Artículos

Transatlantic divergence in fiscal and monetary policies is driving renewed volatility in sovereign bond markets, with U.S. Treasury yields elevated and eurozone spreads widening, particularly in Germany. Going forward, the lack of economic policy coordination could continue to generate episodes of instability in international financial markets.

The escalation of U.S. tariffs is weighing on the global economy, with Spain facing limited direct exposure but significant indirect risks. As protectionism deepens and uncertainty persists, exports and investment are expected to slow, thus weakening growth; however, the outlook remains relatively positive.

Until the end of last year the U.S. economy was performing better than most other advanced economies, and the prospects were for robust economic growth, moderate inflation and low unemployment; however, the recent policy changes driven by the new administration have generated a significant adverse shock, whose magnitude, if unaddressed, will be amplified both over time and internationally. Within this context of rising uncertainty, the risk of stagflation or worse has increased considerably.

In the aftermath of the eurozone sovereign debt crisis, countries such as Spain, Portugal, Greece, Ireland, and Italy became synonymous with economic fragility. Yet, under a decade on, a remarkable narrative shift is underway, with these so-called peripheral economies now outpacing Europe's traditional economic powerhouses in growth, investor confidence, and reform momentum.

Este artículo examina la exposición
de la banca española al riesgo soberano, comparándola con la de otras economías del entorno europeo, y alertando sobre las implicaciones
para la estabilidad del sistema financiero.