Articles
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Industrial policy in the EU and Spain: Recent debates
19 July 2023
An examination of industrial policy in the EU and Spain reveals the need to reduce key external dependencies, or interdependencies, as well as arrive at an adequate path that avoids protectionist retaliation to the recently passed US Inflation Reduction Act, while at the same time harnesses the economic potential of the bloc. Going forward, taking into consideration current obstacles and limitations both at the EU and Spanish level, it will be necessary to embrace the appropriate industrial policy measures to ensure the transformation of the Spanish economy, in particular through maximisation of NGEU funds.
Autores: Xifré, Ramon
Tags: Industrial policy
Fiscal sustainability of Spain’s local governments: Targeted weaknesses within overall strength
While Spain’s local governments have achieved balanced budgets on the whole, a number of municipalities present fiscal sustainability issues. Addressing these long-standing challenges will require extraordinary measures to improve structural solvency.
Autores: Aguerrea Alzualde, Ana
Tags: Local governments
Spanish fiscal policy in an EU context: The transition back to normal
Although Spain recorded a fiscal deficit in 2022 that was worse than expected, lower extraordinary fiscal support measures, together with upside surprises in GDP and employment, make attainment of the 2023 deficit target look feasible. Going forward, any sound fiscal consolidation strategy for Spain should contemplate that the country’s high structural deficit requires gradual but unflagging and urgent correction.
Autores: Lago Peñas, Santiago
Tags: Fiscal policy
AI and the banking sector: Initial considerations
The rise in chats powered by artificial intelligence (AI) places this new development at the heart of the debate about the application of technology in the banking sector. In an environment in which competition will be increasingly digital, it is essential that the traditional banking sector digitalise by making more intensive use of artificial intelligence.
Autores: Carbó Valverde, Santiago, Cuadros Solas, Pedro, Rodríguez Fernández, Francisco
Tags: Artificial intelligence
Interest rate risk in the banking book and financial instability: Europe versus the US
Although the new interest rate scenario is clearly good news for the banks’ margins, the intensity, speed and persistence with which the increases have affected all tenors of the curve have other potentially very adverse effects for the banks more exposed to interest rate risk. While a comparison of EU versus US banks reveals that EU banks are less exposed to interest rate and liquidity risk, these aggregate parameters mask significant dispersion among the various entities on both sides of the Atlantic.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Tags: Rate sensitivity
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