DINNER AGENDA
6:00 PM Registration and Cocktail Reception
7:00 PM Welcome
Holly Wade, GIC Board Chair In Remembrance of Charles Plosser – Remarks by Loretta J. Mester, Ph.D., Former President of the Federal Reserve Bank of Cleveland
7:15 PM Dinner
8:00 PM Presentation of the 2025 Global Citizen Award to Kathleen Stephansen
Threats to official statistics: Interpreting economic data during policy swings and labor market uncertainty – Guest Speaker: Jed Kolko Ph.D., Former Undersecretary for Economic Affairs, U.S. Department of Commerce
9:00 PM Conclusion
The remarkable success of the College of Central Bankers reflects the international respect earned by the Global Interdependence Center since its founding in 1976. The CCB’s Fellows, all of whom presided over the world’s leading central banks, are an extraordinary source
of
wisdom on monetary policy, which is critically important today.
– J. Paul Horne, International Market Economist, CCB Advisory Board Member, and 2024 Global Citizen Award Honoree
The Global Citizen Award is given to individuals who have demonstrated, in their business or personal lives, a commitment to the principles set forth in our mission and vision. Recipients of the Global Citizen Award have been strong advocates of GIC’s efforts to be a leader in influencing world policies for the greater good through cooperative, international engagement among diverse thought leaders.
ABOUT THE GLOBAL CITIZEN AWARD
GIC is delighted to honor KATHLEEN STEPHANSEN
with the Global Citizen Award for her unwavering dedication to our mission and vision through years of service.
For more than two decades, Kathleen has been among the greatest supporters of GIC, serving in various leadership positions and sharing her knowledge generously with others.
Kathleen has shaped the organization in roles such as Vice Chair of the Central Banking Series, Program Committee member, Executive Committee member, and Board Chair. She has been instrumental in expanding GIC’s global reach, moderating and speaking at programs in Paris, Montreal, Prague, Mexico City, Shanghai, Havana, and beyond. Her dedication to fostering dialogue, attracting new members, and supporting programs through both personal philanthropy and corporate partnerships has advanced GIC’s mission beyond measure.
Please join us in celebrating Kathleen as this year’s Global Citizen Award recipient.
2025 GLOBAL CITIZEN AWARDEE
KATHLEEN STEPHANSEN
VICE CHAIR OF THE GIC COLLEGE OF CENTRAL BANKERS
GIC CHAIR EMERITA
SENIOR ECONOMIST FOR HAVER ANALYTICS
TRUSTEE OF EQAT TRUST FUNDS
Kathleen Stephansen is a Senior Economist for Haver Analytics and an Independent Trustee for the EQUAT/VID/1290 Funds, encompassing all US mutual funds sponsored by the Equitable Financial Life Insurance Company. She is a former Chief Economist of Huawei Technologies USA, Chief Economist of the American International Group (AIG), and AIG Asset Management’s Senior Strategist and Global Head of Sovereign Research. Prior to joining AIG in 2010, Kathleen held various positions as Chief Economist and Head of Global Economic Research at Aladdin Capital Holdings, Credit Suisse, and Donaldson, Lufkin and Jenrette Securities Corporation.
Kathleen serves on the board of the Global Interdependence Center (GIC), is Vice-Chair of the GIC College of Central Bankers, is the Treasurer for Economists for Peace and Security (EPS), and is a member of the National Association of Business Economics (NABE). She is a member of the Chatham House and the Economic Club of New York. She holds an undergraduate degree in economics from the Universite Catholique de Louvain and graduate degrees in economics from the University of New Hampshire and the London School of Economics.
PAST RECIPIENTS
2024 | J. Paul Horne
Independent International Market Economist, GIC Board Member, and Member of the Advisory Board of the GIC College of Central Bankers
2023 | Michael Drury
Chief Economist of McVean Trading & Investments, Board Member and former Chair of the GIC
2022 | George Tsetsekos, Ph.D.
