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In the run-up to the Asia-Pacific Economic Cooperation summit, Donald Trump’s Asian tour has led to a certain thaw in US-China trade relations, in a quarter marked by contrasts among advanced economies and dynamism among emerging markets.

November was dominated by a sharp upturn in volatility in the stock markets, amid doubts about the potential exuberance of AI investments in the US and the high valuations of the big tech firms. Sentiment recovered towards the end of the month, with the expectation that the Fed could continue its rate cuts in December, but concern shifted to Japan in the sovereign debt markets.

En este cuarto y último artículo del Dossier "Solidaridad en España: radiografía de una sociedad comprometida", analizamos, en colaboración con la Universidad Pompeu Fabra, el cambio en el volumen agregado y en el número de donativos que se realizaron tras la DANA a través de la operativa bancaria de CaixaBank para entender cómo fue la respuesta solidaria a las inundaciones. 

In a context marked by geopolitical tensions, persistent uncertainty and tariff threats, the global economy continues to show remarkable resilience. 

En este segundo artículo del Dossier "Solidaridad en España: radiografía de una sociedad comprometida" analizamos cómo y a qué causas donan los españoles, a partir de una fuente de datos inédita hasta la fecha: los donativos que realizan los clientes de CaixaBank a través de la operativa bancaria, debidamente anonimizados.

If you are reading this article hoping to find out what is going to happen in less than 30 seconds, please stop now. You will be disappointed.

Technological change will change the payment system as we know it, and blockchain technology will probably play a very important role in this process by facilitating the emergence of digital currencies. What are the key aspects of the technologies that will enable this transformation? Which cryptocurrencies are most likely to succeed?

En este primer artículo del Dossier "Solidaridad en España: radiografía de una sociedad comprometida" se examinan las actitudes sociales y el comportamiento filantrópico de la población española mediante la encuesta representativa que encargó el Observatorio Social de la Fundación ”la Caixa” en 2024. 

The ECB has completed a monetary cycle, leaving the negative rates and unconventional measures of the last decade behind and significantly tightening monetary policy. During this cycle, the ECB has also adjusted the structure it uses to guide and implement monetary policy

In the other pages of this Dossier, we have analysed in depth how ageing will affect the capacity for economic growth and the public finances. All these changes will have consequences on the supply and demand for savings and, therefore, on the interest rates of economies.

The ageing of the population will have a major impact on the public finances of advanced economies. The mechanism is well known: the ageing of the population and the consequent increase in dependency ratios can reduce tax revenues and increase public spending substantially. The main message of this article is that demographics will exert intense upward pressure on the public finances in Spain and Europe.

We analyse recent developments and the outlook for public debt in the major advanced economies. While the United States, France and Belgium will continue to see an increase in their ratios, Japan and the United Kingdom could stabilise them. In contrast, the euro area periphery shows favourable conditions for reducing its debt, although it will require significant fiscal effort.

The Portuguese economy is showing remarkable resilience in 2025, driven mainly by a buoyant labour market and increasingly strong investment.

The summer of 2025 – one of relative calm in the financial markets despite the volatility of the macroeconomic environment – has brought with it a change of gear between the Fed and the ECB. While France is emerging as a new source of instability, in the US sovereign rates are adjusting to monetary policy expectations, but they do not seem to fear institutional risk. The stock markets enjoy another month of gains, and among commodities, crude oil remains stable and gold reaches a new high. 

Q2 2025 began with all bets placed on a slowdown in the growth of the Spanish economy. In early April, and after months of threats, the Trump administration announced bilateral tariffs and catapulted the main uncertainty indicators to all-time highs. Weeks later, a blackout left the Iberian Peninsula without electricity for a day. Moreover, all this happened in an environment in which the euro area economy was once again showing signs of cooling.