Assessing the far-reaching 
implications of a rising Euribor

Letter from the Editors

Yield curve

Euro yield curve evolution and real long-term rates

Assessing the recent evolution of euro interest rates reveals that following the significant upward shift in short-term rates since the summer of 2021, ...

Bank performance

European and US banks: Inflexion point in their relative performance  

After years of US outperformance, last year marked an inflexion point in the relative performances of the European and US banks in terms of both their market ...

Bank profitability

Bank profitability in Spain: A debate in need of perspective

Spanish banks announced record earnings growth in 2022, in tandem with the ongoing process of financial normalisation, in which interest rates increased, after ...

Shadow banking

Shadow banking: A distortion of the banking business

Since the great recession, shadow banking has been growing worldwide, especially in the US and the Eurozone. However, monetary tightening and new capital ...

Mortgage market

Increases in Euribor and potential impact on mortgages and the Spanish economy

The rise in Euribor has cooled the housing market –transaction volumes have slowed and the price curve is beginning to bend. While at present the ...

Labour market

Spanish employment data in 2022: Resilience in the context of a conundrum

The recent trends in the Spanish labour market have been seemingly positive, insofar as employment is already above pre-pandemic levels and continued to grow ...

Regional debt

Regional government debt: Recent trends and outlook

Despite having one of the most advanced fiscal rule frameworks in Europe, Spain remains the OECD country where regional governments’ debt has grown the ...

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: March 2023
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial Indicators
Social Indicators