Francis Professor of Finance and Director of the Risk Management Center at the LeBow College of Business, Board Member of the GIC
2019 | Martin Heldring
Former Senior Vice President and Managing Director of TD Bank, former Member of the GIC’s Board of Directors
2018 | Peter Gold, Esq.
Principal of TheGoldGroup LLC, former Vice Chair of the College of Central Bankers
2017 | Dennis Lockhart
Former President and CEO of the Federal Reserve Bank of Atlanta, former Chairman of the Small Enterprise Assistance Funds, former Chairman of the advisory committee of the U.S. Export-Import Bank
2015 | François-Xavier Chevallier
Founder of Alpha Mining, founding partner in GIC’s inaugural event in Paris (2004) and subsequent events
2013 | Jeffrey Lacker, Ph.D.
Former President & CEO of the Federal Reserve Bank of Richmond
2012 | Sharon Javie, Ph.D. and William Dunkelberg, Ph.D.
Sharon Javie: Former Vice Chair of Marketing and Operations at the GIC and former Chair of the Marketing Department at LaSalle University
William Dunkelberg: Chairman Emeritus of the GIC, former Dean of the School of Management and Business at Temple University
2011 | Charles Plosser, Ph.D.
Former President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia, former Director of the Bradley Policy Research Center and Dean of the William E. Simon Graduate School of Business Administration
2010 | David Kotok
Co-founder & Strategic Advisor, Cumberland Advisors, former Board Member, and former Program Chair, GIC Advisory Board Member, GIC College of Central Bankers
2009 | Christian Noyer
Former Governor of the Banque de France, former Vice President of the European Central Bank, former Member of the European Monetary Committee
2009 | Frederick Heldring
Founding Chairman of the GIC, former Chairman of the Board of Philadelphia National Bank, Chairman Emeritus of the Philadelphia Development Partnership
2008 | Edward Boehne, Ph.D.
Director and Senior Economic Advisor for Haverford Quality Investing, former President of the Federal Reserve Bank of Philadelphia
2007 | Constantine Papadakis, Ph.D.
Former President of Drexel University
2005 | Anthony M. Santomero
Independent Director at Citigroup, Inc., former President of the Federal Reserve Bank of Philadelphia, Professor Emeritus of Finance at the Wharton School at the University of Pennsylvania
SPEAKERS
SPEAKER
HOLLY WADE
CHAIR, BOARD OF DIRECTORS, GLOBAL INTERDEPENDENCE CENTER, AND EXECUTIVE DIRECTOR OF THE NFIB RESEARCH CENTER
Holly Wade is the executive director of the National Federation of Independent Business (NFIB) Research Center, where she has 17 years of experience conducting original research on the small business sector focusing on small business economic conditions, business operations, and public policy issues impacting small firms. She produces NFIB’s monthly Small Business Economic Trends publication, the Covid-19 Small Business survey series, and surveys on topics related to small business operations. She is also a frequent media spokesperson on the small business economy and related public policy issues. Since 2020, Ms. Wade has been offering a regular webinar series for small business owners nationwide, helping owners navigate through the federal loan and tax credit programs. She is also a member of the Board of Directors of the National Association for Business Economics (NABE).
SPEAKER
LORETTA J. MESTER, PH.D.
FORMER PRESIDENT, FEDERAL RESERVE BANK OF CLEVELAND
Loretta J. Mester was President and CEO of the Federal Reserve Bank of Cleveland from June 1, 2014 to June 30, 2024. Prior to joining the Cleveland Fed, she had served at the Federal Reserve Bank of Philadelphia, starting in 1985 as an economist, becoming senior vice president and director of research in 2000, and executive vice president and director of research in 2010. She earned a bachelor of arts degree in mathematics and economics from Barnard College of Columbia University and M.A. and Ph.D. degrees in economics from Princeton University, where she was a national science fellow.
SPEAKER
JED KOLKO, PH.D.
