Graduated in Economic and Business Sciences from the Complutense University of Madrid in 1966, then completed his postgraduate studies in the Alfred P. Sloan School of Business at the Massachusetts Institute of Technology (MIT) in 1971. He began his professional career with the Banco de España, before moving on to the Instituto Nacional de Industria (INI) and from there to Banco de Vizcaya, where he was Head of the Research Unit and Advisor to the Chairman. Minister of Industry and Energy between 1982 and 1985 and later Minister of Economy and Finance from 1985 to 1993. Between 1991 and 1993, he also chaired the Interim Committee of the International Monetary Fund (IMF). A member of the Spanish parliament from 1980 to 1994, he held the presidency of the Socialist Party Parliamentary Group in the years 1993 and 1994. Currently Director-Partner of Solchaga Recio & asociados, he is also Chairman of the Fundación Euroamérica and Deputy Chairman of the Royal Board of Trustees of the Museo Nacional Centro de Arte Reina Sofía (MNCARS). He sits on the Boards of Directors or Advisory Boards of Fitch IBCA, Citigroup, Accenture, Renta Corporación and INSSEC.
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