Xavier Vives is Professor Emeritus of Economics and Finance at IESE Business School and member of the Advisory Scientific Committee of the European Systemic Risk Board (ESRB) of the European Central Bank (ECB). He holds a PhD in Economics from UC Berkeley and is a Fellow of the Econometric Society and of the Academia Europaea. He has been President of EARIE and of the European Finance Association. He has taught at INSEAD, Harvard University, UAB, UPF, the University of California at Berkeley, the University of Pennsylvania, and New York University. He has published 120 papers in international scientific journals and book chapters, 35 policy reports, and 5 books. From 2011 to 2014 he was Special Advisor to the vice president of the European Commission and Commissioner for Competition, Mr Joaquín Almunia. He has also advised the ECB, the World Bank, the Inter-American Development Bank, the Federal Reserve Bank of New York, as well as major international corporations.