Mr. Sebastian holds degrees in Business and Economics from the Complutense University of Madrid and a Ph.D in Economic Sciences from Minessota University (USA) as well as a doctorate from the Autonomous University of Madrid.

He is Professor of Fundamentals of Economics Analysis, in the Faculty of Economic Sciences of the Complutense University of Madrid.

He has worked in the General Planning Office of the Ministry of Economy and Finance and in teh Research Service of the Bank of Spain. He also was Vice President of Intermoney.

In 1996, he was appointed Chied Economist (Director of teh Research Department and Deputy Director-General) of the Banco Bilbao Vizcaya (BBV) and, after the merger, he took up this position in the Banco Bilbao Vizcaya Argentaria (BBVA)until 2003.

In the political sphere, he was coordinator of the Economic Program of the Spanish Socialist Party (PSOE) in the 2004 General Election. In 2004, he was appointed Director of the Economic Office of the President of the Government (with the rank of Secretary of State). In December 2006 he was nominated as the PSOE Candidate of the Mayoral Office of Madrid. In April 2008, he was apponted Minister of Industry, Tourism and Commerce of the Government of Spain during the 9th Legislature.