Antonio Borges was Director of the IMF’s European Department for one year until November 2011. He holds a PhD in Economics from Stanford University, and was Chairman of the Hedge Fund Standards Board in London before joining the IMF. He was Vice Chairman and Managing Director of Goldman Sachs International in London from 2000 to 2008, and Professor of Economics and Dean of the Business School at INSEAD, Fontainebleau from 1993 to 2000. He served as Deputy Governor of the Banco de Portugal during 1990-93. Borges has also been a Visiting Professor of Economics at the New University of Lisbon, Stanford University, and Portuguese Catholic University.