Aitor Erce is currently a Principal Economist at the European Stability Mechanism. Before joining the ESM, Aitor was a Senior Economist at the International Affairs Directorate of the Bank of Spain. Aitor holds an MSc in finance from CEMFI and a PhD in economics from the European University Institute. His interests include capital flows, international financial architecture and crises resolution. His research has been published in international peer-reviewed journals such as the Journal of Banking and Finance, the Journal of Monetary Economics, Governance and the Journal of International Money and Finance. Since 2012, Aitor is an associate researcher at the Dallas Fed’s Globalization and Monetary Policy Institute and, since 2013, an affiliate researcher with Warwick University’s IMF Research Network.