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One of the hot economic topics of today is the impact that a tightening of the financial conditions will have on the cost of Spanish public debt. Since the beginning of the year, we have witnessed a rebound in euro area sovereign yields and in risk premiums of the periphery, including that of Spain. Thus, the question arises as to how sensitive the general government’s cost of financing will be to a changing and highly uncertain macro-financial environment.

We break down the main measures included in the War Response Action Plan, which will mobilise up to 16 billion euros in order to mitigate the impact of the war in Ukraine on the Spanish economy.

In this article we analyse key aspects of Spain’s public finances, such as the duration of its public debt and the sensitivity of the risk premium to other economies, in order to assess the extent to which the challenging global environment and the fiscal risks in the rest of Europe can impact us.

We analyse what has happened in advanced economies in terms of inflation and interest rates in order to try and gauge the likely course the central banks will take over the coming months.

We use internal CaixaBank data, duly anonymised, to carry out an exploratory analysis on how consumption patterns change after retirement for the case of Spain. The use of these data allows us to identify individuals’ income, consumption and savings with precision, as well as to identify the moment of retirement.

The first cohort of baby boomers turns 65 in 2023 and in the coming years this entire generation will retire en masse. In this article, we will assess the state in which the baby boom generation is approaching retirement in Spain, both from a financial perspective and in terms of their emotional state and their health.

As we approach 2026, the global economy is once again demonstrating greater-than-expected resilience to uncertainty and geopolitical noise. However, growth and welfare will depend on how the division between economic blocs, the rise of artificial intelligence and fiscal challenges are managed, in a context of transition and increasing complexity.

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 biggest expansionary deployment from monetary policy in history is still in force today, and the recent shift in strategy by the world’s two major central banks – which let us not forget was intended to encourage an increase in inflation expectations – is currently in its trial phase.

In October, the main stock market indices reached all-time highs, the dollar appreciated, sovereign debt yields declined and euro area peripheral spreads narrowed. Commodities exhibited disparity between the rise in metals and the decline in crude oil prices. The central banks fulfilled expectations: the Fed cut rates and the ECB kept them unchanged.

If you have read the newspapers this past month of August and have not felt a certain sense of discouragement, either your holiday destination was magical or you are a true optimist.

In an environment still marked by high uncertainty, multiple factors could modify the course of the Spanish economy in the coming months, both for better and for worse. Three of them stand out: the evolution of energy prices, the resilience of the labour market and the execution of the European NGEU funds.

What role can central banks play in the fight against climate change? How could the ECB incorporate climate criteria into its decision-making processes, within the framework of its strategic review?