Cristina Varela
Cristina Varela
BBVA Research - Principal Economist

Cristina Varela is the Head Economist of the Financial Scenarios Unit at BBVA Research.

Cristina Varela has been working since 1993 in different BBVA areas related to the analysis of economic and financial variables to prepare strategy reports and market indicators and to establish recommendations on financial assets. Before that she worked as an economist in a financial consultancy firm (EUROTANDEM) and on foreign trade (ACE). She has published a number of articles in newspapers and economic journals.

Cristina Varela holds a degree in Economy from the Complutense University of Madrid and completed her postgraduate training for a Master’s Degree in Financial Markets at San Pablo C.E.U. Madrid University. She is also holds a doctorate in international economy from the Complutense University of Madrid. She is a recurring attendee of courses and seminars in international and Spanish universities.

Latest publications

The disinflation process stalled in the first quarter in the U.S. and in April in the Eurozone (EZ). Additionally, most countries seem stuck with high services prices. Disruptions in shipping routes continued, but without wreaking havoc in supply chains.
There is good news for the European Central Bank (ECB) thanks to the clear reduction of inflationary pressures, led by the slowdown in the prices of industrial goods, energy and food — and, to a lesser extent, by services, which still show a very persistent behavior.
The German Bund 10Y term premium turned positive in the aftermath of the pandemic, boosted by the upward trend in the uncertainty surrounding inflation as well as spillover effects from a higher US term-premium. Furthermore, Euro Area growth uncertainty and moderation in ECB bond purchases also contributed to the upside.