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Crystal clear

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Amid the growing uncertainty of the global economic scenario, stemming from the potential escalation of tariff increases initiated by the US, the main central banks have launched a crystal-clear message this week: monetary policies are entering a new phase.

Available in Spanish, English

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G7, wounded in action

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The US’ decision, just hours after the G7 summit, not to support its closing joint communiqué reaffirming the need for regulated, open multilateral global trade, may have come as a surprise to many, but it was not really surprising.

Available in Spanish, English

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Regulatory reform in the USA: From words to deeds

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Since Donald Trump took office in 2017, the United States has embarked on a process of easing and recalibration of its financial regulation. While this process will not entail a dismantling of its regulatory framework, it is certainly the largest overhaul made since the last financial crisis.

Geographies:USA

Available in Spanish, English

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Mexico faced with global financial volatility

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The global economy is going through a spell of rising interest rates in the USA, with the dollar strengthening and international oil prices rising. In the past, this combination of events has led to periods of financial turbulence and capital outflows from emerging markets, which Mexico has not been able to avoid.

Units:
Geographies:Mexico

Available in Spanish, English

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SBBS: Low risk without mutualisation?

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Last week the European Commission presented a proposal for developing a new class of low-risk assets denominated in euros. SBBS, or sovereign bond-backed securities, are securitisations backed by a set of sovereign bonds of euro zone countries. Each SBBS would thus incorporate an exposure to a small part of sovereign bonds of each euro zone Member State.

Available in Spanish, English

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Italy and the euro

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The trigger leading to the sharp market reaction was on the one hand the manifesto of the coalition between the Five Star Movement (M5S) and the League, which included disproportionate fiscal expansion. All Italian parties had made extravagant fiscal promises, but had not envisaged sticking to them when forming a government.

Available in Spanish, English

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Data Protection: new rights and more responsibilities

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The General Data Protection Regulation (GDPR), which comes into force today, aims to harmonise and reinforce the legal framework of personal data protection in Europe. It is an update of the previous Directive of 1995, which had become clearly obsolete as a result of the rapid development of the new technologies.

Available in Spanish, English

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Mexico is going to need fiscal legislation that is actually complied with

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The country has made great advances in the last twenty or so years in designing an institutional framework that contributes towards having well-ordered public finances. In 2006 the Federal Budget and Fiscal Responsibility Act was passed.

Units:
Geographies:Mexico

Available in Spanish, English

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The power of the ECB’s words and tone

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The way the European Central Bank modulates its tone with each announcement has recently become an important tool for keeping track of monetary policy. This has come about since central banks have added specific commitments and credible and transparent communication to their toolbox.

Geographies:Europe

Available in Spanish, English

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The United States and Iran’s oil

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President Trump’s decision to withdraw the U.S. from the nuclear agreement with Iran has generated unease in the markets. The price of Brent crude was close to US$80 per barrel in the days following the announcement, a level not seen in the last four years. The withdrawal from the agreement by the U.S. means the re-establishment of the economic sanctions imposed on Iran

Available in Spanish, English

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The new Google tax: an experiment in taxation policy

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The recent proposal of the Spanish government, to tax the income generated in Spain by the major digital companies, is an effort aligned with that of other European Union neighbours to prevent possible evasion and erosion of the tax base. A laudable objective, and one shared by the whole world’s tax authorities.

Available in Spanish, English

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More spending on pensions

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The negotiation of the Spanish National Budget has restored the updating of pensions with the inflation for 2018 and 2019 and has delayed the entry into force of the Sustainability Factor (FS from its Spanish initials) until 2023. Although it would be wise to be prudent and wait for the recommendations of the Toledo Pact.

Available in Spanish, English

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Banco de México moves towards greater transparency

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The central bank recently announced a number of changes in its communication policy which in my opinion constitute a very significant step forward in terms of transparency.

Units:
Geographies:Mexico

Available in Spanish, English

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Protectionism and global prospects

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Following a good 2017, the global economic outlook for this year and next remain positive, but there is also a long list of uncertainties, to which has recently, and forcefully, been added the threat of escalating protectionism.

Available in Spanish, English

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No gain without pain

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Structural reforms since they usually involve a transfer of income that leads to the groups negatively affected mobilising to prevent them. Governments then have to decide how to manage that pain and when: with a large number of measures concentrated into a short time-span, perhaps taking advantage of the mandate afforded by a crisis.

Geographies:Spain

Available in Spanish, English

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