The Bank of Spain is advancing plans to add Judith Arnal and Antonio Cabrales to its board next Tuesday, filling two vacancies created as term-limited directors step aside. Those familiar with the process describe Arnal as a seasoned public servant and economist who previously served as chief of staff to Nadia Calviño, and Cabrales as a respected economist known for game theory and the analysis of economic networks. The selections would replace Fernando Eguidazu and Carmen Alonso, signaling a move toward leadership with deep technical expertise and governance experience at the central bank. [Source: Bank of Spain internal briefing, public notices]
Judith Arnal holds a PhD in Economics and Business from the University of Navarra and brings a broad policy and financial administration background. Her career spans roles as a trade technocrat and government economist, with advanced training in macroeconometrics and finance from Menéndez Pelayo International University. Her study portfolio also covers portfolio management at the Institute of Stock Studies and Law and Economics at the University of Navarra, reflecting a wide spectrum of economic governance and financial oversight. [Source: University of Navarra records; professional bios]
Antonio Cabrales earned his PhD in Economics from the University of California and has held teaching positions at the University of San Diego, Carlos III University, University College London, and Pompeu Fabra University. He has served as vice-president of the European Economic Union and led the Spanish Economic Association, while also being an honorary member of the Econometrics Association. His work spans theoretical and empirical investigations into markets, institutions, and policy design. [Source: academic profiles; European economic associations]
career path
Both appointees bring long and varied public and academic records to the Bank of Spain. Beyond her role as Calviño’s chief of staff, Judith Arnal previously led the Official Credit Institute, Red.es, and the National Innovation Corporation ENISA. Her career includes a decade in the Treasury and a stint in the Financial Analysis Department. She has chaired the Financial Sandbox Monitoring Commission and the Technical Subcommittee of the Spanish Macroprudential Authority, focusing on assessing the impact of financial measures during the pandemic. Currently, Arnal also serves on the Scientific Council of the Royal Institute of Elcano and the Institute of Spanish Studies, contributing to policy-oriented research and international dialogue. [Source: professional histories and institutional roles]
On the European stage, Arnal directed the Eurogroup Working Group Coordinated Action Task Force for nearly four years and led initiatives to reform the European Stability Mechanism and deepen the Banking Union. She represented Spain on the European Union Financial Services Committee for two years, engaging with Eurozone policy architecture and cross-border financial supervision. [Source: EU financial services committee records; Eurogroup documents]
Antonio Cabrales, aside from receiving the Rei Jaume I Economics Award in 2021 for work in game theory, behavioral and experimental economics, and the analysis of complex networks, has contributed to the understanding of how economic institutions shape market dynamics. His research blends empirical evidence with theoretical models to explore incentives, information flow, and strategic behavior, examining their influence on financial systems and policy responses. Cabrales has participated in multiple European research initiatives and collaborative projects that transcend borders, bringing a broad, comparative perspective to the Bank of Spain board. [Source: Rei Jaume I Foundation; academic publications and project summaries]