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Euro area inflation has reached record highs above 5.0%, with no let-up in sight for the coming months, especially following the surge in energy prices due to the conflict in Ukraine. Beyond the figure itself, it is often overlooked that the impact of a rise in prices does not affect all households alike, and that this largely depends on which items are responsible for the price rally.

In its battle against inflation, monetary policy has tightened considerably, as is clearly visible in official interest rates and those faced by businesses, households and governments. But these interest rates are not an end in themselves; rather, the ultimate goal is to cool economic activity and thus curb inflation. In this article, we have analysed the state of monetary policy transmission through one of its main channels: credit conditions.

In this article, we address the sustainability challenge facing our public pension system, based on the analyses carried out by the AIReF, the European Commission and the Ministry of Inclusion, Social Security and Migration.

To date, the investments already approved as part of the Portuguese Recovery and Resilience Plan (RRP) amount to 12,249 million euros, compared to total planned investments of 16,644 million euros. This represents an approval rate of 74%, which in principle looks promising in terms of getting the most out of the NGEU funds that Portugal will receive up until 2026.

The neutral interest rate is a key indicator for the orientation of monetary policy, the evolution of the financial markets and, in general, the formation of economic agents’ expectations. We delve into its definition and the level at which it stands today.

The composition of European final demand includes 2% Chinese goods and services, while the dependence rises to 6% in manufacturing, most notably in sectors such as textiles and electronics. But how much does China depend on the EU?

The pandemic has led to cash being replaced by card payments, as shown by an analysis using anonymised internal CaixaBank data. This substitution effect is seen both at the aggregate level and at the sector level, particularly in purchases of food and durable goods.

2022 will be remembered not only for the intensification and persistence of inflationary pressures but also for the sudden shift in the direction of monetary policy, bringing to an end more than a decade of low rates and ultra-dovish policies.

We delve into the REPowerEU plan, approved in May by the European Commission, and its measures to accelerate the energy transition envisaged in the Green Deal and the Fit for 55 package.

The high level of public debt will be one of the macroeconomic imbalances that we will inherit from the COVID-19 crisis. Solving it will require sustained economic growth and the redesign of certain fiscal policies.