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June 20, 2022

Europe | Monetary policy normalization pushes up risk premia

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.

June 1, 2022

Spain | Regional finances in 2021 and between 2003 and 2021

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.

September 27, 2021

Europe | Germany — starting point for the cycle of elections

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 problems needing to be resolved.

August 9, 2021

Global | Why are debt yields falling?

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.

May 13, 2021

Europe | Governance and fiscal sustainability in the EU

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.

December 16, 2020

Spain | Insolvency proceedings: a useful mechanism but that still has room for improvement

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.

July 31, 2020

Europe | A new generation of policies for a new EU

On July 21, the Council of the European Union adopted the Next Generation EU (NGEU) Recovery Plan, worth EUR 750 billion, for the coming years. It is equivalent to 5.4% of the EU's GDP, and almost EUR 1700 per capita.

July 3, 2020

China | How to finance the fiscal stimulus package?

This report analyzes the ways to finance this round of fiscal stimulus package and responds to the recent debate of fiscal deficit monetization. The report also makes policy suggestions to maintain Chinese public debt level and financial stability in the long term.