The Spanish economy in
the context of a shift in monetary policy

Letter from the Editors

ECB policy

The ECB’s policy conundrum

Higher and more persistent than expected inflation disrupted the ECB’s initial forward guidance from late 2021. As the ECB pivots to unwind stimulus more ...

Economic forecasts

Spanish economic forecasts for 2022-2023

Despite a weak start to the year and headwinds from high energy prices and double-digit inflation, Spain’s prospects for the next few months remain ...

Inflation risks

The financial risks posed by inflation

Rapid monetary tightening in response to persistent inflation carries serious risks for business and consumer borrowers. A higher-than-expected increase in ...

Accounting standards

The yield curve and the bank-public debt nexus

For banks, higher rates mean better interest income, but also higher debt servicing costs for households and businesses and a decline in the value of ...

Banking income

The shifting income structure of Spanish banks

While recording among the lowest share of fee and commission income as a percent of total earnings compared to other EU banks, in line with their peers, ...

Insurance sector

Readiness of the Spanish insurance sector in a shifting economic and financial environment

Increasing interest rates and rising inflation bring a mixture of opportunity and concern for Spain’s insurance sector. Rising rates should support life ...

Manufacturing industry

Revenue and employment at Spanish manufacturing firms reach pre-pandemic levels

Spain’s manufacturing industry has overcome the pandemic induced bust, but sector level trends appear to be diverging. In most sectors, revenue and ...

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: July 2022
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial Indicators
Social Indicators