The fiscal implications of COVID-19 in Europe and in Spain

Letters from the editors

Escape clause

The coming debate about European macroeconomic policy

The debate over the deactivation of the ‘general escape clause’ highlights the tension between the need for active fiscal stimulus and fiscal ...


Spain’s 2021 budget: An assessment

The Spanish government’s 2021 budget is notable for its marked optimism regarding the country’s economic growth and revenue prospects, its ability ...

Social security

Spain’s Social Security budget for 2021

Expenditure and revenue outlays in the 2020 and 2021 Social Security budgets are highly impacted by both COVID-19 and regulatory changes. However, a consistent ...

Interest rates

Interest rates and the banking business post pandemic

While central bank policies, such as ultra-low interest rates, have staved off liquidity crunches and episodes of heightened uncertainty, they have also ...


The new EURIBOR gets through a challenging 2020

In the aftermath of the financial crisis, regulators proposed a new methodology for calculating EURIBOR. Despite the volatility wrought by COVID-19, this ...


COVID-19 and its impact on inflation in Spain

Although Spain recorded an inflation rate of -0.3% in 2020, the only clear-cut case of crisis induced deflation was in energy products, with subcategories in ...

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: January 2021
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial Systems Indicators
Social Indicators