Collection
Retrato de Luis Ángel Rojo [Portrait of Luis Ángel Rojo]
- 1998
- Oil on canvas
- 130 x 100 cm
- Cat. P_630
- Comissioned from the artist in 1998
Carmen Laffón chose to depict Luis Ángel Rojo wearing a grey-blue suit, seated in an easy chair with his legs and arms crossed. In her portrait of Mariano Rubio there was a sharp contrast between the sitter and the background, but here the effect is just the opposite: a single, consistent atmosphere pervades the work. Just as she did in her portrait of Mariano Rubio, she sets up the relationship between sitter and viewer here by having the governor look towards the light, which in this case comes from a window out of frame to the left. The background is painted particularly delicately, with a lyrical abstraction reminiscent of Rothko. The dominant colours in the painting are greys and ochres, though there are more textures to the light than in Rothko's work.
Governor of the Banco de España 1992 - 2000
Luis Ángel Rojo Duque graduated as a lawyer and state commercial expert in 1957, and joined the Technical Secretariat General of the Ministry of Trade, where he helped with the preparatory work for the stabilisation plan of 1959. In 1961 he obtained a degree in Economics from the University of Madrid. He extended his studies at the London School of Economics (1961-1962) and obtained a PhD in Economics in 1963. He joined the Faculty of Economics and Political Science as a lecturer in 1959 and secured tenure as an assistant lecturer in Economic Theory in 1964. In 1966 he obtained a professorship, in which he was accredited as a master economist.
In 1971 he was appointed Director General of the Studies Service of the Banco de España. He held this post until 1988. He set in motion a far-reaching renovation of the department. He set up Spain's new monetary control system, which proved capable of addressing the inflationist stresses in the country's economy. On a personal basis, he was also a member of the UN's Committee for Development Planning from 1983 to 1987.
As Deputy Governor of the Banco de España (1988-1992), he watched over the setting up of monetary policy under the European Monetary System, which Spain joined in 1989. He was appointed Governor in 1992 and reappointed in 1994, following the approval of the Law on the Autonomy of the Banco de España. His mandate saw the introduction of the new monetary policy set-up drawn up in the wake of the autonomy legislation, and the reinforcing of the strategy for macroeconomic stability. In 1994 he was appointed Deputy President of the European Monetary Institute. He was a member of the Governing Board of the European Central Bank from 1998 to 2000. At the end of his mandate, ECOFIN appointed him as a member of its Group of Wise Men for the study of the integration of European financial markets.
His writings include essays and books which have been used as reference works in training subsequent generations of economists. He made especially significant contributions to knowledge of microeconomics and Keynesian economics in Spain. He had papers published in high-profile, high-impact academic journals, especially on the theory and practice of monetary policy and on economic thinking. As a social scientist he advocated seeing economics as an empirical science, always set against the background of the history of social thinking and economic history.
He was appointed a member of the Royal Academy of Moral and Political Science (1984) and the Spanish Royal Academy (2003), and a patron of the Foundation of Friends of the Museo del Prado, of which he later became the Vice President (1985-1994). He received awards including the first King Juan Carlos Award for Economics in 2006.
Other works by Carmen Laffón