Monetary policy at a crossroads

Letter from the Editors


The spike in Spain’s inflation and its impact

The upward trend in Spanish inflation has been driven by rising input costs, the abrupt nature of the global recovery and nascent structural transformations ...

ECB policy

The ECB’s new look

The results of the ECB’s monetary strategy review announced in July suggest Christine Lagarde has succeeded in her promise to transform how the ECB works ...

Bond yields

The Fed’s new monetary policy strategy: Could added flexibility impair financial stability?

The new monetary policy strategy adopted by the Federal Reserve last year has impacted both inflation expectations and the risk premia. However, analysis ...

Stress tests

Stress tests and other challenges for Spanish banks

The stress tests carried out by the European authorities showed that the Spanish banking sector looks highly resilient to adverse scenarios, despite the fact ...

Climate stress

Banks poised for the ECB’s debut climate risk stress tests

The ECB’s climate stress tests slated for 2022 will differ from traditional stress tests in terms of governance, objective, methodology, scenarios and ...

Capital buffers

Scant use of capital buffers during the pandemic: Potential stigma effect

In order to alleviate the pressure wrought by COVID-19 on the banking sector, regulators and supervisors permitted banks to utilise capital buffers prescribed ...


An analysis of Spanish exports post-COVID-19: An opportunity in times of change?

Following the drop in international trade caused by COVID-19, Spain saw a strong rebound in exports. While it is too soon to say whether this marks a turning ...

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 2021
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial System Indicators
Social Indicators