Fiscal sustainability in Spain and Europe: Navigating a new landscape

Letter from the Editors

Spanish economy

Spain′s fiscal policy after three years of budget rollovers

Spain has operated under a rolled-over budget since 2023, and yet State and Social Security spending have climbed 14% and 20%, respectively, through ...

Fiscal policy

Spain′s fiscal consolidation: Falling short of its economic momentum

Spain comfortably outperformed its 2025 deficit and debt targets under the Medium-Term Fiscal-Structural Plan, supported by stronger-than-expected nominal ...

Public finances

Spain’s expenditure overshoot raises adjustment pressures for 2027

Net primary expenditure grew 4.8% in 2025 and is on track for 4.7% in 2026, both well above the pathway Spain committed to under its Medium-Term ...

Fiscal governance

Defence spending and debt sustainability: The euro area′s fiscal rules post 2024

The EU′s new fiscal rules, in force since 2024, are already being tested by the need to finance higher defence spending and by a sharp rise in interest ...

Fiscal federalism

Financing a federal Europe: A roadmap for a European treasury

Recent crises have expanded the EU’s fiscal capacity through temporary instruments, while growing demands for defence, cross-border infrastructure and ...

Medium-sized enterprises

Scaling up: Lessons from Spain’s fastest-growing medium-sized firms

Medium-sized enterprises hold a distinctive position in Spain′s corporate landscape, combining sufficient scale to shape economic activity with the ...

Banking risk

European banks and cyber risk: How AI is changing the equation

Cyber risk remains the top operational concern for European banks, cited by nearly three-quarters of institutions even as reported attack rates ease and ...

Banking supervision

The supervisory review and evaluation process (SREP) over a decade on: Consolidation, integration and simplification

The EBA’s revised SREP Guidelines bring ESG, emerging risks and operational resilience into the core of bank supervision, alongside new rules for ...

Regulation and Economic Outlook
Recent key developments in the area of Spanish financial regulation
Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)
Spanish economic forecasts panel: September 2026
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial System Indicators
Social Indicators