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Spain must combine fiscal consolidation and budgetary stability with growth. It must increase the weight of productive public expenditure over total public spending and improve its efficiency, as a strategy for inclusive progress, in order to reduce inequality with the creation of quality jobs and greater productivity.
As with any fever, inflation in 2022 was only the symptom of serious ailments. So why was the action of the European Central Bank (ECB), which raised rates from 0 to 2.5%, so important?
Unusually and unexpectedly high inflation has been one of the most analyzed and discussed topics in 2022. Its causes and consequences have been at the very heart of the economic debate. And although its determining factors have not yet been une…
2022 has been a dismal year for the fixed income market in general, including sovereign bonds. As the year draws to a close, bond prices, which move inversely to their yields, have fallen by an average of about 15% globally.
The crisis of 2022 has central banks striving to avoid the sins of the 1970s, fiscal policy resisting to avoid repeating the mistakes of 2009 and 2012, and the new international order trying to learn lessons from what happened 100 years ago.
Following a series of more aggressive 75 bp hikes at previous meetings, last week the ECB raised interest rates by just 50 bp, following in the footsteps the Federal Reserve and the Bank of England. In doing so, it is trying to strike the right balance, which is always difficult in times of stagflation as the current one.
A year ago, few managed to glimpse what 2022 was to be like geopolitically and socially, let alone economically. In this complex environment, one of the key asset classes was commodities.
The European economy is slowly entering a long-overdue recession, expected almost since the war in Ukraine began, which may finally be taking place in the last months of the year. It is expected to be moderate and linked to factors that will ta…
Over the last few months, an attempt has been made to build a simple but straightforward narrative, according to which the banking sector must make an additional fiscal effort due to the increase in its hypothetical extraordinary profits, with …
With inflation at multi-decade highs across many countries due to various factors (pressures generated by the post-COVID recovery in spending, fiscal stimulus measures, bottlenecks) and exacerbated by the war in Ukraine, central banks have shif…
Fixed income and equity markets alike have reported losses this year, largely due to the doggedness of the monetary authorities in combating rampant inflation, even if that means sacrificing growth.
Thursday’s ECB meeting was presented a priori with two points of interest on the table, aside from the 75 basis point rate hike which had been widely anticipated by markets and analysts thanks to a fairly direct communication from the central bank itself.
