Articles
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Countercyclical capital in Spanish banks: A review in the context of capital buffers
27 November 2024
In efforts to achieve convergence with EU supervisory standards and in response to recommendations from the European Systemic Risk Board (ESRB), the Bank of Spain has recently announced significant revisions to the countercyclical capital buffer (CCyB), increasing it gradually from 0% at present to 1% by year-end 2026 and introducing greater flexibility. The changes highlight the need to recalibrate Spain’s CCyB, taking into account potential tensions between micro and macro perspectives, to allow for greater adaptability in response to the economic cycle.
Autores: Berges, Ángel, Morales, Jesús, Restoy, Javier
Tags: Countercyclical buffers
The ECB’s new monetary playbook
In 2024, the European Central Bank (ECB) introduced a “new monetary playbook,” emphasizing the transition from a rigid rulebook to a more adaptive and flexible operational framework to address today’s complex economic landscape. While not without risks, this “new monetary playbook” marks a new era, in which the ECB continually fine-tunes its approach in response to evolving economic conditions, holding fast to its commitment to long-term stability and growth.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Tags: Monetary policy
The evolution of Spain’s high-tech exports through 2023
Spain’s high-tech product export intensity ranked sixteenth in the EU-27 in 2022, which is a considerable improvement from its position between 2014 and 2018. Given the role played by the high-tech manufacturing industry in unlocking sustained competitiveness gains, strategies are needed to further improve Spain’s recent achievements in this area and to start to close the technology gap with other countries.
- Comercio y economía internacional
- Estudios sectoriales
- Funcas Europe
- Globalización y política industrial
- OFEI
Autores: Xifré, Ramon
Tags: Technology exports
Industrial production in the euro area: Navigating shocks, sectoral challenges, and global trade shifts
The euro area’s industrial sector, historically a pillar of economic strength, faces significant challenges in the wake of recent external shocks, with divergent performance across countries and sectors. Going forward, the outlook for the industrial sector remains uncertain; thus, requiring that country-specific policies be complemented with EU-wide strategies to support key industrial sectors, such as the automotive industry.
Autores: González Simón, Miguel Ángel
Tags: Industrial production
Outlook for Spain’s economy and public finances: 2024-2025
The Spanish economy continues to grow faster than the European average, with growth projections revised upwards for 2024 and 2025 to 3% and 2.1%, respectively. However, fiscal slippage relative to official targets is expected in 2025, requiring the government to introduce approximately 8 billion euros in budget savings to align with official targets – allowing for sustained short-term growth, while increasing confidence and providing space for discretionary spending in the event of future shocks.
Autores: Fernández, María Jesús, Gómez Díaz, Fernando, Torres, Raymond
Tags: Spanish economy
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