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José Manuel ³Ò´Ç²Ô³úá±ô±ð³ú-±Êá°ù²¹³¾´Ç is Professor in the Economics Department. He holds a Ph.D., M.Phil. and M.A. in Economics from Columbia University. He also holds a Ph.D. from Universidad Complutense.

His professional experience is a blend of academic activity, advisory positions and central bank decision-making. In 1988 he was appointed Professor of Economics at UCM, where he has taught courses in public finance (both macro and microeconomics), European economics and public management. In addition, he has taught advanced courses in economic analysis of public policies at the Centro de Estudios Monetarios y Financieros and at other research centres. His publications and research have focused primarily on monetary and fiscal policies, European economics, financial markets, the economic effects of public spending and taxation, and the costs and benefits of disinflation.

From 1985 to 1994 he was an economic adviser to public and private institutions including the Spanish Ministry of Economics and Finance (1985-1987), the Fundación Fondo para la Investigación Económica y Social (1987-1989) and the Banco de España (1989-1994). He has also carried out advisory and consultancy work in monetary, budgetary and fiscal matters for institutions such as the European Commission, the IMF and the World Bank Group. He has been involved in working groups on economic and financial matters at the Bank for International Settlements and the Organisation for Economic Co-operation and Development.

Before joining ÌìÃÀ´«Ã½ he served as a member of the Executive Board of the European Central Bank (ECB) from 2004 to 2012. He was also a member of the Governing Council of the ECB, the Eurosystem’s principal policymaking body. At the ECB, Professor ³Ò´Ç²Ô³úá±ô±ð³ú-±Êá°ù²¹³¾´Ç was responsible for market operations and monetary policy implementation. He was in charge of designing and implementing innovative “non-conventional monetary policy measures”. He was also entrusted with the responsibility of analysing and reporting key financial market developments at the Governing Council meetings, a presentation which set the stage for the policy discussion. During his tenure at the ECB he held a variety of other responsibilities, including economic research, risk management, statistics, Information Systems and banknotes. As the lead liaison of the ECB on markets and implementation matters with sister central banks, financial markets and analysts, Professor ³Ò´Ç²Ô³úá±ô±ð³ú-±Êá°ù²¹³¾´Ç developed an intense external representation activity. He has represented the ECB before political bodies (i.e. European Parliament, EU Commission), and in dealings with international organisations (i.e. IMF, CEMLA) and private market players. He was a member of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Professor ³Ò´Ç²Ô³úá±ô±ð³ú-±Êá°ù²¹³¾´Ç has written and spoken extensively on financial matters, monetary policy and the economy.

Before his appointment to the ECB, Professor ³Ò´Ç²Ô³úá±ô±ð³ú-±Êá°ù²¹³¾´Ç was a member of the Governing Council of Bank of Spain (1994-2004) and of its Executive Committee (1998-2004). In this capacity he was jointly responsible for setting the policy line on major issues encompassing monetary policy, economic analysis, preparations for Economic and Monetary Union and financial supervision and regulation. During these years he helped to engineer the transition of the monetary policy framework from money aggregates to inflation targeting to the single euro area monetary policy, and he was also involved in the introduction of the innovative “dynamic provisioning system” for the banks.

A Fulbright scholar, he is a member of the European Academy of Arts and Sciences, and has received a number of distinctions, including the Charles the Fifth Medal of the German-Spanish Chamber of Commerce (“contribution to a more united Europe”), Premio Institut D’Estudis Financers a la Excelencia Financiera (“professional career”), Premio Círculo de Empresarios and Doctor Honoris Causa (Universidad de Málaga), among others.