Lago Peñas, Santiago

Una dinámica presupuestaria prorrogada

El futuro de la política monetaria europea dependerá del comportamiento de la inflación y el crecimiento económico, que se verían afectados si la guerra comercial con Estados Unidos sigue adelante. Asimismo, el anunciado fuerte aumento de gasto en defensa en Europa y el paquete fiscal de Alemania pueden generar inflación pero también efectos positivos en la inversión y actividad económica.

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Regional financing reforms and the Catalan agreement

The recent fiscal agreement reached with Catalonia seeks to increase the region’s fiscal autonomy, bringing with it the potential to reshape Spain’s autonomous financing framework. Nevertheless, while implementation faces challenges, it underscores the need for comprehensive debate on the future of Spain’s interregional equity and fiscal stability.

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The impact of the pandemic on the shadow economy: Known knowns

An interpretation of recent indicators claims that policy responses such as the furlough scheme and changes in individuals’ and firms’ behaviours driven by the pandemic, such as increased reliance on electronic payments, have significantly reduced the size of the shadow economy and tax evasion in Spain. However, a more prudent perspective advises deepening the analyses and confirming this structural change with data for an extended period.

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