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://

problems in 2017

Time Is Time: The Problems In 2016 Will Still Be There In 2017

I hate this endless temptation for bracketing time into what we call “years.” Time is time and, by definition, there are no interruptions. The problems which beset us in 2016 are still here, whether it’s terrorism or open warfare or Spain’s ingovernability. Thinking it’s going to be very different in 2017 is deceiving ourselves.

spain working day ending at

Spain Working day finishing at 6, with a 20% jobless rate?

Spain’s Labour Minister has proposed that people should stop work at 6 pm. Where has that idea come from? And furthermore, where’s the good in that? Wouldn’t it be a better idea to work towards to make the working day as flexible as possible within each company?

Fed's rate hike

The Fed And The Real Economy: Predictions

The Fed has increased its daily interest rate to 0.75%, saying it predicts three further hikes in 2017. This is called active and persuasive monetary policy. But  the central banks are no longer the masters of the economy, whipping it into a place they want.

Italy's ailing economy and politics

Italy Is Sick: Another Crisis In Its Illness Could Topple The Euro

Italy is a founding country of Europe and the euro. It has an ailing economy, which is not obvious at first sight, but its political weakness is evident. Italy is sick because of northern Europe’s austerity policies. And it can’t be expected to recover on its own because any crisis in its illness might cause the euro to take a definitive tumble.

European Union

Who Are The Ones Who Fail, Leaders Or Voters?

Two founding member countries of the European Union are really in a bad way: France and Italy. Both are threatening to turn this giant with feet of clay upside down, when it still doesn’t know how to deal with Brexit or the unknown elements which Trump has in store in “his” new world order.

Spain's economy real recovery

Has Spain grown so much vs pre-crisis levels? Really?

Households have improved their debt levels, but the state has compensated for this. So Spain remains the most indebted country in the world, with public and private debt representing 300% of GDP. Another reason which helps explain the fact that investment is still not taking off. But what are very popular are “stock market games”.