German chancellor Angela Merkel opened the fifth Lindau Meeting on Economic Sciences on Wednesday in southern German city of Lindau.
Merkel emphasized the importance of policy counselling by scientific experts in her speech on the opening ceremony in front of about 500 people.
"It is good and expressly desirable that science meets the challenge to continually build bridges from theory to practice and also to provide guidance to policy," she said.
Following the opening ceremony, Merkel met with 15 young economic scientists.
This year's meeting brought together 17 of the 38 living laureates of the Nobel Prize in Economic Sciences. Another more than 450 young economic scientists from over 80 countries and regions took part in the meeting, whose focus is on issues surrounding the future orientation of the discipline, according to figures released by organizer.
"We are convinced that this unique opportunity to engage in a personal exchange of ideas with Nobel Laureates is a lasting experience for aspiring young scientists," said Bettina Bernadotte af Wisborg, president of the organizing council.
Participating Nobel Laureates and young economists, who have been selected in a multi-stage application process involving over 200 academic institutions throughout the world, will have plenty of opportunities for an intensive exchange of ideas until Saturday. Numerous lectures, discussions, master classes and panel discussions are on the agenda.