"Beware of intermediaries who do not risk with you"

"Beware of intermediaries who do not risk with you"

This multifaceted menorquin always advances me headlines that will be published much later. For weeks now he told me about the third cross in a sovereignty consultation tolerated by Madrid. And it is that three crosses give more right to decide than two. In order to give content to the third cross, it is commented in the huddle that Euskadi would see its fiscal advantage reduced and that this margin could end up benefiting Catalonia and its new Tax Agency. Apaños that would be specified by a financing consortium-they take it all-with a confusing enough outcome so that everyone can show some profit and no one feels loser. Pareto himself would have blessed him. 
This is a country of sacred cows. And they do not usually move for the outsiders to pass. Another drawback is that I did not coincide in private schools with any elite. The advantage is that, for that very reason, I was not labeled as a member of any political family and I am supposed to be independent.

And you were a nerd.
I was an extraordinary prize in Law and Economics and I got my doctorate in York in Health Economics, from whose world association I finish the presidential mandate in December. We have founded several centers and masters in the Pompeu Fabra, where I am a professor, and I am an advisor for Europe of the WHO.

How did a peripheral get in among the five directors of the Bank of Spain?
Per peripheral share precisely, which is not written anywhere, but it is.

And your responsibility in the decisions of the bank has been central or peripheral?
Recapitulemos: before the crisis, the Bank of Spain was admired in the world, for example, by its anti-cyclical provisions.

Zapatero boasted of central bank.
But it is that ours is not being a financial crisis, but economic. In the United States, the financial crash drags the economy, but here is the collapse of the economic model that drags all the rest.

There have been times when the entire state seemed to collapse at once.
Because when other countries start to come out, we fall again. And that second fall is no longer resisted by anyone. After the resignation of Solbes, our risk alarms, which was already a systemic risk …

And Spain could end the euro …
… they are horizontal and political: Campa, Salgado, Sebastián, Zapatero … Fortunately, those alarms end up becoming vertical and we no longer go through the Moncloa, but instead go from the Bank of Spain to the ECB.

And what does the ECB say?
Ours was a crisis of boxes, not banks, detonated by the outbreak of the bubble. And we managed to agree with Frankfurt an exit in which the depositors were protected; not the shareholders. And also to the taxpayer. Because it has avoided the hose that some wanted; that is, cover the holes in the boxes directly with public money that we would have put all.

They give us nothing: they lend it to us.
Under very favorable conditions: the loan is made at 0.75 of interest -under inflation- and 12 and 14 years. Our European citizens have come to the rescue of all the Spanish follies of the bubble.

Why is it so difficult to avoid them?
Because there is so much liquidity, so much money in search of profitability, that the interest paid for it is minimal. That’s why the pressure to speculate with financial engineering is enormous. And we all want the maximum for our savings. From a fund of Bavarian pensioners to yourself.

Will we have learned something?
A blows, yes, of course. I think we have learned that we should not rely on financial intermediaries who do not risk anything in an operation they recommend.

But they always charge commissions.

In summary, I believe that when the Bank of Spain’s minutes are made public, our management will be revalued. The system has been rebalanced and the clean-up of the boxes has been done in a short time and with less than half of the 100,000 million ransom.
Its mandate is to control inflation. But, like all central banks, it uses the Taylor rule, and the result is that, as long as inflation stays below two percent, the ECB will not raise rates.

So, if I see higher prices, I prepare for my mortgage to go up immediately.
And with the ECB focused on curbing inflation, the other central banks must focus on avoiding systemic risk. For that reason, I hope that in 2017 my term ends, leaving a more solid system than what we found and with the European banking union already very advanced …

Will I have health when I retire

<br />Will I have health when I retire

Health spending will increase. What will not increase is the ability to finance it with taxes. Because, as a society prospers, it considers more benefits to be of primary necessity: for example, the second medical opinion or drugs on demand.

What health is the essential

<br /><br />What health is the essential

We would never agree on what benefits are, but we could agree to the procedure to decide what they are and those financed with taxes. Thus, the politician who changes them would be forced to explain why.

