The Spanish Óscar Arce, new Director of Economy of the ECB

The European Central Bank (ECB) announced on Tuesday the appointment of Oscar Arce, current Director General of Economics and Statistics of the Bank of Spain (since June 2018), as the new General Director of Economics of the institution, replacing the Belgian Frank Smets.

“For me, leading the ECB’s Directorate-General for Economics is an honor and a professional challenge of the highest order. The ECB has, since its founding, proven to be a key institution in promoting the stability and economic prosperity of the Economic and Monetary Union and of all its members. And their role, in close collaboration with the rest of the Eurosystem, will continue to be crucial for years to come, “said Arce, who will join the ECB early next year.

The Governor of the Bank of Spain, Pablo Hernandez de Cos, has affirmed that the appointment of Arce in the BCE supposes, in addition to “a deserved recognition to his professional trajectory, an accolade to the technical work developed under his leadership by the General Directorate of Economy and Statistics”.

According to the governor, “the Bank of Spain thus significantly increases its presence in one of the fundamental institutions of the European Union”, where the Spanish Luis de Guindos he is already vice president.


Arce, born in Burgos in 1973, has a PhD in Economics from the London School of Economics, a Master’s in Economics from the University College London, a PhD in Economics and Business from the University of Burgos, and a degree in Economics and Business from the University from Valladolid.

Arce began his professional career in 2004 as an economist with a degree in the Financial Studies Service of the Bank of Spain.

Between 2015 and 2018, he held the position of Deputy General Director of Economics and Research of the Bank of Spain, where he was previously director of the Monetary and Financial Studies department, and head of the Forecast and Economic Division. Between 2009 and 2012, he was director of the Department of Studies, Statistics and Publications of the National Securities Market Commission and, previously, deputy director general in the Economic Office of the President of the Government (2008-2009).

In recent years, Arce has been alternate to the governor in the Governing Council of the ECB, member of the Economic and Financial Committee of the European Union and of the Monetary Policy Committee of the European System of Central Banks, where he has also been part of the Group of Heads of Research.

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Previously, he was a member of various committees at the European Systemic Risk Board, the International Organization of Securities Commissions and the European Securities and Markets Authority.

He has also taught in different undergraduate and graduate programs at the London School of Economics, the University of Navarra, IE Business School, Icade-UPC and the University of Burgos.

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