Werner Hermann is head of International Research and Technical Assistance at the Swiss National Bank. He joined the Swiss National Bank in 1986, where he has been the Head of the International Monetary Relations Department and Head of the Banking Studies Unit. He served at the Bank for International Settlements (BIS), including the Committee on the Global Financial System and the Basel Committee of Bank Supervisors. From 1988 to 1989, Hermann was visiting scholar at the Federal Reserve Bank of St. Louis. Prior to joining the Swiss National Bank, he taught at the University of Basel and he was