Professor Dr René Smits is Chief Legal Counsel and Compliance Officer of NMa, the Netherlands Competition Authority in The Hague. He was formerly director of the authority’s Legal Service. Prior to that he held several positions at De Nederlandsche Bank, the Dutch central bank. From 1989 till 2001, he was the central bank’s general counsel, responsible for legal advice on in-house corporate affairs as well as special central-bank related subjects, with a focus on European banking directives, the IMF and economic and monetary union, preparing the introduction of the euro. He is also a Professor of the Law of Economic and Monetary Union at the University of Amsterdam and a Visiting Professorial Fellow at Queen Mary, University of London.