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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 16, 2022

US | Fed steps up tightening pace and signals a more aggressive approach

The main goal is to avoid long-run inflation expectations de-anchoring; rates will be at a “modestly restrictive level” by year-end.

June 13, 2022

Europe | The ECB is on a journey

At last week's ECB meeting Christine Lagarde announced that the central bank has started out on a "journey" toward the normalization of monetary policy through a series of measures that it will take gradually over the next few months.

June 2, 2022

Spain | 2022, year of banking transition

In the Spanish banking system, 2022 will go down in history because several events will occur (or are already unfolding) whose impact on the industry’s results are hard to gauge. Two such events are the war in Ukraine and the end of the grace period for ICO-guaranteed loans.

May 23, 2022

Spain | Unexpected consequences

The European Central Bank (ECB) is preparing to raise interest rates in a bid to control inflation without triggering a recession. But can it control the consequences of its actions as we move forward?

May 17, 2022

Europe | Debt and fiscal rules

The high levels of public debt that have been building up since 2020 and the need to lower this burden have prompted a debate on fiscal rules relating to national accounts, aside from the matter of Europe approving common financing instruments to address the big strategic challenges that lie ahead.

May 3, 2022

Global | Whatever is necessary to tackle inflation

The current inflationary process is still in full swing, and the action of central banks, the ultimate guarantors of price stability, will be greatly intensified from now on.

April 18, 2022

Global | War, interest rates and COVID-19 map out the economic landscape

We have become used over the last decade to major shocks to the economy coming from factors which are not strictly economic in nature; whether they are protectionist policies, COVID-19 or, now, the war between Russia and Ukraine, which has worsened the global outlook and increased uncertainty.