Miguel Ángel Fernández Ordóñez facts for kids
Quick facts for kids
Miguel Ángel Fernández Ordóñez
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Miguel Ángel Fernández Ordóñez giving a speech at a conference hosted by Positive Money Europe in Brussels (May 23, 2018)
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| 68th Governor of the Bank of Spain | |
| In office 8 March 2006 – 11 June 2012 |
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| President | José Luis Rodríguez Zapatero Mariano Rajoy |
| Preceded by | Jaime Caruana |
| Succeeded by | Luis María Linde |
| Personal details | |
| Born | 3 April 1945 Madrid, Spain |
| Political party | PSOE |
| Relations | Francisco Fernández Ordóñez (brother) |
| Alma mater | Complutense University of Madrid |
| Occupation | Economist |
Miguel Ángel Fernández Ordóñez (born 3 April 1945) is a Spanish economist and politician. He was the Governor of the Bank of Spain from 2006 to 2012. He is a member of the Socialist Workers' Party. His older brother, Francisco Fernández Ordóñez, was also a well-known politician. Miguel Ángel is married to Inés Alberdi.
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Early Life and Education
Miguel Ángel Fernández Ordóñez was born in Madrid, Spain, in 1945. He studied Law and Economic Science at the Complutense University of Madrid. He is part of a special group of highly skilled government economists and trade experts in Spain.
His Career Journey
Fernández Ordóñez has held many important roles in the Spanish government and international organizations.
- He worked as the Secretary of State for the Economy. This role helps manage the country's money matters.
- He was also the Secretary of State for Commerce, dealing with trade between Spain and other countries.
- He served as an Executive Director at the International Monetary Fund (IMF). The IMF is an organization that helps countries with their money problems around the world.
- In 1992, he became the president of the Court of Defense of the Competition. This court makes sure businesses compete fairly.
- From 1995 to 1999, he was the president of the Commission of the National Electric System. This group oversees Spain's electricity supply.
- Before becoming Governor of the Bank of Spain, he was the Secretary of State for Internal Revenue from 2004 to 2006. This role involves managing taxes.
- In March 2006, he joined the Bank of Spain as a counselor and a member of its Executive Commission.
Leading the Bank of Spain (2006–2012)
In 2006, Miguel Ángel Fernández Ordóñez was chosen to become the Governor of the Bank of Spain. This is a very important job, like being the head of the country's main bank. He took over from Jaime Caruana in July 2006.
During his time as Governor, Spain faced a big challenge with its housing market. House prices had gone up a lot. In 2006, he warned banks to be careful with how much money they lent for homes. He wanted to prevent problems if house prices started to fall. By 2008, he asked banks to watch their money flow more closely.
In May 2012, he announced he would leave his job a month early. This happened because some government officials felt the central bank should have warned earlier about problems at some banks, like Bankia. He wanted to explain his actions to the parliament, but his request was not approved. On June 12, 2012, Luis María Linde became the new Governor.
After the Bank of Spain
After leaving the Bank of Spain, Miguel Ángel Fernández Ordóñez faced questions about his actions regarding Bankia. However, he was later cleared of any wrongdoing in the case.
Other Important Roles
- He was an Ex-Officio Member of the Governing Council of the European Central Bank (ECB) from 2006 to 2012. The ECB is the central bank for countries that use the Euro currency.
His Ideas on Money
In 2018, Fernández Ordóñez shared his ideas about how banking and money systems could be improved. He suggested creating a "central bank digital currency" for the Eurozone. This would mean people could have a bank account directly with the central bank.
He believes this kind of system would make the financial system more stable. He also thinks it could make some rules, like deposit insurance (which protects your money in a bank), unnecessary. He explained that digital money held at central banks would be truly safe. This is because it would be real money, not just a promise from a bank. He said this would mean:
- People would not risk losing their money.
- Banking crises, where banks have big problems, would no longer happen.
- Citizens would not suffer or have to pay the costs of these crises.
See also
In Spanish: Miguel Ángel Fernández Ordóñez para niños
