Xavier Vives is professor of Economics and Finance at IESE Business School. He holds a PhD in Economics from UC Berkeley and has taught at INSEAD, Harvard U., U. of Pennsylvania and NYU. He has published more than 100 papers in international journals and is the author of “Competition and Stability in Banking” (PUP 2016). From 2011 to 2014 he was Special Advisor to the European Competition Commissioner, Mr Joaquín Almunia. He has advised also the World Bank, the Inter-American Development Bank, the Federal Reserve Bank of New York, the European Central Bank as well as major international corporations.