Judith Arnal Martínez

Governing Council of the Bank of Spain


Judith Arnal is a Senior Research Fellow at the Elcano Royal Institute and an independent Board member of the Bank of Spain. She is also 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 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 ten 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, 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.

She has a PhD in Economics and Finance and is a Commercial Technician and State Economist. She has won several awards, including the Garrigues Award for Best Young Lawyer.

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