EUR/GBP
During the first three quarters of 2025, sterling depreciated against the euro, despite having a favorable interest rate differential, due to the resilience of the eurozone and fiscal pressures and political uncertainty in the United Kingdom. Since then, this dynamic has…
The Spanish economy: between resilience and slowdown
The Spanish economy closed 2025 with solid growth and has kicked off 2026 with figures that remain strong, albeit somewhat lower than those of last year. Together, the indicators published to date are consistent with CaixaBank Research’s forecast scenario, set out in the…
Japan, at the dawn of a new cycle: fiscal tensions and monetary normalisation in the Land of the Rising Sun
Japanese sovereign yields have rebounded since 2022, particularly in the past year, and have exceeded the 2% threshold for the first time in nearly three decades. These movements have sparked a wide debate about the country’s fiscal sustainability and the direction of its…
The macro-financial environment behind the economic outlook
The risk map is demanding and, in addition to the prevalence of geopolitical disruptions, the financial markets have shown sensitivity to the promises, doubts and transformations of artificial intelligence (AI) and to the sustainability of public debt.
