http://www.sefofuncas.com Last articles of SEFO issue Letter from the Editors 2025 budget http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain julio - 2026 On 11 June 2026, the ECB became the first major central bank to raise policy rates in response to inflation pressures stemming from the war in the Middle East, reversing a cut made one year earlier. The decision reflects a deliberate shift toward discretionary policymaking, driven less by current data than by the risk that firms and households begin embedding higher inflation into wages, prices, and contracts before evidence emerges that inflation expectations have become de-anchored. Erik Jones Monetary policy http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Acting-under-uncertainty-The-ECBs-shift-toward-discretionary-monetary-policy julio - 2026 Across Europe, real house prices have risen sharply since 1970 while housing completions per capita have fallen substantially in every major economy, reflecting a growing mismatch between demand and increasingly inelastic supply. The evidence points to restrictive planning systems and political incentives that constrain new housing supply, while showing that demand-side subsidies often raise prices rather than improve affordability. Christian A. L. Hilber Housing affordability http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/The-roots-of-Europes-housing-crisis-Why-good-intentions-so-often-produce-bad-outcomes julio - 2026 The ceasefire between the United States and Iran pushed oil and gas prices closer to pre-conflict levels, easing inflationary pressures on the Spanish economy. However, the withdrawal of fuel tax relief and persistently high services inflation mean that overall inflation will normalize more slowly than energy markets. Raymond Torres and María Jesús Fernández Inflation outlook http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Spains-inflation-outlook-in-the-wake-of-the-Persian-Gulf-ceasefire julio - 2026 Spain faces a structural housing shortfall estimated at around 700,000 units, with social housing accounting for just 3.3% of the residential stock, well below the EU average. The EU′s reclassification of affordable housing as a service of general economic interest opens a legally secure path for combining public and private financing, but only if authorities rigorously model funding gaps and design compensation that is sufficient without generating windfall returns. Enrique Martín and Irene Piedra Affordable housing http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Housing-supply-and-the-limits-of-the-market-Spains-path-to-an-investable-social-stock julio - 2026 Spanish banks are entering a phase of margin normalisation after rate-driven income growth, with lending showing early signs of recovery across segments. Portfolio composition and the depth of customer relationships are emerging as the primary determinants of sustainable profitability. Marta Alberni, Laura Ciriza and María Rodríguez Banking segments http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Loan-portfolio-profitability-Diversification-and-bundling-as-structural-levers julio - 2026 Accounting standards http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Social-Indicators-15-4 julio - 2026 Funcas Economic Trends and Statistics Department 2025 budget http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Spanish-economic-forecasts-panel-July-2026-15-4 julio - 2026 Accounting standards http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Financial-Indicators-15-4 julio - 2026 Spanish households maintained sound balance sheets in 2025, continuing to generate a net lending surplus even as the savings rate declined and real purchasing power grew only modestly. Non-financial corporations again ran a surplus and saw financial asset revaluations, but business investment remained below pre-pandemic levels, widening a capital gap relative to the eurozone. María Jesús Fernández Non financial accounts http://www.sefofuncas.com/Europes-housing-challenge-Assessing-affordability-in-the-EU-and-Spain/Spains-2025-sector-accounts-Strong-household-balances-weak-business-investment julio - 2026