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August 8, 2022

Global | Headwinds for the euro

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.

July 25, 2022

Europe | ECB in positive

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 rate (again the monetary policy benchmark) at 0.50%.

April 5, 2022

Europe | How is the banking sector facing up to the war in Ukraine?

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 their capital.

March 21, 2022

Global | The US considers the challenges and potential of cryptoassets

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.

February 17, 2022

Europe | Eurozone monetary policy in response to COVID-19

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.

January 24, 2022

Global | The old anomaly of inflation

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.

January 10, 2022

Global | Digital outlook for 2022: an alphabet soup still in the making

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 right questions at each step.

November 15, 2021

Spain | Financial stability — put to the test

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.