SENIOR FELLOW, PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS
SENIOR ADVISOR, JP MORGANCHASE INSTITUTE
Jed Kolko joined the Peterson Institute for International Economics as a nonresident senior fellow in April 2025. He is also a senior advisor to the JPMorganChase Institute.
From 2022 to 2024, he was undersecretary for economic affairs at the US Department of Commerce. In that role he led economic research for the department, oversaw the Census Bureau and the Bureau of Economic Analysis, and launched the Regional Economic Research Initiative.
Previously he was chief economist at Indeed, the job search website, and at Trulia, the real estate site. In those roles, he built research teams that developed alternative economic indicators using proprietary data. Earlier he was an associate director at the Public Policy Institute of California and a research director at Forrester Research, a technology consulting firm. He has served on the boards of the National Association for Business Economics and the California Budget and Policy Center, and has been a regular contributor to the New York Times.
His own research spans regional economic development, geographic inequality, labor markets, immigration, housing policy, technology policy, and AI ethics. He is passionate about maintaining the quality, integrity, and usefulness of official statistics.
He has a PhD in economics and an AB in social studies from Harvard University.
COLLEGE OF CENTRAL BANKERS
ADVISORY BOARD
The GIC College of Central Bankers provides a distinguished forum for former leaders of monetary policymaking organizations to share their insights and thought leadership on critical issues facing central banking and global monetary policy.
David E. Altig, Ph.D., Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta
Michael Drury, Chief Economist for McVean Trading & Investments, LLC
J. Paul Horne, Independent International Market Economist
William Kennedy, CEO of RiskBridge Advisors
David Kotok, Co-founder & Strategic Advisor, Cumberland Advisors, former Board Member, and former Program Chair, GIC Advisory Board Member, GIC College of Central Bankers
Michael McKee, International Economics and Policy Correspondent for Bloomberg Television and Radio
Dana Peterson, Chief Economist, The Conference Board
Don Rissmiller, Founding Partner and Chief Economist of Strategas
Jeremy Siegel, Ph.D., Russell E. Palmer Professor of Finance at the Wharton School of the University of Pennsylvania
Kathleen Stephansen, Vice Chair of the GIC College of Central Bankers
Herb Taylor, Ph.D., Secretary of the Federal Advisory Council
Holly Wade, Executive Director of the NFIB Research Center
GIC’s work to enhance understanding of the underpinnings of global economic conditions through convenings such as this — whether we be central bankers, academics, or private-sector economists and experts — has prepared us to knowledgeably face challenges and find opportunities.
– Patrick Harker, former President of the Federal Reserve Bank of Philadelphia
2025 INDUCTEES:
James Bullard, Ph.D., Former President and CEO of the Federal Reserve Bank of St. Louis
Patrick T. Harker, Ph.D., Former President and CEO of the Federal Reserve Bank of Philadelphia
2024 INDUCTEES:
Esther George, Former President and CEO of the Federal Reserve Bank of Kansas City
Loretta Mester, Ph.D., Former President and CEO of the Federal Reserve Bank of Cleveland
Zdeněk Tůma, Former Governor of the Czech National Bank
Axel A. Weber, Ph.D., Former President of the Deutsche Bundesbank
2021 INDUCTEES:
Zeti Aziz, Ph.D., Former Governor of the Bank Negara Malaysia
Mustapha K. Nabli, Ph.D., Former Governor of the Central Bank of Tunisia
Athanasios Orphanides, Ph.D., Former Governor of the Central Bank of Cyprus
Masaaki Shirakawa, Former Governor of the Bank of Japan
2023 INDUCTEES:
Charles Evans, Ph.D., Former President and CEO of the Federal Reserve Bank of Chicago
Thomas Hoenig, Ph.D., Former President and CEO of the Federal Reserve Bank of Kansas City
2022 INDUCTEES:
Jacob A. Frenkel, Ph.D., Former Governor of the Bank of Israel
Jeffrey Lacker, Ph.D., Former President and CEO of the Federal Reserve Bank of Richmond
DeLisle Worrell, Ph.D., Former Governor of the Central Bank of Barbados
2020 INDUCTEES:
David (Danny) Blanchflower, Ph.D., Former Member of the Monetary Policy Committee of the Bank of England
