Manuel Monteagudo (LLM 1991) is the author of a recently released treatise on the importance in democratic societies of maintaining stable monetary policies through central bank authority. The book, La Independencia del Banco Central (Central Bank Independence), which was published in 2010 by the Central Bank of Peru, Pacific University and the Peruvian Studies Institute, grew out of Manuel’s dissertation at the University of Paris, Pantheón – Sorbonne, where he received his doctorate in 2004. The book provides a political and historical analysis of the evolution of money and public power, and demonstrates how central bank independence has developed in different regions, from Latin-American to the Asian continent. The paradigmatic model of the European Central Bank receives particular attention. To counteract manipulation, authorities have progressively developed mechanisms for stabilization, from the gold standard established for certain currencies in the nineteenth century, to the IMF’s fixed exchange rate system of the mid-Twentieth Century and the development of European monetary integration. He concludes that development of a strong legal framework is only one necessary condition for monetary stability. As he states in the preface to the book, Antonio Saínz de Vicuña, General Counsel of the European Central Bank, emphasizes the need to promote central bank independence and monetary stability as cultural norms that complement the legal framework, and he credits Manuel Monteagudo for stressing this in his book.
Manuel Monteagudo is the General Counsel of the Peruvian Central Bank. He received his law degree from the Pontifical Catholic University of Peru in 1987, and his LLM from the University of Houston in 1991. He has published numerous articles and book chapters in Europe, the United States and Latin American, on international economic law and international monetary law. Manuel is married to Cécile Gauvrit, a French lawyer who also received her LLM from the University of Houston in 1991. They have three teenage children, and live in Lima, Peru.
We asked Manuel to provide a short comment on his experience studying at the University of Houston. Here is his reply: “It was an extraordinary and enriching experience for me, at both professional and personal levels, and I will never forget this. At UH, my professors and fellow students formed a straightforward academic community based on excellence. At UH, I was introduced to complex legal issues that arise in an age of globalization.”