The Chinese economy has experienced a bumpy recovery amid a disordered relaxation of "zero Covid" policy and a housing market adjustment. We maintain our 2022 growth projection at 3.6% while lowering 2023 GDP growth to 5.0% from 5.2%.
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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 shifted towards a tighter policy stance.
So far this year, the euro has depreciated by more than 10% against the dollar, weakening in mid-July to the level of parity between the two currencies for the first time since 2002.
The European Central Bank (ECB) has finally emerged from the extraordinary situation it has been in since 2014 with interest rates in negative territory, after raising all three benchmark rates by 50 basis points, thus leaving the refinancing r…
Despite limited exposures, we are likely to see impairments in banks' loan portfolios, an increase in the operational risk resulting from sanctions and a fall in profitability of the most-exposed banks which, in some cases, could erode part of …
With the aim of advancing the regulation and orderly development of the use of cryptoassets, President Biden has asked various federal agencies to study those markets in order to ensure comprehensive and coordinated action.
We take a look at the monetary policy measures adopted by the ECB in response to COVID-19, evaluating their effects on financial markets during the pandemic, examining their quantitative impact on economic activity and analyzing the challenges the central bank faces.
In early 2022, we face a global economic scenario with an eye still on the pandemic, but with a return to macroeconomic management issues that seemed forgotten for decades—high inflation and the tapering of monetary stimulus.
NFTs, ETFs, AI, VR, Web3, CBDCs, BEPS, NGEU... 2022 brings an alphabet soup for a slew of digital aims and strategies that come full of promise. Whether they take off or not will depend on moving forward steadily, with a focus on asking the rig…
A few days ago, Bank of Spain published its latest financial stability report. In these half-yearly reports, the supervisor assesses the main risks and vulnerabilities to the stability of the Spanish financial system.
The European Central Bank (ECB) recently published the detailed results of its climate stress test on both banks and non-financial companies in the euro area. The exercise was designed around three main pillars.
At the end of 1H21, both headline and core inflation remained stable, although at opposite extremes. The former, very high at 2.7% yoy, and the latter relatively low, at 0.2% yoy. Short-term risks exist of a rise in core inflation.