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Once again, a critical date in the U.S. fiscal calendar is approaching. If Congress does not approve an increase in the federal government's budget by September 30, the executive branch will be forced to enact a shutdown on October 1.

2023 is a year with a heavy electoral calendar, in a context of growing social concern regarding macroeconomic imbalances and a historic drought. We expect sustained pressures in the FX market throughout the year, with consequences on the GDP and financial volatility.

Now that major central banks are preparing to withdraw the monetary stimulus packages they launched to tackle the COVID-19 crisis, it seems a good moment to assess the ECB's actions during the last two years, what it has achieved and what it ha…

Although the capacity to pay, as expressed by the debt-to-GDP ratios, does not seem unsustainable, the government should promote fiscal consolidation in order to prevent the debt from continuing to increase after 2022, ensuring sustainability i…

Twenty years ago, the Spanish economy started its journey into the 21st century after joining the eurozone in 1999. Since then, Spain has faced two economic expansions and two intense crises of a very different nature, with important consequenc…

Following the financial crisis that led to a European sovereign crisis in 2012, the European Commission developed a roadmap for the creation of the banking union, based on three key pillars: the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the Deposit Guarantee Scheme (DGS).

In recent months we have witnessed a notable compression in sovereign CDS at the global level, in an economic scenario that is full of uncertainty and in which public debt is at an all-time high.

European banks hold sovereign debt on their balance sheet for multiple reasons. Firstly, sovereigns are eligible in order to comply with liquidity requirements. In addition, they can be used as collateral in the private repurchase markets ("rep…

The rating agency noted that negative shocks are of a temporary nature, while investment projects will drive growth to a range of 5% -6 % between 2015 and 2017