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://

EU summit

Oops, Angela did it again

Economist Luis Arroyo describes the dimensions of the troubles the Spanish banking system faces and concludes that Chancellor Angela Merkel has, again, made the wrong moves during the last EU summit.

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Tobin Tax claims first 11 victims

Past performance casts doubts over what European governments will achieve by implementing the Tobin Tax on financial transactions. Funding costs for banks and their clients, though, will surely increase.

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The answer to the euro’s troubles is down under

Don’t worry about the external deficit. The Spanish economy needs permanent capital inflows and that isn’t really a problem when the country can generate income to cover interests and dividends. Look at Australia, suggests economist Luis Arroyo.

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Brussels’ recipe for disaster

Behind the latest good news about better external deficit figures in Spain and the US, nominal GDP records demonstrate that Brussels is wrong: it isn’t time for savings when income drops dramatically. Spain needs credit to grow and repay its debts.