Articles
Spanish bank exposure to real estate: Structural correction and European comparison
Autores:
Maudos, Joaquín
Spain's banking sector has undergone a structural transformation in its real estate exposure since the 2008 financial crisis, shifting away from high-risk developer and construction lending toward a more mortgage-dominated, better-quality loan book. Yet, exposure still exceeds the European average, reflecting deep-rooted home ownership culture…
A new risk taxonomy for European real estate markets
Autores:
Rodríguez Fernández, Francisco
European real estate risks have shifted from credit-driven overheating to structural supply shortages and affordability stress, with Spain illustrating how household debt deleveraging and housing scarcity can coexist. Commercial real estate pressures, climate exposure, and counterproductive regulatory interventions add further layers to a risk landscape…
Housing supply and the limits of the market: Spain’s path to an investable social stock
Spain faces a structural housing shortfall estimated at around 700,000 units, with social housing accounting for just 3.3% of the residential stock, well below the EU average. The EU' s reclassification of affordable housing as a service of general economic interest opens a legally secure…
The roots of Europe’s housing crisis: Why good intentions so often produce bad outcomes
Autores:
Hilber, Christian A. L.
Across Europe, real house prices have risen sharply since 1970 while housing completions per capita have fallen substantially in every major economy, reflecting a growing mismatch between demand and increasingly inelastic supply. The evidence points to restrictive planning systems and political incentives that constrain new…
Acting under uncertainty: The ECB’s shift toward discretionary monetary policy
Autores:
Jones, Erik
On 11 June 2026, the ECB became the first major central bank to raise policy rates in response to inflation pressures stemming from the war in the Middle East, reversing a cut made one year earlier. The decision reflects a deliberate shift toward discretionary policymaking,…