Articles
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Spain’s corporate sector: Strong deleveraging, persistent divergence
1 October 2025
Spanish corporations have undergone a sharp deleveraging in the last decade, leaving aggregate indebtedness below the EU and eurozone averages. However, behind this aggregate
figure lie significant differences by company size, sector, and region.
Autores: Maudos, Joaquín
Tags: Corporate deleveraging
Paradoxical stress test results: Banking resilience amid rising uncertainty
The 2025 stress tests by the Fed and EBA revealed stronger-than-expected resilience, despite harsher adverse scenarios. Improved profitability and net interest margins drove smaller capital depletion, challenging conventional expectations.
Autores: Berges, Ángel, Morales, Jesús
Tags: Stress tests
NextGen EU funds: A transformation that has yet to arrive
Spain has led the EU in securing and allocating recovery funds, but actual disbursement and material execution remain slow. Heavy reliance on current expenditure and fragmented projects risk undermining the program’s structural impact.
Autores: Área financiera y digitalización
Tags: Nextgen EU
The Spanish economy and the rise of trade blocs
The global economy is increasingly shaped by geopolitical blocs, reflecting the weakening of multilateralism. Spain has been resilient to this disruption thanks to its strong competitive position with other EU countries; but, this hides structural export
weaknesses with non-EU regions, notably the U.S. and China, underscoring the need to revitalize the single market and boost investment.
Autores: Torres, Raymond
Tags: Spanish economy
What it would take to reverse Europe’s global decline
Europe’s lacklustre economic growth reflects deep-seated structural weaknesses, from fragmented financial markets to chronic underinvestment and low productivity. Without
further fiscal and capital markets integration, the bloc remains exposed to external shocks and the risk of a managed decline.
Autores: Münchau, Wolfgang
Tags: EU risk
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