Oscar Arce is the Associate Director General of Economics and Research at the Economics and Statistics DG of the Bank of Spain, where he also has served as Director of Monetary and Financial Studies and as Head of the Division of Macroeconomic Analysis and Forecasting. Before, he was the Director of the Research and Statistics department at the Spanish securities markets commission (CNMV), Deputy Director General at the Economic Bureau of the Spanish Prime Minister and prior to that he worked as a senior economist at the Bank of Spain. Mr Arce holds a PhD in Economics from the London School of Economics and Political Science and has written extensively on macroeconomic, monetary and financial issues, including some articles published in top academic journals. He is member of the Monetary Policy Committee of the Eurosystem and before he was involved in the work of several international bodies with responsibilities on the fields of capital markets and systemic risk, including the European Securities and Markets Authority (ESMA), the European Systemic Risk Board (ESRB) and the International Organization of Securities Commissions (IOSCO).