Articles
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Spanish versus European bank exposure to sovereign risk
4 June 2025
Spanish banks’ exposure to public debt has increased more sharply than the EU average, reaching 15.4% of total assets in 2024. Amortised cost accounting and international diversification help risk mitigation, while higher interest rates on public debt holdings have significantly boosted returns for the domestic business.
Autores: Maudos, Joaquín
Tags: Bank exposure
Tensions in the U.S. and eurozone sovereign debt markets
Transatlantic divergence in fiscal and monetary policies is driving renewed volatility in sovereign bond markets, with U.S. Treasury yields elevated and eurozone spreads widening, particularly in Germany. Going forward, the lack of economic policy coordination could continue to generate episodes of instability in international financial markets.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Tags: Debt markets
The Spanish economy in the face of the trade war
The escalation of U.S. tariffs is weighing on the global economy, with Spain facing limited direct exposure but significant indirect risks. As protectionism deepens and uncertainty persists, exports and investment are expected to slow, thus weakening growth; however, the outlook remains relatively positive.
Autores: Fernández, María Jesús, Gómez Díaz, Fernando, Torres, Raymond
Tags: Trade wars
The outlook for the U.S. economy in the light of the change of administration
Until the end of last year the U.S. economy was performing better than most other advanced economies, and the prospects were for robust economic growth, moderate inflation and low unemployment; however, the recent policy changes driven by the new administration have generated a significant adverse shock, whose magnitude, if unaddressed, will be amplified both over time and internationally. Within this context of rising uncertainty, the risk of stagflation or worse has increased considerably.
Autores: Jarrett, Peter
Tags: U.S. outlook
Germany and Spain: A tale of two housing markets facing hard choices
28 May 2025
In the aftermath of the eurozone sovereign debt crisis, countries such as Spain, Portugal, Greece, Ireland, and Italy became synonymous with economic fragility. Yet, under a decade on, a remarkable narrative shift is underway, with these so-called peripheral economies now outpacing Europe’s traditional economic powerhouses in growth, investor confidence, and reform momentum.
Autores: Carnicero Urabayen, Carlos
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