Jose M. Gonzalez-Paramo is a Visiting Professor at IESE Business School. Before joining IESE he served as a member of the Executive Board of the European Central Bank (ECB) from 2004 to 2012. He was also a member of the Governing Council of the ECB, the Eurosystem's principal policymaking body. At the ECB, Gonzalez-Pa¡ramo was responsible for market operations and research, among other responsibilities.Prior to his appointment to the ECB, Gonzalez-Pa¡ramo was a member of the Governing Council of the Bank of Spain (1994-2004) and of its Executive Committee (1998-2004). He holds a Ph.D. in Economics from Columbia University and a Ph.D. from Universidad Complutense. In 1988 he was appointed Professor of Economics at UCM, where he has taught courses in public finance, European economics and public management. In addition, he has taught advanced courses in public economics at CEMFI in Madrid and at other research centres. His research has focused primarily on monetary and fiscal policies, European economics, financial markets, the economic effects of public spending and taxation, and the costs and benefits of disinflation.