February 2019 | No. 431

February 2019 | No. 431

Editorial

The era of low interest rates

Oriol Aspachs

Key points of the month

The expansion continues in an environment of greater downside risks

Forecasts and indicators

Indicators and forecasts

Financial markets

Calm returns to the markets
The Fed: from forward guidance to data-dependency
Ricard Murillo Gili

International economy

European economy

Spanish economy

The strength of domestic demand compensates for a less favourable external environment

Dossier

Low interest rates: for how much longer?
Oriol Carreras BaquerAdrià Morron Salmeron
The consequences of the new environment of financial conditions: entering uncharted territory
Javier García Arenas

February 2019| No. 431

Dossier

The future of financial conditions: a paradigm shift?

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Editorial

The era of low interest rates

Key points of the month

The expansion continues in an environment of greater downside risks

Forecasts and indicators

Forecasts Key indicators financial markets Key indicators international economy Key indicators European Union Key indicators Spanish economy

Financial markets

Economic outlook

Calm returns to the markets

Focus

The Fed: from forward guidance to data-dependency

Ricard Murillo Gili

International economy

Economic outlook

Global growth shifts down a gear

Focus

International credibility, key to Mexico’s new six-year term

Àlex Ruiz

European economy

Economic outlook

Slowdown in the growth of euro area economic activity

Focus

Portugal: have we reached the end of the golden recovery of the labour market?

Focus

The sun is (still) shining in Portugal

Spanish economy

Economic outlook

The strength of domestic demand compensates for a less favourable external environment

Dossier

The future of financial conditions: a paradigm shift?

Focus

Low interest rates: for how much longer?

Oriol Carreras Baquer

Adrià Morron Salmeron

Focus

The consequences of the new environment of financial conditions: entering uncharted territory

Javier García Arenas