Aitor Erce is a Principal Economist at the European Stability Mechanism (on leave from the International Affairs Directorate of Bank of Spain). Aitor holds a MSc from CEMFI and a PhD from the European University Institute. His research interests include sovereign risk, debt restrucutucturing, official lending, crises resolution,  international capital flows, and fiscal policy. Since 2012, Aitor is an associate researcher at the Dallas Fed’s Globalization and Monetary Policy Institute and, since 2013, an affiliate researcher with Warwick University’s IMF Research Network.