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To date, Spain has already complied with 70% of the reforms set out in the Plan, but only with 15% of the investments, partly because of the Plan’s very nature, which places more emphasis on the reforms in the first few years, and partly due to some initial delays in the implementation.

Spain included 28.4 billion euros from the Recovery and Resilience Mechanism, NGEU’s main instrument, in the 2022 General Government Budget. Have expectations been met? Are the investments and reforms being implemented as planned?

Between the end of September and the end of February, the US dollar depreciated by 6% in effective nominal terms and by 10% against the euro, trading at close to 1.07, a level not seen for almost a year. We explore what lies behind this change of trend and whether it is likely to continue.

The euro area reached the ECB’s inflation target in 2025. Headline inflation fell to 2.1% for the year as a whole and closed at 1.9% in December, while most agents’ expectations also place it at 2% in the medium term. How has this final disinflation towards the 2% target played out? Which products and countries have contributed the most? What inertia remains?