Articles
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“PERTEs”: Level of execution and role in mobilising Next Generation EU funds
7 June 2023
Under Next Generation EU (NGEU), the Strategic Projects for Economic Recovery and Transformation (PERTEs, in their Spanish acronym) were created to channel over
40 million euros in funds into areas identified as priorities for the modernisation and competitiveness of the national economy. However, numerous challenges have resulted
in PERTE execution by the end of 2022 of around only 5.6 billion euros and going forward, it will be important to assess both ex-ante and post grant award initiatives to ensure maximizing the funds’ potential.
Autores: Domínguez, Ana María, Gomariz, Mariola
Tags: EU funds
Cost of deposits and Euribor: Why this time is different
Deposit beta pass-through appears to be slower this time around relative to previous episodes of monetary tightening. While understanding the rate of pass-through requires a holistic examination of banks’ pricing strategies, ultimately competitive pressures will culminate in driving up deposit beta over time.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Tags: Deposit beta
Episodes of financial instability: “Separating the wheat from the chaff”
The recent bouts of financial instability in the US and Europe (Credit Suisse) have raised concerns over the implications of monetary tightening underway. Although the European banking sector, including the Spanish banks, is proving generally more resilient than its
US counterparts, the instability has had a pronounced adverse impact on most financial intermediaries and heightened concerns regarding potential spillovers from the shadow
banking system.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Tags: Financial instabiblity
Impact of inflation in Spain in 2021 and 2022: Which households have been the hardest hit?
The intensity and persistence of the recent bout of post-pandemic inflation is causing a set of undesirable consequences for Spanish households. However, the headline figures mask an even more worrying reality – that the current inflationary phenomenon has had proportionately more severe consequences for less well-off households.
Autores: Romero Jordán, Desiderio
Tags: Inflation impact
The inflation outlook in Spain
The recent relaxation in energy prices and improved outlook for food prices holds the promise of a deflationary process in Spain. That said, given the inherent volatility of these markets, coupled with still persistent core inflation dynamics, we are unlikely to see a rapid
convergence to price stability targets and thus do not expect a return of expansionary monetary policy any time soon.
Autores: Torres, Raymond
Tags: Inflation
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