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In 2023, interest rates on debt have reached levels not seen since the financial crisis in the U.S. and the 2011 debt crisis in the eurozone. During the first part of 2023—similar to what occurred in 2022—short-term interest rates led the hikes.
Once again, a critical date in the U.S. fiscal calendar is approaching. If Congress does not approve an increase in the federal government's budget by September 30, the executive branch will be forced to enact a shutdown on October 1.
The central government has subsidized the interest payable by the regional governments by guaranteeing them interest rates below what they would have paid had they borrowed on the market. The higher the debt incurred, the larger the transfer fr…
The rules versus discretion debate is back on the table, focusing not only this time on monetary policy (where central banks are having a hard time convincing the markets that inflation will return to target), but also on the reform of European…
The Latin American economy faces crosswinds in a scenario of disequilibrium, in line with international dynamics, where the main economic variables are still adjusting after the disruptive events of the most recent years.
Again, as in 1995, 2011 and 2013, uncertainty over whether the US Congress will raise the Federal Government's borrowing limit is beginning to cause concern in the financial markets, which could increase going forward.
The European Central Bank (ECB) has taken a further step in its process of normalizing monetary policy by announcing at its latest meeting that it will end its asset purchase program in July, and that it is prepared to pick up the pace of its rate hikes to contain inflation, in line with other central banks.
This new Working Paper analyzes the trend in regional revenues and expenditure, including the sector’s budget balance and its debt position from 2003 through to the present day.
The election results show a very open electoral landscape—with a narrow victory by the SPD. These elections are important because they signal the start of an electoral cycle in the major European countries, within a context plagued with problem…
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 COVID has been a great challenge, forcing to approve unprecedented measures. In Europe, monetary and fiscal stimuli prevented further economic drop but at the same time public accounts were hit. A clear budgetary plan and a suitable fiscal framework will be crucial to guarantee the sustainability of public finances.
A sound system that enables corporate restructurings and insolvencies to be managed quickly and efficiently, that strives to help viable companies stay afloat and ensures that creditors' and debtors’ rights are protected, is key to a country's financial stability.
