Assessing the impact of the interest rate tightening cycle

Letter from the Editors

Fiscal adjustment

The coming fiscal adjustment in Europe

Whether or not there is a reform of the rules for European macroeconomic policy coordination, policymakers across Europe will need to begin consolidating their ...

Ngeu funds

Allocation of NGEU funds in Spain: Companies and sectors

As of December 2022, Spain was not even at the halfway mark as regards allocation of the non-reimbursable component of funds awarded under Next Generation EU ...

Rate increases

One year of rate increases: Impact assessment

Monetary policy remains immersed in an intense battle to stem inflation, manifesting itself through a quick succession of interest rate increases and ...

Stress tests

Updated stress testing of the financial sector in the context of high interest rates

While European banks are better positioned to offset potential capital depletion via stronger NII generation, the upward shift in the rate curves is impacting ...

Banking supervision

The European Central Bank’s supervisory priorities

The shift in the macroeconomic environment facing the financial sector and the attendant switch in monetary policy tack, together with the recent episodes of ...

Policy normalisation

Higher interest rates, excess liquidity and the ECB’s balance sheet

Although the ultimate price stability target has not changed and overnight interest rates remain the channel for policy transmission to the economy, the ...

Housing affordability

Youth housing affordability in Spain versus the EU

Spanish youth face significantly more difficulties accessing affordable housing than is the case in other European countries –a situation which has ...

VAT burden

Impact of inflation on the VAT burden for Spanish households in 2021 and 2022

Value added tax (VAT) receipts soared in 2021 and 2022, by 14.9% and 13.4%, respectively, according to the Spanish tax authority (AEAT, 2023). An analysis of ...

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