Europe is buying defence, but is it building an industry?
Europe is spending more on defence, but a good part of that money turns into orders placed with foreign companies. This is not necessarily a mistake.…
Miguel Ángel Temprano | Economics, monetary policy, investment, financial markets and geopolitics
Investment fund manager, director and financial analyst. Recognised as one of Spain’s top 100 financiers of the year by Actualidad Económica magazine. University lecturer and regular contributor to radio, television and the financial press.

France still pays its debts and retains an economy capable of sustaining them.Column no. 59, titled «France and the risk the euro cannot contain»
years of professional experience
years managing investment funds
countries in which he has set up companies
columns published since 2019
France still pays its debts and retains an economy capable of sustaining them. What is beginning to fail is confidence that its Government can halt the rise in borrowing.
Europe is spending more on defence, but a good part of that money turns into orders placed with foreign companies. This is not necessarily a mistake.…
For many years Japan had a peculiarity that suited the rest of the world rather well: its money cost practically nothing. The yen became one of…
The 3 November elections could leave Donald Trump without one or even both chambers, open the door to a third impeachment and bring forward the battle…
28 sep - 4 oct 2026 · KGRI 56,1 (Neutral)
A fortnight ago I closed this report by saying that, if I had to watch only one thing, I would look at Brent and the ten-year Treasury together. Brent has done what was expected of it, moving a great deal…
What you see here is a sample of my media appearances. If you want to see them all, or to find one in particular, they are available in the archive of appearances.
| Date | Media | Programme or headline | |
|---|---|---|---|
| 05 Oct 2026 | Radio Intereconomía | Cierre de MercadosCierre de Mercados | Listen |
| 28 Sep 2026 | Negocios TV | Temprano: «Trump va a ser recordado muy mal. En el movimiento MAGA ya le consideran un mentiroso»Negocios TV | Watch video |
| 27 Sep 2026 | Negocios TV | Temprano: «EEUU y Trump podrían haber encontrado la forma de ganar económicamente a Irán»Negocios TV | Watch video |
| 25 Sep 2026 | Radio Intereconomía | Cierre de MercadosCierre de Mercados | Listen |
| 24 Sep 2026 | Negocios TV | Temprano: «EEUU y Trump podrían haber encontrado la forma de asfixiar económicamente a Irán»Negocios TV | Watch video |
| 24 Sep 2026 | Radio Intereconomía | Xi despliega su poder suave en EEUUVisión global | Listen |
| 23 Sep 2026 | Negocios TV | Temprano: «Si se para la Inteligencia Artificial, grandes tecnológicas quebrarían»Negocios TV | Watch video |
There are no such entries in this selection.
PhD candidate in economics, awaiting defence of my thesis. In my research, I analyse the current validity of the quantitative theory of money, formulated by Nobel laureate Milton Friedman. I propose an update of this theory to reflect today’s economy, which is characterised by levels of globalisation and digitalisation very different from those of the 1960s. I demonstrate the validity of this reformulation using advanced econometric methods. I hold an MBA from IE Business School. In addition to my university studies in economics, I hold a degree in Biochemistry and Fundamental Biology.
A 63-year-old Spanish economist, born in Madrid, with over forty years’ experience in the management of multinational companies and in the management of investment funds, in both private equity and public equity.
I spent the first twenty years of my professional career in the ‘real’ economy – the sector that manufactures goods and provides services other than financial ones. The Americans call it ‘Main Street’. I worked in telecommunications technology at Wandel & Goltermann; in logistics at Mayne Nickless in London; and at EXPAL, a leading company in the fashion and defence sectors. From there, I made the leap into the financial world, where I have spent 25 years managing investment funds comprising both listed and unlisted securities. I have headed two fund management companies.
Over these 40 years, I have had to negotiate and deal with all sorts of counterparties. From executives at large multinationals to all manner of politicians, which has shown me that it is not enough simply to understand one’s own business; one must also understand why others make the decisions they do, decisions that are often shaped by geopolitics.
He has set up companies in sixteen countries across four continents and forged strategic alliances in twenty-four. He has served on boards of directors in Spain, Europe, Latin America, Africa and Asia, and has lectured on business valuation and strategy.
Global risk index at 56,1 out of 100.
Read the reportNormal conditions. Volatility, liquidity, dollar stress, safe havens, credit and commodities.
See the reportMacroeconomics, geopolitics and valuation, tailored to the audience and the format.
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