Venezuela at its hour 25th

Most of western democracy works on the basis of few key principles, most of which deal with voters and its right to be citizen. This mean to have the chance of chosing alternative path to those which for whatever reason does not fill their expectation.Usually these expectation are related to their current economic well being and beyond their most pressing need. The traditional standard to evaluate any democratic Government is its economic performance concerning inflation , employment and economic growth all of which allow higher welfare levels.So whether it is increasing , voter may give the Government their approval throughout voting process.Otherwise , the may send their oposition with policies designed in the wrong direction, throughout the same process , which means voting against it.So economic performance and democracy are closely related as much as one reinforce the other. What happen when that is not the case?.There are two explanations: a.- It is not a democracy b.- It does not matter the well being of those who voted It is the time to think about the implication of that scenario. The morality of power deal with voters.Anything on the contrary, is a flat denial of those rights considered to be Human rights.So inmorality becomes an unaceptable path.

The EuroZone and the monetary normalization

Markets watchers are guessing about what comes next with the European Central Bank, given the path of monetary normalization in place by the Federal Reserve since 2015 , which creates an expected interest rate diferential between Europe and the USA markets in the range of 2,5-3% for 2019 .Traditional models (Mundelll Fleming approach), suggest that with flexible exchange rates, such diferential should adjust itself by free capital flows, such that an equlibrium global interest rate would prevail. While it is in progress, such adjutment weaken one currency (euro) and strength the other (dollar).This is good for EU export, however not that much good for domestic consumers,saving, and investment which seek better and higher returns abroad. So, sooner or later,it will be necessary to make corrections to close the gap.This means the European Central Bank applying its own normalization program. The key question is what the conditions in the EU are for such correction ?.Probably there are some doubts based on the fact that the EU economic growth (1,5-1,8%) ,does not seem to be so much strong as it has been the case for the USA (3-4%). Besides, the debt level (Italy) and unemployment( both France and Spain) of key partners are tecnically a threat for the success of such normalization meaning low market volatility and keeping the pace of current economic growth. Besides , for the European Central Bank it is an unknown territory which will requires very precise skils to get the fine tunning of the adjustment path, leaving aside the role of complementary policies for those economies in weaker shape. It will for sure an interesting case to follow.-