September 2026| No. 514

With the return from the summer lull in September, markets have once again turned their attention to geopolitical tensions, rising energy prices and a renewed environment of higher interest rates. In this context, we analyse the ECB's path to a new monetary normal, the evolution of US tariff policy, and the unique case of Ireland, where the influence of multinationals complicates the interpretation of some European statistics. Meanwhile, the Spanish economy continues to demonstrate remarkable resilience. In this issue, we also examine how the external sector has consolidated its role as one of the drivers of the post-pandemic expansion and we explore the transformation of Spaniards’ consumption habits.