Ouarda Merrouche is a senior economist at the European Securities and Markets Authority (ESMA) in Paris and external advisor for the World Bank. She holds a PhD in Economics from the European University Institute and an M.A. from Paris I Sorbonne. Before joining ESMA she worked as a research economist at the Bank of England financial stability directorate and the World Bank research department DEC, working on financial sector issues. Her recent research has focused on financial regulation, recapitalization plans, money markets, and Islamic banking.