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ECB picks Spain’s Arce for key economics job -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: The European Central Bank headquarters is seen in Frankfurt (Germany), March 7, 2018. REUTERS/Ralph Orlowski

FRANKFURT: The European Central Bank (Reuters) announced on Tuesday that Spain’s Oscar Arce has been appointed director general of the department’s economics. This key role involves preparing ECB’s growth- and inflation forecasts.

Frank Smets from Belgium, an economist who was a crucial aide to President Mario Draghi’s former president, will now be on unpaid vacation for a year and then come back as an adviser.

Arce, who will take up his new role in the first quarter of next year, is currently the director for Economics, Statistics and Research at the Banco de España.

He took up that role in 2018, when his predecessor Pablo Hernández de Cos was promoted to governor of the Spanish central bank.

Arce holds a PhD from London School of Economics. His most recent research was on central banks bond-buying schemes.

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