Judith Arnal

Judith Arnal, Senior Research Fellow, Elcano Royal Institute
Senior Research Fellow
5 articles published

Judith Arnal is a Senior Research Fellow at the Elcano Royal Institute and a member of its Scientific Committee. She is also an independent Board member of the Bank of Spain, as well as a member of its Audit Committee. In addition, she is an Associate senior research fellow in financial regulation at the Center for European Policy Studies (CEPS) and the European Credit Research Institute (ECRI) and teaches international finance at Instituto de Empresa. She conducts extensive research on financial affairs, with several papers published in top peer-reviewed journals, such as The European Journal of Finance, and a regular contributor to the financial media.

Judith has extensive professional experience, having been a Board Member of the Spanish National Promotional Bank –Instituto de Crédito Oficial–, the Spanish public company in charge of taking forward the Digital Agenda –Red.es– and the Spanish public company for the promotion of start-ups –ENISA–. She worked for 10 years in the Spanish Treasury, being the Head of the Financial Analysis Department and chairing several working groups of the Spanish Macroprudential Authority, AMCESFI. She has also been Head of Cabinet of the Deputy Prime Minister of the Government of Spain and Minister of Economic Affairs and Digital Transformation.

In the European field, for almost four years she was the chair of the Eurogroup Working Group Task Force on Coordinated Action. Her chairmanship saw the design of the technical details of the ESM reform: the common backstop to the Single Resolution Fund, the revamp of precautionary financial assistance programmes and the review of the debt sustainability framework. Other topics regarding Banking Union were also dealt with, such as liquidity in resolution.

Judith has a PhD in economics and finance, with a thesis focusing on the feedback loop between European banks and sovereigns and the role played by the Banking Union. She is also a Chartered State Economist in Spain and the recipient of several prizes, such as the Best Young Lawyers Award by Garrigues.

A Spanish national, Judith is fluent in English, French, German and Italian. She is a native speaker of both Spanish and Basque.


  • Presentation of the Elcano Report ‘The European economic model amid the return of geopolitics: diagnosis and proposals for reform’ (2024)

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