Miguel the Monotonist

The BIS has published an English translation of the governor of the Bank of Spain's recent presentation to the country's Parliamentary Budget Committee. In it, Miguel Angel Fernández Ordóñez nicely lays out the monotonist argument that underlies much of what appears in Ibex Salad whilst throwing a jug of cold water on the dreams that his audience of politicians may have that their livelihoods might not be in jeopardy as elections roll through the nation over the next year and a half.

Generally speaking, we are admirers of Fernández Ordóñez. Shown in the picture above (perhaps shot whilst listening to yet another defense of the solvency of CCM spewing from the mouth of Juan Pedro Hernández Moltó), this tough guy has shown the two qualities necessary to extract concessions from a weaker, but politically protected, counterparty in this country - intransigence and patience. Others - thinking specifically of the trade unions, the local warlords who manage the nation's cajas de ahorros and President Zapatero himself - will probably think otherwise.

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