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Fiscal policy

Fiscal policy latest publications

January 7, 2020

2020 and the Veil of Uncertainty

The global economic outlook deteriorated in 2019, following the downturn already seen in 2018. Between January and October, BBVA Research reduced its global growth forecast for 2019 and 2020 by 0.3 percentage points (pp) to 3.2% and 3.1%, respectively — half a point less than the average from 2011 to 2018.

November 18, 2019

The Cost of Complacency

The financial markets enter the final stretch of the year with their eyes set firmly on the trade war and Brexit, meaning that the optimism surrounding the favorable resolution of both matters could be the stimulus that the world economy needs to regain momentum.

November 4, 2019

ECB: New President, New Policy?

After eight years in office at the European Central Bank (ECB), it is time for Mario Draghi to pass the baton in eurozone monetary policy. Christine Lagarde will become the first woman to head the ECB.

October 31, 2019

Regional Inequality

Regions with less income should have the highest growth rates. Capital is scarce in the more disadvantaged regions, which means higher profitability. In theory, this should encourage investment; but is that what has happened during crisis and recovery in Spain?

October 28, 2019

Negative Rates in Washington

The most frequently repeated words during meetings and conversations last week in Washington were: low growth, political interference, trade war, downside risk, negative rates, financial instability, green economy, uncertainty, unilateralism and fiscal policy.

October 24, 2019

Spain | Lack of agreement on fiscal framework moderates consolidation process

Budget execution data up to July 2019 slightly worsens the dynamics of 2018. For the 2019-2020 period, an exclusively cyclical adjustment is expected, which will determine a slightly expansive tone of fiscal policy

September 16, 2019

Mario Draghi: Monetary Policy Is Not Sufficient

At its meeting last Thursday, the European Central Bank (ECB) launched a comprehensive package of easing measures, as Draghi had—for all intents and purposes—been signaling over recent months (in his speech at Sintra and, most significantly, at July's monetary policy meeting).

September 9, 2019

The Tax Burden in Spain: Too High or Too Low?

One of the most hotly debated political issues during the last elections was the margin that Spain has for raising and lowering taxes.