Publications

The share of goods exports in Spain’s GDP has declined since the pandemic, while tourism and other exportable services have gained prominence. The challenge is to harness this potential without undermining industrial competitiveness, by anchoring it in productivity, investment, and human capital.

Starting January 1, 2026, remittances sent in cash, money orders, and cashier's checks from the United States will be subject to a 1% tax on the total amount.

This note provides a dynamic, cross-country assessment of how international climate commitments and national cross-sectoral policies relate to emissions intensity. It examines how these relationships vary over time, around the Paris Agreement, and across countries at different stages of decarbonisation.

Despite slightly higher growth and inflation forecasts, Lagarde struck a cautious tone, stressing high uncertainty and avoiding forward guidance. The ECB is watching services inflation and wages and starting to assess AI’s impact. Barring surprises, a prolonged pause with the deposit rate at 2% through 2027 looks likely.

Donald Trump claims to want a "competitive" dollar (i.e., weaker), while insisting on preserving its strength and international hegemony. Added to this is his disregard for monetary independence, which causes mistrust, plus his embrace of stablecoins, which compete with the eurodollar market.

The outlook for the global economy in the second half of the year is proving more positive than expected around April, when the protectionist shock from the US economy materialized.

China’s Outward Direct Investment (ODI) flows are undergoing a structural reconfiguration driven by geopolitical risk and protectionism. Investment is shifting sharply away from Global North countries and toward the Global South due to increased scrutiny. Future expansion will emphasize deep localization in key regions.