| No. 510
Just over a month since the start of the war in Iran, uncertainty continues to dominate any assessment of the economic outlook. However, it is necessary to evaluate the impact of this new crisis, a matter to which we dedicate a large part of the articles in the April issue of the Monthly Report. Starting with a map of geoeconomic exposure and strategic relevance of the Middle East, we analyse the situation in the oil market and the energy position in Europe and Spain, and examine the main channels through which it could impact the economy: inflation, trade and finance. On the other hand, we assess the progress with the European Competitiveness Compass and the implementation of the NGEU funds in Spain, and we estimate how the interest rate hikes and cuts between 2022 and 2025 have affected Spaniards’ consumption, based on high-frequency data.
