Articles
“PERTEs”: Level of execution and role in mobilising Next Generation EU funds
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…
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.
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…
Impact of inflation in Spain in 2021 and 2022: Which households have been the hardest hit?
Autores:
Romero Jordán, Desiderio
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…
The inflation outlook in Spain
Autores:
Torres, Raymond
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…