Miguel Fernández Ordóñez
| Miguel Fernández Ordóñez |
(economist, politician, financier)
|Born||3 April 1945|
|Alma mater||Complutense University of Madrid|
|Relatives||Francisco Fernández Ordóñez|
Miguel Ángel Fernández Ordóñez is a Spanish economist and politician, member of the Socialist Workers' Party and former Governor of the Bank of Spain. He is the younger brother of Francisco Fernández Ordóñez, also a Socialist politician, and he is married to Inés Alberdi.
He was secretary of State for the Economy, secretary of State for Commerce and Executive director of the International Monetary Fund. In 1992 he was appointed president of the Court of Defense of the Competition. Between 1995 and 1999 he was president of the Commission of the National Electric System. Between 2004 and March 2006 he was secretary of state for Internal Revenue. On 10 March he was appointed Counsellor of the Bank of Spain and member of its Executive Commission.
Cadena SER announced that Fernández Ordóñez would succeed Jaime Caruana as Governor of the Bank of Spain in July 2006 when Caruana finished his term. Minister of Economy and Finance Pedro Solbes confirmed this decision on 21 June 2006.
On 12 June 2012 he was replaced by Luis María Linde as governor of the Bank of Spain.
In 2018, Fernández Ordóñez promoted a drastic change of the banking and monetary system. In several speeches and opinion pieces in Spanish media, he advocated for the introduction of a central bank digital currency in the Eurozone, a scheme under which citizens could have a current account directly at the central bank. Fernandez-Ordoñez thinks such system would make the financial system more stable and – paradoxically – less regulated (eg. it would make deposit guarantee schemes unnecessary):
digital money deposited in Central Banks does not need any protection from the State since their deposits are not “promises” to return money, rather they are simply money. Therefore, at no time would citizens run the risk of not being able to withdraw or transfer money from their deposits. The banking crises could no longer occur, with which citizens would stop suffering and paying the cost of these crises.
Of course the real point with a central bank digital currency is to allow the state to micromanage how all money is spent, and can be used in a social credit system or to force through "vaccines".