Articles by Miguel Navascués

About the Author

Miguel Navascués
Miguel Navascués has worked as an economist at the Bank of Spain for 30 years, and focuses on international and monetary economics. He blogs in Spanish at: http://http://www.miguelnavascues.com/
Economic union In Europe: Merkel is dodging Macron

There Will Never Be Economic Union In Europe: Merkel Is Dodging Macron

It’s been some time since Europe has had a leader with such clear ideas as Emmanuel Macron, but Angela Merkel is not really happy about it. And that’s logical, because she has been calling all the shots. She has the power in Europe and so don’t expect even the slightest concession from her which is anything more than esthetic.



Spain public debt and deficit targets

Spain Is Far From Complying On Deficit And State Debt Targets

Spain is far from complying on deficit and State debt targets. It’s still surprising that out of a total amount of debt issued equivalent to 137% of GDP, there can be an official debt of 98%, thanks to a cut which, under the EU’s conditions themselves, is fully approved. This growing divergence has been there for years, particularly since the PP entered government in November 2011.


The EMU has not had the desired unifying impact

The Italians Plans For Leaving The Euro…Or That This Blows Up

If I haven’t got the wrong end of the stick, Italy plans is to create a parallel currency to the euro, guaranteed by the Italian government, but which I don’t know who will control. A Bank of Italy? The government would issue these BOT, endorse them with the BI, which would give it the money to be shared out amongst the unpaid creditors. It seems a lot like Helicopter Money.


Anti-Europeanism in Europe

Europe, Where Everyone Is Against Each Other

Europe, where everyone is against everbody else. The victory in Italy of the populist Five Star Movement and Lega has shattered into a million pieces the slight possibilities of having a more united Europe, or a more federal one, or whatever you want to call it.


Buybacks become a real plague on Wall Street

Company Share “Buybacks” – A Plague On Wall Street

There is a habitual practice on Wall Street of companies buying their own shares to reward shareholders who hold them, and at the same time give a bonus to top executives. The advantage of these share buybacks is that they are not taxed.