Roger W. Ferguson, Jr., Ph.D., Former Vice Chairman of the Board of Governors of the U.S. Federal Reserve System
Jose De Gregorio, Ph.D., Former President of the Central Bank of Chile
José Manuel González Páramo, Ph.D., Former Member of the Executive Board of the European Central Bank
Patrick Honohan, Ph.D., Former Governor of Central Bank of Ireland
Alfonso Prat-Gay, Former President of the Central Bank of Argentina
Katarzyna Zajdel-Kurowska, Former Board member of the Management Board of the National Bank of Poland
2019 INDUCTEE:
Dennis Lockhart, Former President & CEO of the Federal Reserve Bank of Atlanta
2018 INDUCTEES:
Christian Noyer, Honorary Governor, Banque de France
Anthony Santomero, Ph.D., Former President of the Federal Reserve Bank of Philadelphia
William Poole, Ph.D., Former President of the Federal Reserve Bank of St. Louis
ONE MEMBERSHIP, A WORLD OF OPPORTUNITIES
WE INVITE YOU TO JOIN
US
As a Member of the Global Interdependence Center, you are an integral part of our neutral, nonpartisan forum to expand awareness, advance shared interests, and promote social stewardship.
In addition to benefits such as premier access to GIC programs in the US, around the world, and virtually, access to the membersonly LinkedIn group, and the opportunity to contribute content to the GIC blog, GIC offers our Members access to our smaller, private roundtables held under Chatham House Rule*, and complimentary registration to GIC virtual events. GIC’s private roundtable discussions have become a hallmark of our programming, inviting Members to participate in a candid exchange of viewpoints and ideas among industry leaders on issues most relevant to the global economic environment. GIC Members contribute to our shared global reach by supporting our mission and programming.
The Global Interdependence Center is a 501(c)(3) nonprofit organization and all donations and GIC membership dues are tax deductible.
*When a meeting, or part thereof, is held under the Chatham House Rule, participants are free to use the information received, but neither the identity nor the affiliation of the speaker(s), nor that of any other participant, may be revealed.
Domestic Destinations
One Day Events
Example Locations: La Jolla, Jackson Hole, Philadelphia
International/2-Day Central Banking Series Events
Example Locations: Paris, Madrid, Nassau
Special registration pricing for member
Includes access to the conference only
Delegation Trips: Multiday event with private meetings, hotel, & dinner package included
Example Locations: Mexico City, Tokyo
Special registration pricing for member
Includes access to the conference only
Special registration pricing for member and one guest
Includes access to the conference only
Special registration pricing for member and one guest
Includes access to the conference only
Special registration pricing for member and one guest, and invitation to private welcome dinner for member and guest
Special registration pricing for member and one guest
Includes access to the conference and an invitation to private welcome dinner for member and guest
Deeply discounted registration pricing for member plus a complimentary guest, and an invitation to private welcome dinner for member and guest
Deeply discounted registration pricing for member plus a complimentary guest
Includes access to the conference, an invitation to private welcome dinner for member and guest, and access to private roundtable and day 2 dinner (when applicable)
TRIBUTE LETTERS
Dear Friends and Colleagues,
I am delighted to congratulate Kathleen for the many years of superb support and inspiration she has provided to the Global Interdependence Center.
Your service as a long-time GIC Board Member and past Chair has been notable for your innovative ideas for fostering positive global interdependence in the U.S. and abroad. As a renowned international economist, you have demonstrated a real sensitivity to the importance of global relationships and interdependence. Another example is your work with Economists for Peace and Security (EPS), economists, political scientists, and security experts who promote non-military solutions to world challenges, and freedom from fear and want. These are ideals shared with the GIC and typify your generous spirit.
