| No. 509
The outbreak of the war in Iran represents a new twist in the geopolitical landscape that will once again test the resilience of the business cycle, amid a spike in energy prices and uncertainty in the short term. Once again, it is time to reassess where the economy stands and analyse its strengths and vulnerabilities in relation to the channels through which this new shock could spread, a task to which we dedicate much of the articles in this Monthly Report. Additionally, in this issue we analyse the challenges faced by Spanish exports in terms of competitiveness; the recent ruling by the United States Supreme Court on the country’s tariff policy and its potential effects on international trade, and the rise in sovereign rates in Japan and its consequences for the country’s economy.
