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The Bank of Spain has approved and ratified this Monday the appointment of Angel Gavilan Gonzalez as the new General Director of Economy and Statistics, after the resignation of the position presented by Óscar Arce, on the occasion of his next incorporation as General Director of Economy of the European Central Bank.

In addition, the Bank of Spain has announced the creation of the Deputy General Directorate for Economy and Research, reporting to the General Directorate for Economy and Statistics, which will be led by Carlos Thomas Borao. The purpose of this new Deputy General Directorate is to promote the development and coordination of the main analysis and research activities entrusted to said General Directorate. Both the dismissal of Óscar Arce and the appointments of Ángel Gavilán and Carlos Thomas will take effect on February 1.

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The Executive Commission and the Governing Council have stated through of a statement your great appreciation and gratitude for the outstanding work carried out by Óscar Arce, both since his appointment in 2018 as General Director of Economy and Statistics, and in the various positions of responsibility that he has previously held throughout his long professional career at the Bank of Spain.

Professional career of Ángel Gavilán and Carlos Thomas Borao

The new General Director of Economics and Statistics, Ángel Gavilán González (Oviedo, 1976), has a doctorate in Economics from the University of Chicago, a master’s degree in Economics from Pompeu Fabra University and a degree in Economics from the University of Oviedo. He began his professional career in 2005 at the Bank of Spain, where he entered as a qualified economist in the Research Division. Between 2012 and 2016, he worked at BBVA, first as Principal Economist in the Spain Unit within BBVA Research and, later, as Head of Macroeconomics and Sovereign Bonds for Spain and Europe at BBVA Global Markets Research.

Between 2016 and 2018, he was deputy director of the Economics and Market Analysis Division at the European Stability Mechanism (ESM), where he also played the role of head of the MEDE Mission for

Ireland. At the end of 2018, he rejoined the Bank of Spain, occupying, since then, the head of the Financial Analysis Division, the executive coordination of the Department of Analysis of the Economic Situation and, currently, the deputy director of said department.

For his part, Carlos Thomas Borao (Huesca, 1979) has a doctorate in Economics from the London School of Economics (LSE), a master’s degree in Economics and Finance from the Center for Monetary and Financial Studies (CEMFI), and a degree in Economics from the University from Saragossa. In 2007, he joined the Banco de España Studies Service as a qualified economist.. In 2016 he was appointed head of the institution’s Monetary Policy Unit. From 2018 to the present, he has held the position of director of the Macrofinancial Analysis and Monetary Policy department at the Bank of Spain. Since 2019, he has also been a member of the Monetary Policy Committee (MPC) of the European Central Bank.


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