http://www.sefofuncas.com Last articles of SEFO issue Wealth inequality in Spain has intensified along both intergenerational and intragenerational lines, driven largely by housing market dynamics and uneven income trajectories since the financial crisis. Looking ahead, demographic shifts will increase the volume of wealth transferred across generations, but have the potential to amplify, rather than reduce, existing disparities. Marina Asensio and Daniel Manzano Wealth transfer http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Inheritance-and-inequality-Spains-widening-wealth-divide marzo - 2026 The Ministry of Finance’s 2026 proposal seeks to overhaul the common financing regime, reduce disparities, and expand regional resources. But its fiscal cost and asymmetric effects on regional revenues complicate both budget sustainability and political viability. Santiago Lago Peñas Regional financing http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Reforming-Spains-regional-financing-regime marzo - 2026 Europe has the economic scale and industrial capacity to build credible military capabilities. Yet, national procurement practices and fragmented industrial strategies continue to slow progress and leave critical capability gaps unaddressed. Daniel Gros EU rearmament http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/The-limitations-of-European-rearmament marzo - 2026 The European experience shows that rent controls and demand subsidies often produce short-term relief at the cost of long-term distortions. In Spain, structural supply shortages and a weak social housing stock continue to drive rising prices and declining access. Francisco Rodríguez-Fernández Housing affordability http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Housing-affordability-in-Europe-Long-term-implications-and-lessons-for-Spain marzo - 2026 2025 budget http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Social-Indicators-15-2 marzo - 2026 European banks are holding capital well above supervisory requirements, even as regulatory simplification rises up the policy agenda. Yet this may be counterproductive, as excess capital —absent clear improvement in risk or profitability— is linked to lower returns and weaker market valuations. Ángel Berges, Jesús Morales and Ricardo Goizueta Bank capital http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Bank-valuations-and-the-effects-of-excess-capital marzo - 2026 The sharp rise in house prices in 2024–2025 has renewed concerns about a new housing bubble. While macroeconomic indicators point to strong fundamentals and limited credit risk, household expectations about future price increases remain unusually high and may amplify market dynamics. José García Montalvo Housing market http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Housing-market-expectations-and-the-risk-of-a-new-bubble-in-Spain marzo - 2026 Tourist taxes are often criticised for undermining the competitiveness of destinations. However, in locations experiencing overtourism, a well-designed tax can help ease congestion, improve the quality of the visitor experience, and support a gradual shift towards higher-value tourism. Aleix Calveras Maristany Tourism tax http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Effects-of-the-introduction-of-a-tourist-tax marzo - 2026 Half of all Spaniards under 35 who have left the parental home now rent, with most living in large cities where demand is most concentrated. High prices and limited supply are pushing many to peripheral neighbourhoods and municipalities, while rent and associated costs consume a growing share of household budgets. Desiderio Romero-Jordán Rental markets http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/The-growing-challenges-of-renting-for-young-Spaniards marzo - 2026 Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA) 2025 budget http://www.sefofuncas.com/Housing-pressures-and-structural-challenges-facing-the-Spanish-economy/Recent-key-developments-in-the-area-of-Spanish-financial-regulation-15-2 marzo - 2026