Out on a limb

The governor of the Bank of Spain is taking his institution’s independence seriously. Miguel Angel Fernández Ordóñez has let the government and the world know just where he stands on the country’s social security system and labour market reform. In some case, he has taken flak for this from no less than Jose Luis Rodriguez Zapatero, the prime minister. The spat may have been overblown by the press. The disagreement over pensions, for example, appears to be a storm in a teacup. Whether there may ...