From Stablecoins to Swiss Banking History: Six Months in Swiss Banking’s Economic Policy Team

As part of Swiss Banking’s Economic Policy team, Carla Ambauen (left) took on responsibility from an early stage and worked closely with economist Nina-Alessa Michel and Martin Hess, Chief Economist and Head of Economic Policy.

Carla, your six-month internship at Swiss Banking in the Economic Policy department is coming to an end. What expectations did you have when you started?

Economic policy is a very broad field. Before starting my internship, it was difficult to imagine what kinds of projects I would be working on. I was looking forward to exploring new topics and collaborating with experts from different areas. Those expectations were definitely fulfilled.

...and looking back, what surprised you the most?

What surprised me most was the close interaction with member banks, even beyond the preparation of policy statements. During my very first week, I attended a working group meeting on the in-depth stablecoin study. Regular meetings followed, complemented by ongoing exchanges among the participants. The discussions and different perspectives were intellectually stimulating, and I learned a great deal from the experts involved.

When did you realise that you were not just observing at Swiss Banking, but actually taking on responsibility yourself?

As there were only three of us in the Economic Policy team, Martin and Nina entrusted me with responsibility for my own tasks and projects from an early stage. I gradually grew into my role. At some point, you become so familiar with a project that you can independently provide information and ensure that work continues to move forward. At the same time, I could always turn to the relevant experts within the Association whenever I had questions.

You worked on topics such as stablecoins, the competitiveness of the financial centre and Swiss banking history. Which project fascinated you the most?

The in-depth paper on stablecoins had the greatest impact on me. Today, I have a much better understanding not only of the use cases for stablecoins, but also of their potential effects on bank balance sheets, banking activities and the broader economy. At the beginning, I would never have expected this topic to fascinate me so much. Often, you only realise how interesting a subject is once you immerse yourself in it.

Working on the Swiss Banking Outlook and the Banking Barometer also allowed me to build directly on my economics studies, particularly when analysing economic developments and interest rate trends. What I found especially interesting was seeing how macroeconomic and geopolitical developments affect the Swiss banking centre and how industry experts assess future developments.

What did you learn during your internship that could not have been taught in the same way at university?

One of my key responsibilities was researching and preparing data. This is also important at university. During the internship, however, the results were used directly, for example in studies, presentations, website content and responses to external enquiries.

I learned how to search for information in a targeted way and how to tailor the results to different audiences. The requirements of a website, for example, differ considerably from those of a specialist presentation or a position paper intended for policymakers and the wider public.

Which moment from your internship do you remember most fondly?

One of the highlights was the first Swiss Banking Outlook Industry Forum in Zurich, where the Swiss Banking Outlook and the Banking Barometer were presented. After an intensive preparation phase, it was exciting to see the findings being discussed and attracting interest from industry professionals and the media. What was particularly valuable for me was being able to experience the entire process, from developing the publications to presenting the findings to an external audience.

How did you experience collaboration at Swiss Banking in general?

I received a very warm welcome from day one and quickly felt at home. The hierarchies were much flatter than I had expected. Through shared lunches and regular exchanges, I quickly got to know many colleagues across the organisation.

What will you take away from this internship for your future career?

In addition to data research and analysis, I learned a great deal about the financial sector and about thinking more broadly in terms of interconnected developments and trends. This goes beyond the theoretical knowledge gained at university and will be highly valuable as I begin my professional career.

At the same time, I learned how to structure and manage several projects in parallel, maintain an overview during particularly busy periods and follow up proactively with external stakeholders when necessary. These project management skills are valuable well beyond the financial sector.

Who would you recommend an internship at Swiss Banking to?

Anyone who is curious, wants to take on responsibility and is interested in economic and political developments. The variety of topics is extensive, and interns gain direct insight into current issues affecting the Swiss financial centre.

Those who show initiative can learn a great deal, contribute to relevant projects and bring in their own ideas. For students with a background in economics, an internship in Economic Policy offers an ideal opportunity to connect theoretical knowledge with practical experience. It is challenging, but never overwhelming.

Dear Carla, thank you very much for your commitment and dedication at Swiss Banking. We wish you every success with your master's degree and all the best for the future.