Javier Milei

  Last week, the budgetary initiative of United States President Donald Trump’s administration, dubbed the “One Big, Beautiful Bill,” was successfully passed into law. This development prompts us to reflect on the current state of global economies, even as the intense criticism surrounding the bill may be misguided. Looking at macroeconomic data, it becomes obvious […]

  French sovereign bonds are currently trading at yields comparable to those of Greek bonds. Although France’s bonds are still rated higher than Greece’s, they are edging toward the lowest investment-grade level. The unfavorable ratings are deserved: They are based on economic and fiscal realities. In fact, French bonds are still overrated; some might consider […]

  Javier Lanari, Milei’s Media Sub-Secretary, claimed that Argentina’s annual inflation dropped from 17.0% to 8% in record time. This statement has been heavily promoted by Milei’s administration, likely for political reasons—face-value numbers are easy to market as a success. However, I question the use of these figures, as well as Lanari’s enthusiastic yet premature assertion that […]

  In a significant legislative move, Argentine President Javier Milei has successfully passed his omnibus law, known as “Ley Bases.” This marks a crucial milestone in his administration as he transitions into the second phase of his government. Central to this phase is a new monetary regime, which was a major promise of his presidential […]

  Last December, when Milei became President of Argentina, his Minister of Economics, Luis Caputo, implemented a transitory plan to (a) clean up the central bank’s balance sheet and (b) remove all capital controls (cepo cambiario), paving the way for a more permanent monetary regime. It was implicitly suggested that by mid-2024, the transitory plan […]