The tunnels of the M-30 were inaugurated with "safety deficiencies"

The tunnels of the M-30 were inaugurated with &quot;safety deficiencies&quot;

Samuel Romero Aporta has referred in the last session of the commission of investigation to the ” safety deficiencies ” and the deficits found in the work since the opening of the tunnels of the M-30 , which are being solved now with a ” zeroing. ” “The zeroing is to put the tunnel in the conditions that should be” when they were inaugurated, has pointed the councilor of Madrid Calle 30a questions from the socialist councilor Mercedes González.

The engineer of roads expert infrastructure has explained that he understands that there may be leaks in the work given its proximity to the Manzanares River but what shocks him is that “they start from the first day of infrastructure”, which has led to the closure of tunnels to be repaired.

When he arrived at the company he found an inspection plan that was only being prepared. The company, when it came to it, tendered to experts the improvement actions for each deficiency in a “zeroing to put the tunnel in the conditions that should be” since its inauguration.

Duplication of invoices

Duplication of invoices

The issue of the electricity bill has passed by the appearance. To questions of the councilor of Citizens Miguel Angel Redondo, Romero has answered that the list of administrative clauses determines the obligations of the society awarded the contract, which stipulates that it is responsible for the electricity bill. In search of the maximum legal guarantee asked Intervention, which indicated that this invoice should be the responsibility of the adjudicator.

Redondo has also asked about the duplicity of concepts in the various contracts and amendments, such as those referring to cleaning, maintenance cars, performances on the road signs, the 112 cameras paid but not installed (1.3 million euros) or the 1.5 million extra cost for weather stations that cost 700 euros.

In addition they are not in the infrastructure but only one installation and is located on the roof of the offices of the company. The sheets pointed to ten stations. “I asked where they were and they confirmed that there was not one in the tunnel, that there is only the control center of Madrid Calle 30,” he said.

Returning to the cameras, the councilor has emphasized that the installation does not correspond to what appears in the work certifications, which controls what is paid. The result is a disparate number among those installed and registered in a maintenance and inventory platform, which are reflected in these certifications.

“I have seen raised items in the work and in the final certification do not appear, besides not seeing them materialized in the infrastructure,” he assured. The actions carried out by the attorney-in-fact come through the opening of dossiers to demand the successful bidders to execute the works.

Asked about the management model, when going from a public one hundred percent to a mixed economy company, the attorney-in-fact has defended that another one different from the current one would not incur certain expenses, in relation to VAT and Corporate Tax, more the interests of the subordinated loan and the distribution of dividends so that the private partner, EMESA, guarantees the profitability of 7 percent. He has also advocated having tendered the works on one hand and conservation on the other to gain control.

To questions of the socialist councilor, Mercedes González, Samuel Romero has described as “security deficiencies in concrete things, which are being solved”. Thus, the attorney-in-fact has remarked that “the contractual obligation, under EMESA, to fix four M-30 firemen per base is not being met”. “That is not happening today,” he remarked.

Protest of the Fire Department

Protest of the Fire Department


The firefighters of the installation have concentrated this morning at the doors of the commission. They have done so to protest their employment situation in the face of the UTE’s refusal (formed by Ferrovial, Dragados and Imes API) to negotiate an “outdated” agreement that regulates the “hidden” emergency service that has been provided during eleven years, as well as the situation of the other workers who are responsible for the conservation of Calle 30, a staff is composed of 300 people.

Romero Aporta also mentioned that the inauguration dates of the different stretches of the infrastructures do not coincide with the reception of the works, which are “after the start-up”. Thus, he has given as an example the case of the south bypass, inaugurated in May 2007 but received in November of that year.

Another of the points addressed has been the audits. The attorney-in-fact has assured that he has had access to emails confirming that either the auditor or the City Council communicated to the company the sections to be audited “and if they seemed suitable”. “The audit is distorted because the infrastructure can be painted and dressed well” if warned, he has argued.

To questions of the councilor of the PP Álvaro González, the respondent has answered that it is subordinate to the board of directors, chaired by Sánchez Mato, and has insisted that his calculations raise the cost to 9,400 million, taking into account the model and the relative financial expenses to the infrastructure.

The opening dates of the different sections of the infrastructures do not coincide with the reception of the works, which are “after the start-up”