Interest rate risk hits central banks

The interest rate risk deriving from the mismatch between asset and liability maturities and/or repricing, which had spread across the US banking system one year ago, has now hit the central banks – with some reporting zero profit, or even losses in 2023. While this phenomenon is not expected to have implications for financial markets stability, there may be important implications related to fiscal policy and monetary policy settings going forward.

Deposits and the transmission of monetary policy

Bank deposits have been shown to play a role in shaping monetary policy and access to credit. Crucially, firms entering the tightening cycle relying on credit from lenders with higher duration gaps could be significantly less likely to obtain funding as tightening starts, with this likelihood becoming increasingly lower for banks experiencing deposit outflows.

Challenges for Spanish banks: 50 years after deregulation

Since its deregulation 50 years ago, the Spanish banking sector has been shaped by significant structural transformation as a result of the need to adapt to an ever-changing environment, to which it has demonstrated resilience and flexibility. On top of profitability pressures, the management of risks under the growing regulatory push to increase solvency, on the one hand, and technological challenges, on the other, remain the most important issues facing the Spanish banks in the years to come.

EU trade and investment in the midst of re-globalisation

An analysis of EU trade and foreign direct investment flows reveals a relative decline in the EU’s competitive position, notably with respect to the US and China, with the EU now a major net exporter of capital to invest in companies located in other countries. Greater participation by member states in the single market has played a mitigating role but is insufficient to offset the broader weakness unless supported with strategies for revitalising investments within the bloc.

CIE inicia una nueva época

Este artículo busca complementar el análisis en el plano macroeconómico con un análisis microeconómico de la demografía empresarial en España. El objetivo es poner el foco en la estructura demográfica empresarial en la que se organiza la actividad económica actual y que puede soportar su crecimiento más inmediato.

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