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://

Is Mario Draghi bothered?

MADRID | By Luis Arroyo | Monetary policies are a by-product of politics, after all, and in Europe, politics are tightly controlled from Berlin, which will probably use the Fed’s reaction as example of what the ECB must do.

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The myth of lower wages and job creation

MADRID | By Luis Arroyo | Lower salaries do not always bring more employment. This is a myth. The liberalisation of the labour market is altogether another matter, and in some Eurozone countries–as Spain–we are still waiting for it to be implemented.

Mario Draghi, the Exterminator

MADRID | By Luis Arroyo | Why is the ECB not announcing further interventions, helping investor confidence to recover, offering strangled banks liquidity until they start providing credit again?

The austerity breakdown

MADRID | By Luis Arroyo | It is a grave mistake to stubbornly defend the application of the same strict rules whether the economy is growing or in recession, and social unrest and missed fiscal targets are testament to how wrong the current European policies are.

The impossible European deleverage

MADRID | The eurozone’s central bank should have acted as a last resort lender years ago, so peripheral economies would not have had to endure the punishment of excessive prices on market credit.