On 11 April 2024, the Geneva Graduate Institute hosted Swiss Federal Councillor Karin Keller-Sutter, as part of a conference entitled “Geopolitical Gambit: Navigating the Impact on Global Economics”.
At present, geopolitical tensions cast a looming shadow over the global economy, stirring volatility and uncertainty in financial markets and trade relations, as well as exerting profound impacts that ripple across continents and industries. As nations grapple with conflicting interests and power struggles, the spectre of trade wars, sanctions, and political instability threatens to disrupt economic stability and impede growth.
The conference organised in partnership with the Fondation pour Genève, addressed the role of Switzerland in this precarious landscape, both in how it has been impacted in recent years, notably through the Crédit Suisse crisis, and in considering the role the country can play to counter the challenges facing the global economy.
Marie-Laure Salles, Director of the Geneva Graduate Institute, opened the conference by sharing a history of the Institute’s diplomatic contributions to the international community, memorably stating, “We are international because we are Swiss and Genevan.”
Karin Keller-Sutter was introduced by Sami Kanaan, Administrative Councilor of the City of Geneva, who emphasised the unparalleled diversity and density of Geneva as an international hub, and Pierre Maudet, Councilor of the State of Geneva, who stated that International Geneva was the city’s most valuable asset.
Education, is quite simply, peace-building by another name. Education is the most effective form of defence spending there is.
Karin Keller-Sutter opened her speech by acknowledging the important role the Geneva Graduate Institute plays in shaping international players and by quoting the Institute’s most famous alumnus, Kofi Annan, and the value he gave to education.
Focusing on the link between geopolitics and finance in a world that has become “more complex and ambiguous”, Karin Keller-Sutter addressed what she believes is “perhaps the greatest risk to international stability”: the fact that “democratic institutions, multilateralism, and international corporations can be perceived as out of breath, inefficient, and overly complex” when in reality, the world is more connected than ever and political events in one place can almost instantly affect economic markets thousands of kilometres away.
Multilateralism, in fact, remains key to the functioning of the world economy. Likewise, Switzerland’s well-being depends on its openness and participation in the international community. Though it is small, Switzerland is both powerful and well-respected by others.
Throughout her speech, Karin Keller-Sutter addressed the topic through the triple perspectives of her roles of treasurer, moderator, and diplomat.
Her speech was then followed by discussion with Cédric Tille, Professor of International Economics at the Geneva Graduate Institute, and the public, during which the international role of Swiss finance was further developed. Professor Tille evoked the return of power struggles and the importance of power balances in the current international climate. Both Karin Keller-Sutter and Cédric Tille agreed that Switzerland needs to defend its interests by remaining an active participant in the international community and maintaining its relationships with multilateral organisations.
