Felisa Miceli is an Argentine

Argentina

Argentina , officially the Argentine Republic , is the second largest country in South America by land area, after Brazil. It is constituted as a federation of 23 provinces and an autonomous city, Buenos Aires...

 economist, and a former Minister of Economy and Production of Argentina

Economy of Argentina

This article provides an overview of the Economic history of Argentina.-Emergence into the world economy:Prior to the 1880s, Argentina was a relatively isolated backwater, dependent on the wool, leather and hide industry for both the greater part of its foreign exchange and the generation of...

. She was appointed by President

President of Argentina

The President of the Argentine Nation , usually known as the President of Argentina, is the head of state of Argentina. Under the national Constitution, the President is also the chief executive of the federal government and Commander-in-Chief of the armed forces.Through Argentine history, the...

 Néstor Kirchner

Néstor Kirchner

Néstor Carlos Kirchner was an Argentine politician who served as the 54th President of Argentina from 25 May 2003 until 10 December 2007. Previously, he was Governor of Santa Cruz Province since 10 December 1991. He briefly served as Secretary General of the Union of South American Nations ...

 on November 28, 2005, in place of Roberto Lavagna

Roberto Lavagna

Roberto Lavagna is an Argentine economist and politician, and was the former Minister of Economy and Production of Argentina from April 27, 2002, to November 28, 2005.-Career:...

, and was the first woman ever to lead that ministry.
She resigned to the position on July 16, 2007, as prosecutors stepped up an investigation into a bag of cash found in her ministry offices.

Miceli was a student of Lavagna's at the University of Buenos Aires

University of Buenos Aires

The University of Buenos Aires is the largest university in Argentina and the largest university by enrollment in Latin America. Founded on August 12, 1821 in the city of Buenos Aires, it consists of 13 faculties, 6 hospitals, 10 museums and is linked to 4 high schools: Colegio Nacional de Buenos...

. She was a left-wing

Left-wing politics

In politics, Left, left-wing and leftist generally refer to support for social change to create a more egalitarian society...

 activist in the 1960s, and the Director-Secretary of the Bank of the Province of Buenos Aires between 1983 and 1987. She then worked in Lavagna's consultant firm, Ecolatina, in the beginning of the 1990s. In May 2002, during the presidency of Eduardo Duhalde

Eduardo Duhalde

-External links:...

 and at the height of the Argentine economic crisis

Argentine economic crisis (1999-2002)

The Argentine economic crisis was a financial situation, tied to poilitical unrest, that affected Argentina's economy during the late 1990s and early 2000s...

, she became part of Lavagna's team as a representative of the Ministry of Economy before the Central Bank

Banco Central de la República Argentina

-Overview:Established by six Acts of Congress enacted on May 28, 1935, the bank replaced Argentina's Currency board, which had been in operation since 1890...

. On May 30, 2003 she became the chairperson of the Banco Nación

Banco de la Nación Argentina

Banco de la Nación Argentina is a state-owned bank in Argentina, and the largest in the country's banking sector.-Overview:The bank was founded on October 18, 1891, by President Carlos Pellegrini by way of stabilizing the nation's finances following the Panic of 1890; its first director was...

.

She was widely considered a follower of Lavagna, and the successful economic policies instituted by the former Minister were expected to continue in force, but Miceli was viewed as more progressive

Progressivism

Progressivism is an umbrella term for a political ideology advocating or favoring social, political, and economic reform or changes. Progressivism is often viewed by some conservatives, constitutionalists, and libertarians to be in opposition to conservative or reactionary ideologies.The...

, as well as less independent from the President (with whom Lavagna had had disagreements). In interviews, she stated that the main goal of her administration would be improving income distribution

Income distribution

In economics, income distribution is how a nation’s total economy is distributed amongst its population.Income distribution has always been a central concern of economic theory and economic policy...

. Argentina's economy grew by an annual 9% during 2004 and 2005, but average wages in real terms are still below the level they had before the devaluation

Devaluation

Devaluation is a reduction in the value of a currency with respect to those goods, services or other monetary units with which that currency can be exchanged....

 of the Argentine peso

Argentine peso

The peso is the currency of Argentina, identified by the symbol $ preceding the amount in the same way as many countries using dollar currencies. It is subdivided into 100 centavos. Its ISO 4217 code is ARS...

 in 2002, and poverty

Poverty

Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...

, though greatly reduced, is still very high.

On the topic of inflation

Inflation

In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...

, which climbed over 10% in 2005 and just behind that figure in 2006, Miceli said that "inflation [would be] a little higher than expected, but it's that or the peace of the graveyards", a reference to the recommendations of the International Monetary Fund

International Monetary Fund

The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

 about cutting public spending and increasing interest rates to contract the economy. Miceli also denied that increased wages were a source of inflation, attributing it instead to lack of investment

Investment

Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...

 to supply rising demand. She supported the "disindebtment" strategy adopted by the government since the beginning of 2005, which consisted in paying the IMF in time and in full without negotiation when possible, so as to reduce the debt and gain financial independence from it (the final step of this policy was the cancellation of the remaining debt in January 2006 on a single payment of about US$9,500 million).
Miceli expressed her intention of conducting a comprehensive tax

Tax

To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...

 reform, and reviewing the performance of the private retirement pension

Pension

In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...

 system, which she considered a failure.

Upon her designation, the Argentine markets reacted briefly with surprise; the MerVal index of the Buenos Aires Stock Exchange

Buenos Aires Stock Exchange

The Buenos Aires Stock Exchange is the organization responsible for the operation of Argentina's primary stock exchange located at Buenos Aires CBD. Founded in 1854, is the successor of the Banco Mercantil, created in 1822 by Bernardino Rivadavia.Citing BCBA's self definition: "It is a...

 fell by 4.5% and the price of the dollar

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

 rose slightly.

Scandal and resignation

In July 2007, Miceli was involved in a controversy for a bag containing US$31,000 and AR$100,000 which the police found in a cupboard in her office bathroom. Miceli claimed it was money lent to her by her brother. The Argentine peso bills, however, were sealed in a special numbered wrapper issued by the Central Bank, and were traced up to a financial firm that did not have records of the withdrawing of any such amount, and did not count Miceli or her brother as clients. Federal prosecutor Guillermo Marijuán demanded a hearing with Miceli.

In the midst of this scandal, the minister was forced to resign on 16 July. The First Lady and presidential candidate Senator Cristina Fernández de Kirchner

Cristina Fernández de Kirchner

Cristina Elisabet Fernández de Kirchner , commonly known as Cristina Fernández or Cristina Kirchner is the 55th and current President of Argentina and the widow of former President Néstor Kirchner. She is Argentina's first elected female president, and the second female president ever to serve...

 stated: "We are a government that has the fight against corruption as our banner, and we cannot allow doubts in this regard." Miceli's successor, Miguel Peirano, until then the Secretary of Industry, was designated and announced on the same day.