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June 4, 2019

Fiscal policy in Mexico: a challenge to be addressed

Mexico is facing important fiscal challenges. On the one hand, its tax collection is very low: tax revenue as a share of the GDP (only 14%) is not only the lowest in the OECD, but it is also low when compared to other Latin American economies.

May 23, 2019

Mexico | Fiscal space is limited

How much fiscal space does the country have? Is it possible to borrow more to support Pemex or to cope with a possible recession with a countercyclical fiscal expansion? In order to answer these questions, it is necessary to analyze Mexico's public debt profile.

April 8, 2019

Risk of economic anemia

The risk that the main developed economies are moving towards a regime of reduced economic growth in the medium term has once again gained relevance in recent months. It has been driven by the increase in the probability of recession in the United States and the eurozone, and the relapse of inflation expectations and long-t…

March 7, 2019

Banking Outlook. March 2019

The quarterly earnings obtained in 3Q18 by the system (4,033 million euros) was the highest since the third quarter of 2009. In the first nine months of the year, earnings were 10,685 million euros versus losses of 4,961 million in the same period of 2017, a period in which the resolution of Banco Popular had an impact.

December 19, 2018

Sovereign risk in the euro zone and its treatment in banking regulation

The crisis has brought with it a notable increase in public debt in the countries affected, especially intense in the peripheral countries of the euro zone. The Greek crisis has fuelled a debate on the treatment of debt holdings in banking regulation and its consideration as a risk-free asset.

October 31, 2018

Bolsonaro's Brazil, putting the discourse into practice

The conservative Jair Bolsonaro has beaten the left-winger Fernando Haddad in the second round of the presidential elections held last Sunday 28 October. He will therefore be the Brazilian president during the period from 1 January 2019 to 31 December 2022.

June 22, 2018

Deepening EMU to create opportunities and increase competitiveness and growth in the EU

Despite the progress in improving the governance in the last years, the present architecture of EMU is not enough to deal properly with future crisis and face the challenges of the on-going digital revolution. A genuine monetary, fiscal, banking and economic union, with a non-constrained interaction between monetary and fis…

March 12, 2018

Italy complicates the European panorama

We already knew that the Italian elections would prolong the difficult 2017 European electoral cycle well into 2018. Last year’s results, for better or worse, meant a certain return to the political centre ground for all the countries involved, despite the fact that the most extreme political options have gained force.