From 2003 to 2011 Mag. Dr. Trumpel-Gugerell was Member of the Executive Board of the European Central Bank in Frankfurt. In this position she was responsible for market operations, as well as payment systems and market infrastructures. From 1997 to 2003 she was Member of the Board of Directors at the Austrian Central Bank (Oesterreichische Nationalbank), Vienna, and from 1998 onwards she was the Vice-Governor, responsible for the fields of national economy and financial markets. Since 2011 Gertrude Tumpel-Gugerell works as an Emeritus Consultant at the Austrian Institute of Economic Research (WIFO) where she focuses on macro economy, European political economy and regulations, as well as financial market stability.