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.
The markets have performed well in 2021, even taking into account the recent corrections. A successful vaccination rollout supported the reopening of the economy which, along with the various fiscal stimulus packages, helped drive the recovery in domestic demand and increased investor appetite.
Financial markets began the year on a positive note. The progress made in vaccinations, central bank support and the fiscal stimulus programs planned for Europe and the US, helped drive expectations of an economic recovery.
The strategy review has been relatively moderate, introducing a symmetric and clearer (2%) inflatio target, and adopting as permanent the current toolkit. The change has been less ambitious than the one by the Fed. On climate change, the ECB is clearly more committed to specific action, but depends on other institutions