Adrián joined the Financial Systems Unit in April 2023, having also worked in this unit between 2017 and 2019. Between 2019 and 2023, he worked as an analyst in the Market Strategy team at Banca March.Adrián holds a degree in Economics from Universidad Carlos III de Madrid, completing a stay at Vienna University of Economics and Business, and a master’s degree in Big Data from UNED.
Following several years of relative calm, global debt has been steadily growing since the 2008 financial crisis. Aside from the question of public debt, corporate debt grew sharply from 73% of GDP in 2008 to peak at 102% in 2020, at the height of the pandemic.
At the end of July, the European Banking Authority (EBA) published the results of its stress test on European banks. The aim of these tests is to assess the resilience of the institutions in the event of a severe recession scenario.
The digital revolution is leading to an increased use of electronic payment instruments; however, cash is still used in 79% of retail payments. This note analyses the factors driving the use of cash for payments across EU countries classified in four categories: access to cash and banking products, degree of digitalisation, macroeconomic environment and cultural factors.