Gunther Schnabl is Professor of Economic Policy and International Economics at Leipzig University. He is a Senior Fellow at the Flossbach von Storch Research Institute. Gunther Schnabl received his PhD from Tubingen University. He has been a visiting scholar at Stanford University, Tokyo University and Catholic University Leuven as well as at numerous central banks including the Deutsche Bundesbank and the Federal Reserve Bank of New York. Before becoming a professor at Leipzig University, he was an advisor at the European Central Bank. His research focus is on monetary policy, exchange rates and the Japanese economy. He has published in numerous international refereed journals. According to the economist ranking of Frankfurter Allgemeine Zeitung he is one of Germany's most influential economists. His most recent book on 'Japans Banken in der Krise' illustrates the economic and social consequences of 30 years of low interest rate policy in Japan.