Artículos
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Implications for Spain of the reform of the EU´s fiscal rules
6 abril 2022
Spain, being one of the countries hardest hit by the crisis and with pronounced fiscal imbalances, has a lot at stake in the process currently underway of reforming the EU´s fiscal rules. As various European and national actors debate their positions, Spain´s seat at the negotiating table could be further strengthened by a commitment to credible fiscal consolidation in the medium-term.
Autores: Lago Peñas, Santiago
Etiquetas: Fiscal rules
Spain´s dependence on foreign capital flows and the need for improved public debt sustainability
Seven countries currently account for over two-thirds of total foreign investment into Spain. To shore up international investor confidence, Spain needs to make its public debt more sustainable, a task that is currently more pressing given the potential for an increase in risk premium within the context of a normalisation of ECB monetary policy.
Autores: Maudos, Joaquín
Etiquetas: Capital flows
EMU peripheral sovereign debt: Resilience in the face of monetary policy and geopolitical risks
Looming ECB policy normalisation will likely lead to the rebalancing of relative prices for EMU peripheral sovereign debt. Nonetheless, improved economic fundamentals, the ECB’s commitment to preventing fresh episodes of financial fragmentation and favourable prospects for European integration should help reduce the risk of episodes of intense stress in the eurozone sovereign debt markets.
Autores: Amor, José Manuel, Jiménez, Salvador, Pino, Javier
Etiquetas: Peripheral debt
The recovery of the Spanish mortgage market
Spain’s mortgage market is recovering gradually in the wake of the pandemic, with new transactions outstripping loan repayments. This recovery, however, is very recent, and has not yet consolidated, with lingering and new sources of uncertainty affecting savings and borrowing patterns in ways that are difficult to gauge.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Etiquetas: Mortgage market
The conflict in Ukraine and the Spanish economy
The invasion of Ukraine is adding upward pressure to energy markets, which were already the main obstacle to Spain’s recovery before the conflict. The precise effects of the crisis will depend on its scale and duration, but already the projections are for markedly higher inflation, significant cuts in consumer purchasing power and lower economic growt.
Autores: Fernández, María Jesús, Torres, Raymond
Etiquetas: Spanish economy
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