Dr. Jürgen Michels has been Chief Economist and Head of Research at BayernLB in Munich since October 2013. Before joining BayernLB, he worked between 2002 and 2013 as a capital market-oriented Euro area economist at Citigroup in London, serving as Chief Euro Area Economist from 2008 onward. From 1997 to 2002, he worked as an economist at Sal. Oppenheim in Cologne, and from 1996 to 1997 as a research associate at the Institute for International Economic Policy at the University of Bonn. Dr. Michels studied economics at the University of Bonn and received his doctorate from the University of Frankfurt with a dissertation on central bank strategies.