Your early backing of the GIC’s remarkable College of Central Bankers and its focus on the critical importance of monetary policy has been admirably far-sighted. As GIC Vice Chair for the CCB, you enable it to be a remarkable source of expertise on monetary policy
with the unique experience of former heads of central banks. As a long-time international economist focused on financial markets, I am particularly grateful that you are always alert to tectonic monetary forces which may not get enough public attention or contradict the consensus and which could have systemic consequences.
Your organization of this year’s Symposium of the College of Central Bankers brings together remarkable experts to consider international issues influencing world monetary and economic policies. At a time of unprecedented turmoil, this Symposium contributes to the greater good through cooperative, international engagement among diverse thought leaders united in their respect for facts.
As last year’s Global Citizen, I congratulate you on being the Global Citizen of 2025 and wish you well in continuing your outstanding work with the GIC and the College of Central Bankers.
Gratefully, J. Paul Horne
Independent International Market Economist
J. PAUL HORNE
December 2, 2025
Congratulations Kathleen,
It is a great delight to see your deep commitment to the Global Interdependence Center recognized with the Global Citizen Award. It is fitting that you are the star of our new website, as you have long been one of the most recognizable faces of our little family — as a Board member, Program Director, Chairman, and now (in my view most importantly) as Vice-Chair of the College of Central Bankers.
The College is an essential part of the future of GIC, and you have melded it into a far more coherent institution than the one you inherited. Last year’s inaugural event in New York was a triumph, and it will be a pleasure to return this year for more “insider information.”
Bravo, and I look forward to many more meetings and Chatham House Rules discussions with this invaluable — and growing — group of thinkers.
Med vennlig hilsen,
Michael
MICHAEL DRURY
Dear Kathleen,
I extend my heartfelt congratulations to you on receiving the 2025 Global Citizen Award. Your longstanding dedication to the Global Interdependence Center and steadfast support of our mission have meaningfully advanced GIC’s work around the world. As a champion of the College of Central Bankers, you have helped elevate its impact and visibility, strengthening our community of policymakers, academics and practitioners. Your high-quality work in organizing and chairing forums with central bankers pushes the envelope of perfection to the next level.
Drexel University, Philadelphia PA Board Member, Global Interdependence Center • 2022 • RECIPIENT OF THE GLOBAL CITIZEN AWARD
I have especially valued our numerous interactions at GIC conferences across the globe. Your deep knowledge of international economic affairs and your thoughtful, measured insights have consistently enriched our discussions and improved our programs. Your leadership, counsel, and presence have set a high bar for excellence within GIC.
It is a privilege to celebrate your achievements and to recognize your vision and the examples you set for global citizenship and engagement. I look forward to our continued work together.
With warm regards,
George Tsetsekos, Ph.D.
Francis Professor of Finance, LeBow College of Business
GEORGE TSETSEKOS
December 2, 2025
Dear Members of the GIC Board,
I would like to add my enthusiastic congratulations to Kathleen Stephansen on her recognition as the Global Interdependence Center’s 2025 Global Citizen Awardee.
I was very pleased to serve on GIC’s Board with Kathleen for many years. Kathleen has been a longstanding Board Member, a dedicated supporter of GIC’s work around the world, and committed to the success of our College of Central Bankers. I know personally of her steadfast and highly effective support for GIC and believe that she is a very deserving honoree.
GIC is a unique organization with which I have been involved in various ways for almost 50 years. It serves a critical role in ensuring a deeper understanding and perspective of international economic issues. Kathleen should be very proud of both the organization and her role in continuing its mission.
Kathleen, thank you for your hard work in support of GIC and please enjoy this well-deserved recognition.
