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://
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European austerity, the most feared

Austerity is increasingly becoming a danger, not only for the euro peripheral economies, but for the rest of the developed economies, too. Will the European Central Bank take action?

The Irish economy’s riddle

MADRID | This year, the budget cut therapy ordered by Brussels upon the euro area’s weakest economies will have to pass an exam in Dublin. If the Irish economy burdens itself with more public debt while missing growth, the failure could make current European Union policies untenable.

Mario Monti, the fake pretender

If Mario Monti achieves his goal and sits again as the prime minister of Italy, the message sent to the rest of the periphery will be one of great uncertainty and suspicion: lack of democracy and national accountability will not spark popular support to reforms, but most probably the opposite.

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Draghi is a drag on Bernanke

The ability of central banks to raise investors’ confidence is wearing off. More so when the European Central Bank has become a liability for the US Federal Reserve.

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US Treasury shows Brussels how it’s done

Do you remember the vast injections of public cash in insurer AIG and the TARP operation to clean banks’ balance sheets? They cost American taxpayers no penny at all, and have now been completed with success. Hello, Brussels, anyone listening?

US Federal Reserve’s historical decision

Mr Draghi, governor at the European Central Bank, should listen to his American colleague at the Federal Reserve. And follow suit by means of expnasionary monetary policies even if inflation reaches 4 percent.

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Draghi’s inconceivable cynicism

MADRID | European Central Bank governor Mario Draghi may retain more power than presidents and Economy ministers of the euro area country members, but does he has the same insight? Not at all. The entire EU is condemned to recession.

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Mr Carney and his charts

A less leveraged banking sector has helped Canada to find its way towards economic recovery. But the more aggressive monetary policies of its central bank also explain the success in dealing with the current crisis.