http://www.sefofuncas.com Last articles of SEFO issue 2025 budget http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/Economic Indicators-15-3 junio - 2026 AI adoption among EU firms has accelerated rapidly but remains highly uneven, with Scandinavian economies recording adoption rates above 35% compared with single digits in parts of Southern and Eastern Europe. Persistent gaps in economic development, research capacity, and workplace digitalisation help explain this divergence, with potentially significant implications for long-term productivity convergence across the bloc. Vicente Salas Fumás AI diffusion http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/AI-diffusion-in-the-EU-Why-geography-still-determines-technology-adoption junio - 2026 Spanish goods exports exhibit greater responsiveness to EU trade agreements than those of other member states, with the divergence becoming more pronounced over time. Where trading partners share historical or linguistic ties with Spain, export growth is driven primarily by the intensive margin; where such ties are absent, the expansion of the export basket through the addition of new products plays a comparatively more important role. Miguel Ángel González Simón and Rocío Arroyo González Trade agreements http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/EU-trade-agreements-and-goods-exports-The-Spanish-differential junio - 2026 Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA) 2025 budget http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/Recent-key-developments-in-the-area-of-Spanish-financial-regulation-15-3 junio - 2026 Public debate on AI oscillates between dismissal and alarmism, but both extremes stem from the same misunderstanding: misreading what the technology actually does. Pattern recognition and imitation do not amount to capacity for reasoning or creativity, and that distinction will shape AI’s ultimate impact on jobs and productivity. Wolfgang Münchau AI limitations http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/The-limitations-of-AI-and-their-implications-for-the-economy junio - 2026 Letter from the Editors 2025 budget http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/The-uneven-age-of-artificial-intelligence junio - 2026 Funcas Economic Trends and Statistics Department 2025 budget http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/Spanish-economic-forecasts-panel-May-2026-15-3 junio - 2026 The conflict in the Middle East has renewed inflationary pressures in Spain through higher energy and commodity prices, further weakening a growth outlook already strained by rising trade tensions. Domestic demand remains strong for now, but a prolonged closure of the Strait of Hormuz would push Europe closer to recession and inevitably also weigh on the Spanish economy. Raymond Torres, María Jesús Fernández and Fernando Gómez Díaz Spanish economy http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/The-impact-of-the-Middle-East-conflict-on-the-Spanish-economy junio - 2026 Rising geopolitical tensions are increasingly shaping bank valuations, financial conditions, and risk perceptions in global markets. Spanish banks’ high degree of internationalization offers a partial buffer, with geographic diversification helping to stabilize earnings and mitigate exposure to localized shocks. Pedro Cuadros-Solas and Nuria Suárez Spanish Banks http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/Geopolitics-and-the-internationalization-of-Spanish-Banking-Risk-and-diversification junio - 2026 Since 2016, Solvency II has reinforced solvency, governance and supervisory convergence across the EU, but has also revealed procyclical pressures, an excessive compliance burden on smaller insurers, and constraints on the sector′s capacity to finance long-term productive investment. The review now underway aims to correct these imbalances while preserving the framework′s prudential foundations. Aitor Milner, Ignacio Blasco, Alfredo Yagüe and Moisés Hernández Insurance regulation http://www.sefofuncas.com/The-uneven-age-of-artificial-intelligence/A-decade-of-Solvency-II-and-the-review-underway junio - 2026