Martin Heldring
• 2017 •
RECIPIENT OF THE GLOBAL CITIZEN AWARD
Dear Kathleen,
Warm congratulations on your much deserved recognition as this year’s Global Citizen Award recipient! You have been such a fine leader of the Global Interdependence Center. You have been key to guiding the College of Central Bankers to realization of the vision—a vibrant and active forum for former central bankers to share their views on policy, financial stability risk, and the world’s economic challenges. Your dedication to GIC is so apparent in every event, and your graceful hosting of events and meetings has made participation a real pleasure.
GIC has benefited mightily from your leadership. I can’t think of a more deserving awardee.
Best wishes.
Dennis Lockhart
DENNIS LOCKHART
CATHERINE L. MANN
RECIPIENT OF THE THE FREDERICK HELDRING AWARD FOR GLOBAL LEADERSHIP
Congratulations, Kathleen, on being the Global Citizen 2025.
You have been a loyal supporter of the principles of global engagement and the goals of the Global Interdependence Center for over 15 years, serving on the Board since 2013.
Perhaps because of your grace and quiet effectiveness, your name did not jump out of the list for the Global Citizen Award. It is past time! As you have taken the helm of the College of Central Bankers, your vision and capabilities have come to the forefront. You have made an impressive imprint on the College — both through creating a networking opportunity where Central Bankers can discuss current challenges in light of their own experiences, but also by facilitating an outward-facing communication and learning platform through collective dialogue with each other, with you, and with the listening public. Your thoughtful interview questions always explore the complexities of the current economic and policy environment and draw out the insights of these former Central Bankers. You’ve just begun and I look forward to your next developments with the College and with GIC!
Again, congratulations!
Catherine L Mann
December 2, 2025
Dear Friends and Colleagues,
JEFFREY M. LACKER
College of Central Bankers • 2013 • RECIPIENT OF THE GLOBAL CITIZEN AWARD
I wish to congratulate Kathleen Stephansen on the occasion of her receiving the GIC Global Citizen Award. The devotion and commitment she has given to the GIC cause makes this award very well deserved. I applaud Kathleen’s innovative and energetic leadership of the College of Central Bankers at a pivotal time in central banking and am honored to be part of this special event.
Congratulations Kathleen!
Jeffrey M. Lacker
Mercatus
Center at George
Mason University
GIC
• 2010 • RECIPIENT OF THE GLOBAL CITIZEN AWARD
Dear Friends and Colleagues,
It is a distinct honor and privilege to write this congratulatory note to Kathleen Stephansen on her receiving the GIC Global Citizen Award. She has long been deeply involved in support of the mission of the GIC. Her history has certainly earned this distinguished recognition.
Her efforts span decades. She has been an integral party with a leadership role in the expanding College of Central Bankers. Her roles have included that of a speaker, a program designer, an implementer, and a commentator with global public recognition. GIC is a growing and broadening presence, and Kathleen’s assistance and participation have contributed to its evolution.
I can still picture the GIC delegation trip to Havana. We were sitting in the Central Bank of Cuba. This special delegation visit included meetings with the officials of Cuba, and it was a highly unusual opportunity for GIC delegates to have candid conversations under Chatham House Rule. Kathleen’s leadership helped formalize the discussion and debate.
Never had I thought, in my earlier years with GIC, that we could have such a discussion in the Central Bank of Cuba. As a side note, we learned that after the Fidel Castro regime came to power over 60 years ago, Che Guevera was the first president of the then-new Cuban central bank.
Kathleen has seen the world from many perspectives and has scrupulously adhered to the GIC policy of being a neutral convenor of dialogue. That policy has enabled GIC’s expansive conversations globally, in places like Havana as well as the more traditional locations like Paris, Tokyo, Singapore, and Johannesburg.
This is a special event tonight and a moment of recognition for Kathleen. It is a personal honor for me to be part of this tribute to her persistence and advocacy for the work of the GIC.
Congratulations to my longtime friend, co-author, and GIC colleague, Kathleen Stephansen.
