Aitor Erce is currently a research economist at the European Stability Mechanism. He is a senior economist (on leave) at the International Affairs Directorate of Bank of Spain since 2006. Aitor holds a MSc from CEMFI and a PhD from the European University Institute. His research interests include capital flows, international financial architecture and financial crises resolution. Since 2011 he is an associate researcher at the Dallas Fed’s Globalization and Monetary Policy Institute.