Judith Arnal

Judith Arnal is a Senior Fellow at the Elcano Royal Institute and at the Centre for European Policy Studies (CEPS) and the European Credit Research Institute (ECRI).  She is also an independent Board member of the Bank of Spain and a member of the Board of Trustees of CEMFI. She is an Adjunct Professor at IE SPEGA and a columnist at EU Observer and El Mundo-Actualidad Económica. She has published in top peer-reviewed journals, such as the European Journal of Finance, the Journal of Financial Regulation, the Journal of Common Market Studies, the European Journal of Risk Regulation, Global Policy Journal and the Journal of Payments Strategy and Systems and has provided independent analysis to the European Parliament, the European Economic and Social Committee and the European Commission. 

Judith 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 10 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, for almost four years 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.

Judith has a PhD in economics and finance, with a thesis focusing on the feedback loop between European banks and sovereigns and the role played by the Banking Union. She is also a Chartered State Economist in Spain and the recipient of several prizes, such as the Best Young Lawyers Award by Garrigues.

A Spanish national, Judith is fluent in English, French, German and Italian. She is a native speaker of both Spanish and Basque.

Corporate Experience

• Board member, Bank of Spain, Spain, 2023 – Present

• Senior Research Fellow, Real Instituto Elcano, Spain, 2023 – Present

• Senior Research Fellow, CEPS, Belgium, 2023 – Present

• Board member, Red.es, Spain, 2021 – 2022

• Chief of Staff, Deputy Prime Minister of the Government of Spain, 2021 – 2022

• Director of the Financial Analysis Department, Spanish Treasury, 2019 – 2021

• Board member, ICO, Spain, 2020 – 2021

• Board member, ENISA, Spain, 2019 – 2020

• President of the Eurogroup Working Group Task Force on Coordinated Action, Belgium, 2016 – 2019

• Senior Analyst in Financial Regulation, Spanish Treasury, 2012 – 2016

Academic Experience

• Adjunct Professor of Economy and Technology, IE University, Spain, 2025 – Present

• Adjunct Professor of International Finance, IE Business School, Spain, 2024 

Academic Background

• Ph.D. in Economy and Business, Universidad de Navarra, Spain, 2019

• Master in Macroeconometrics and Finance, Universidad Internacional Menéndez Pelayo, Spain, 2015

• Master in Portfolio Management, Instituto de Estudios Bursátiles, Spain, 2013

• Técnico Comercial y Economista del Estado, Spain, 2012

• Bachelor in Economics, Universidad de Navarra, Spain, 2009

• Bachelor in Law, Universidad de Navarra, Spain, 2009