David R. Kotok
Co-founder & Strategic Advisor, Cumberland Advisors
Former Board Member and Former Program Chair, GIC
Advisory Board Member, GIC College of Central Bankers
DAVID KOTOK
Dear Friends of the Global lnterdependence Center:
I am delighted to join others to congratulate Kathleen Stephansen for her award as Global Citizen for 2025, and the Center for its excellent choice.
Kathleen has demonstrated a remarkable commitment to the GIC, contributing decisively to foster a vivid global dialogue on matters on common interest in the framework of the GIC, where she has played a key role for many years, but also via many other commitments in economic clubs, associations and publications.
A renowned economist, with an educational background both from America and Europe, and a remarkable career as chief economist of several prestigious firms, Kathleen has deployed her many talents in chairing an incredible number of sessions and panels where ideas were exposed and discussed in a very lively way, fostering a better common understanding of all participants. In the recent period, she was instrumental in developing the GIC College of Central Bankers, helping
members coming from many horizons to assess jointly the developments of central bank policies. Through aII her actions, she has truly brought traction to the implementation of the principles set out in the mission of the GIC.
The value of the efforts by the GIC to explore opportunities for a global dialogue on matters of common interest is particularly high in the present circumstances where multilateral cooperation often faces questioning. Kathleen’s commitment and effectiveness in developing the activities and building the success of the GIC show how much she deserves this award.
Christian Noyer
Former Vice-President of the European Central Bank (1998-2002)
Former Governor of the Banque de France (2003-2015)
CHRISTIAN NOYER
ANTHONY M. SANTOMERO
• 2005 • RECIPIENT OF THE GLOBAL CITIZEN AWARD
Ladies and Gentlemen:
I wish to commend the Global Interdependence Center’s decision to bestow this year’s Global Citizen Award on Kathleen Stephansen. From her academic training to her career to her current affairs interest, she is the epitome of a global citizen. More than most, she knows and lives in an interdependent world. Trained in Europe, working for global financial firms and studying issues that affect global financial markets, she is the model of a global citizen.
As if that were not enough, she has spent many long hours advancing the GIC as a Member of its Board and Vice Chair of the College of Central Bankers. Her efforts have led to its success and continued health. As an early member of this group, I salute her and thank her for her hard work on our behalf.
I congratulate her and salute you for your choice of this year’s recipient. Kathleen joins the roster of illustrious business leaders and policymakers who have been lauded by the GIC for their roles in pursuing and endorsing economic policies that recognize that the world is an interdependent and complicated place. Working together is our best opportunity to improve economic welfare. Policymakers would do well to follow her lead in these complicated times.
Sincerely,
Anthony M. Santomero
Former President, Federal Reserve Bank of Philadelphia
Richard K Mellon Professor Emeritus of Finance, The Wharton School
In celebration of KATHLEEN
STEPHANSEN
2025 Global Citizen Awardee
“Your realized gains are immeasurable.”
Love, Andy, Emma, Charlie, and Leo, Sophie and Danny
Congratulations to Kathleen Stephansen
Precision Leads to Results.
2025 Global Citizen Award Recipient
Kathleen, it is with great pleasure and admiration that we honor you with the 2025 Global Citizen Award. Your exemplary role as a global citizen and your steadfast commitment to fostering international dialogue and understanding have been truly inspirational.
As global interdependencies evolve, interconnected markets and challenges and opportunities for investors.
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Your countless contributions to GIC’s mission as a premier global forum for debate and learning have created a lasting impact. Thank you for your service and for helping promote a more informed and connected global community.
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Warmest congratulations, Bill Kennedy
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Students, Faculty, and Staff of
Congratulate the 2025 recipient of GIC’s Global Citizen
Award
KATHLEEN STEPHANSEN
and recognize her tireless efforts to advance the mission of GIC over the years and her commitment to an interdependent world.
Vibhas Madan, Dean and Professor of Economics
George Tsetsekos, Francis Professor of Finance and Dean Emeritus
CONGRATULATIONS, KATHLEEN,
for years of superb support for the Global Interdependence Center, both as past Chair with your innovative ideas for fostering positive global interdependence; and as Vice Chair for the College of Central Bankers, the GIC’s unique source of expertise on monetary policy.
