Artículos
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Impact of the TLTRO and negative rates on banking margins
2 febrero 2022
Spanish and European banks’ net interest margins (NIM) are proving highly volatile due to the “volume effect” on credit, as well as the difficulties in layering a negative rates component into funding costs. Going forward, the considerable sensitivity of banks’ NIM could increase in 2022, depending on the level of compliance with TLTRO eligibility benchmarks.
Autores: Alberni, Marta, Berges, Ángel, Rodríguez, María
Etiquetas: Banking Margins
Spanish banks and monetary policy in 2022
With the COVID-19 pandemic still threatening economic recovery and inflation running the highest it has this century, monetary authorities in the US and Europe have taken different approaches to normalisation, with US monetary policy likely more hawkish in the shortterm. Within this context, Spanish banks will continue to face acute profitability challenges in 2022, which they will increasingly seek to address through digitalisation and transition to a platform-based model.
Autores: Carbó Valverde, Santiago, Rodríguez Fernández, Francisco
Etiquetas: Banking Sector
Recovering from the pandemic: The role of the macroeconomic policy mix
A new emphasis on policy coordination to mitigate the economic consequences of the COVID-19 pandemic led to a faster than expected European economic recovery, particularly compared to the Global Financial Crisis. However, policy coordination is still a challenge and will require a clear understanding of an unfamiliar economic context, together with strong agreement among European policymakers.
Autores: Jones, Erik
Outlook for the Spanish economy in light of rising inflation
As the COVID-19 pandemic drags on, Spain is grappling with a sharp rise in inflation brought on mainly by higher electricity and energy prices. While inflation is a major risk, we are forecasting continued recovery in 2022, with GDP expected to reach prepandemic levels by the start of 2023, underpinned by the assumption of a slowdown in energy-price inflation beginning in the spring.
Autores: Fernández, María Jesús, Torres, Raymond
Etiquetas: Spanish economy
Emprendimiento y políticas activas de inserción laboral en el mercado de trabajo del futuro: debates y discursos en España y la Unión Europea
31 enero 2022
Emprendimiento y políticas activas de inserción laboral en el mercado de trabajo del futuro: debates y discursos en España y la Unión Europea Fecha: diciembre 2021 Carlos J. Fernández Rodríguez* Políticas de activación laboral, Emprendimiento, Inserción laboral, España, Unión Europea Panorama Social, N.º 34 (diciembre 2021) El objetivo de este artículo es el de proponer una reflexión crítica acerca del concepto de emprendimiento, término clave en las nuevas políticas de activación laboral en España y la Unión Europea. Tras describir…
Autores: Fernández Rodríguez, Carlos J.
Etiquetas: Emprendimiento, España, Inserción laboral, Políticas de activación laboral, Unión Europea
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