Frank Smets is Adviser to the Counsel to the Executive Board at the European Central Bank. Previously he was Director General Economics, Adviser to the President of the European Central Bank and Director General Research at the ECB. He is professor of economics at University of Ghent. He is a Research Fellow of the Centre for Economic Policy Research in London and CESifo in Munich. He has written and published extensively on monetary, macroeconomic, financial and international issues mostly related to central banking in top academic journals such as the Journal of the European Economic Association, the American Economic Review, the Journal of Political Economy and the Journal of Monetary Economics. He was managing editor of the International Journal of Central Banking from 2008 till 2010. Before joining the European Central Bank in 1998, he was a research economist at the Bank for International Settlements in Basel, Switzerland. He holds a PhD in Economics from Yale University.