Articles
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Private credit and the relocation of risk in modern finance
3 June 2026
Private credit has expanded rapidly into segments vacated by banks, emerging as a central pillar of corporate financing within the non-bank ecosystem. Its continued growth, alongside persistent linkages to the banking system, is reshaping the distribution of risk and raising questions about how losses would be absorbed under stress.
Autores: Amor, José Manuel, Pino, Javier
Tags: Private credit
The dollar′s uncertain hegemony: Headed towards a new equilibrium?
The dollar has lost more than 11% of its effective exchange rate value since early 2025, defying the appreciation that would normally accompany higher tariffs. The evolution reflects not just policy uncertainty but a deeper recalibration of the dollar′s role as the anchor of the international financial system.
Autores: Díez Guijarro, José Ramón
Tags: Dollar hegemony
EU trade agreements and goods exports: The Spanish differential
Spanish goods exports exhibit greater responsiveness to EU trade agreements than those of other member states, with the divergence becoming more pronounced over time. Where trading partners share historical or linguistic ties with Spain, export growth is driven primarily by the intensive margin; where such ties are absent, the expansion of the export basket through the addition of new products plays a comparatively more important role.
Autores: Arroyo González, Rocío, González Simón, Miguel Ángel
Tags: Trade agreements
The impact of the Middle East conflict on the Spanish economy
The conflict in the Middle East has renewed inflationary pressures in Spain through higher energy and commodity prices, further weakening a growth outlook already strained by rising trade tensions. Domestic demand remains strong for now, but a prolonged closure of the Strait of Hormuz would push Europe closer to recession and inevitably also weigh on the Spanish economy.
Autores: Fernández Sánchez, Mª Jesús, Gómez Díaz, Fernando, Torres, Raymond
Tags: Spanish economy
The EU’s next budget: from redistribution to competitiveness
28 May 2026
Europe retains strong scientific capabilities, yet structural weaknesses continue to limit its ability to turn research into scalable businesses and global technological leadership. The challenge is not new, but the context is. The US and China are intensifying their technological competition, governments are tightening controls on scientific collaboration, and the AI race is raising the stakes of Europe’s innovation gap. The question is no longer simply how much to invest in research and development, but how to ensure those investments translate into economic impact.
Autores: Carnicero Urabayen, Carlos
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