The Hornes of Virginia
PROUD TO SUPPORT THE GIC COLLEGE OF CENTRAL BANKERS:
Proudly celebrates Kathleen Stephansen, Recipient of the 2025 Global Citizen Award.
At Cygnus, we believe in the power of purpose - to create meaningful impact in the financial lives of our clients, to cultivate a diverse and dynamic workplace, and to give back to the communities we serve. Kathleen’s work reflects these same ideals of excellence, empathy, and interconnection that inspire us every day.
Proudly congratulates Kathleen Stephansen on receiving this year’s Global Citizen Award.
This recognition reflects her distinguished career in global economics and her lifelong commitment to advancing understanding and cooperation across international markets and policy communities. Her integrity, insight, and dedication exemplify the spirit of collaboration that this award represents.
We extend our warmest congratulations to Kathleen on this well-deserved honor and thank her for her many contributions to Haver Analytics, the GIC, and the broader community of economists and policymakers she continues to inspire.
Congratulations, Kathleen!
Thank you for your years of leadership and support for the Global Interdependence Center.
-Michael Veloric
Warmest congratulations to Kathleen Stephansen, recipient of GIC’s 2025 Global Citizen Award. I deeply appreciate her skilled leadership and years of collaborative service in support of the mission of the GIC.
— David R. Kotok
With gratitude to our Platinum Members: Eric Hale, Chad Seegers, Mary Jane Raymond, Chris Lane, Sal Gilbertie, and Jake Hanley for their generous support of the 2nd Annual College of Central Bankers Symposium.
Kathleen, Your leadership and involvement have been a gift to the GIC and the College of Central Bankers.
Congratulations, Steve Sexauer
The CFA Society of Philadelphia is proud to be a partner of the Global Interdependence Center and congratulates the 2025 Global Citizen Award recipient: Kathleen Stephansen
The CFA Society of Philadelphia (CFAP) was founded in 1943 to further the interchange of information and opinions among people in the investment community, to foster a high standard of ethics and to promote a clear public understanding of the functions of security analysis. Non-CFA charter holders interested in the financial services industry are also welcome to become members. Visit us at www.cfaphil.org.
CONGRATULATIONS TO KATHLEEN, A VALUED SUPPORTER OF GIC BILL AND SHARON
GIC Foundation
Strengthening Connections. Building Global Community.
The Global Interdependence Center is pleased to announce the launch of the GIC Foundation. The mission of the GIC Foundation is to secure the long-term financial future of the GIC through strategic resource stewardship and the cultivation of endowed giving and to build and maintain a robust financial structure ensuring the GIC’s ability to continue its vital mission.
Our goal is to position the GIC to continue to serve as a vital platform for international dialogue, policy exploration, and cooperative engagement for future generations.
For additional information, please contact Jill Fornito at jfornito@interdependence.org.
The GIC Foundation is a 501(c)(3) organization. Donations may qualify for immediate tax benefits.
INTERDEPENDENCE.ORG
In Memoriam
Charles I. Plosser, Ph.D. Fellow, College of Central Bankers
2011 Global Citizen Award Recipient
Charles I. Plosser, a distinguished economist and former President & CEO of the Federal Reserve Bank of Philadelphia, passed away on August 14, 2025. An active member of the Global Interdependence Center, Charles shared his insight and leadership through countless GIC programs around the world, shaping discussions on global economics and monetary policy. His intellectual rigor, integrity, and principled approach to economic thought profoundly influenced both colleagues and policymakers alike. Honored with GIC’s Global Citizen Award in 2011 and later named a Fellow of the College of Central Bankers, he remained a valued voice and friend within our community. Charles will be deeply missed by all who had the privilege to learn from him and to engage with his thoughtful perspectives, which helped strengthen GIC’s mission and the global community of central bankers and economists it serves.
