Articles
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The impact of the COVID-19 crisis on businesses and the self-employed
1 June 2022
The COVID-19 crisis prompted a slowdown in business creation across all the main legal
forms of incorporation, but underpinned a continuation of a trend observed even prior to the
onset of the pandemic– a shift away from limited liability companies to individuals. In order
to tackle the deterioration in business creation dynamics as a result of the COVID crisis, it
will be necessary to take measures to foster business creation and entrepreneurship.
Autores: Xifré, Ramon
Tags: Business Demographics
State guarantees and latent non-performance
Spain´s public guarantee scheme has served to ease the effects of the pandemic and now
of the war on the country´s business segment, thus containing the materialisation of nonperforming
loans. Going forward, while a potential increase in the incidence of business
non-performance is expected in the near-term, the increase in NPL coverage should be
mitigated by the strong provisioning efforts of the banks, together with their limited exposure
thanks to the state guarantee scheme.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Financial digitalisation in Spain in the wake of the pandemic: Assessing the impact
The pandemic has accelerated the push towards digitalisation in Spain on multiple fronts. This
trend has been particularly significant within the financial arena, with Spaniards increasing
reliance on online banking and payments methods, as well as their interest in crypto-assets, while at the same time taking into account the growing importance of related security measures.
Autores: Carbó Valverde, Santiago, Cuadros Solas, Pedro, Rodríguez Fernández, Francisco
Tags: Financial digitalisation
Strong recovery in 2021 tax revenue: Contrasting with the previous crisis
The contraction in 2020 tax receipts as a result of the pandemic and the associated mobility and
business restrictions was mitigated by the government´s crisis response measures. In contrast
to the wake of the previous crisis of 2008, in the space of just one year, 2021 tax revenue
increased 15.1%, topping pre-pandemic levels- a trend that, under current assumptions, is
expected to continue into 2022, albeit at a slower pace.
Responses to the energy crisis: The cases of Germany, France, Italy and Spain
The emergency measures rolled out in Germany, Spain, France and Italy to mitigate the
impact of the war in Ukraine provide a short-term solution to the budding energy crisis.
However, their long-term efficacy is questionable, and they also exacerbate tensions
between inflation-curbing targets and energy model transformation ambitions, highlighting
the importance of formulating a big-picture plan to transition away from the recent measures
towards a long-term, sustainable energy strategy.
Autores: Torres, Raymond
Tags: Policy responses
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