Managing Director of Holland Gold, who argued that the euro might be "too expensive for Greece and too cheap for the Netherlands" to optimise economic growth. According to him, the idea of a common currency is a great ideal but simply does not fit the European Union's identity and composition. This was also one of the heated debates that pursued in the corridors between determined delegates passionately seeking an answer.
WES 2025 addressed critical economic issues alongside the expertise of leading figures in their respective fields while actively engaging prospective leaders in global discussions. This intergenerational academic summit's ability to stimulate intellectual debate among youth makes it a central event for shaping tomorrow's world. In this sense, it received widespread acclaim, earning recognition for its continued relevance and impact.
The views and opinions expressed in this article belong solely to the writer and do not necessarily reflect the views and opinions of the Warwick Economics Summit.
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