Valerie Cerra is an Assistant Director and the Division Chief of the European and Middle Eastern Division of the Institute for Capacity Development at the International Monetary Fund (IMF). She has provided policy advice, lending support, and capacity development to countries around the world since 1996. Prior to her current position, she worked in the IMF’s Western Hemisphere Department, African Department, European Department, Asia and Pacific Department, and the IMF Institute. Among other previous assignments, she was mission chief for Colombia, Venezuela, Panama, and Cape Verde. She obtained undergraduate degrees in both finance and engineering from the University of Pennsylvania and her Ph.D. in economics from the University of Washington. Her current research focuses on international macroeconomics, business cycles, financial crises, and inclusive growth.