Artículos
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Securing fiscal stability in the context of uncertainty
5 octubre 2022
Decisive policy action in response to the pandemic at the EU and Spanish level has been more effective than measures taken to tackle the Great Recession; yet, recent support measures have clouded the outlook for fiscal stability. Ensuring compliance with the European fiscal rules and securing a path towards debt sustainability in the future will require defining today the reforms and targets needed to realign public revenue with expenditure.
Autores: Lago Peñas, Santiago
Etiquetas: Fiscal stability
Monetary policy and business lending: Impact on pricing
The recent reversal of the ECB´s unconventional monetary policy is already driving interest rates higher, raising the risk of triggering an increase in corporate bankruptcies, which would increase the private sector´s marginal cost of borrowing even further. As interest rate hikes have started around the world, global central banks will have to determine whether or not they chose to live with inflation, or risk adverse consequences for the economy.
Autores: Aires, Diego, Mota, Antonio, Olmo, Francisco del, Rojas, Fernando
Etiquetas: Corporate lending
Translating EURIBOR increases into improved banking margins: Differential timing on asset and liability repricing
After more than five years of abnormally low, even negative, interest rate levels in the case of the 12-month EURIBOR, the fact that rates have turned positive and look likely to stay there on a structural basis foreshadows a clearcut improvement in the banking sector’s net interest income. Irrespective of the clearly positive impact of the new rate scenario for the banks’, the transition will not be linear and before margins increase, they will likely dip.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Etiquetas: Banking Margins
Spanish banks ahead of the return to positive interest rates
Now that interest rates are finally back in positive territory, banks have the opportunity to advance on the challenge of increasing profitability. However, prevailing macroeconomic conditions of uncertainty and pessimism, together with risks, both those carried over from the previous financial crisis and emergent ones, mean that translating rate increases into commensurate growth in banks’ earnings may not be so straight forward a task.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Etiquetas: Bank profitability
Spain: Reduced vulnerability to gas rationing relative to other European countries
Spain´s lower expected reduction in demand under the pan European plan, together with a generally lower consumption of Russian gas by the country´s industry, translates into less sensitivity to current geopolitical tensions. Nonetheless, Spain will still be exposed to the risks generated by the adverse geopolitical environment heading into the autumn-winter.
Autores: Romero, María, Sosa, Juan
Etiquetas: Gas markets
Page 165 of 1351