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The severe deterioration in the public finances as a result of the pandemic has reopened the debate about the need to reform EU fiscal rules.

The new focus of concern in the already complex global economic scenario is the health of public finances. In the case of Spain, the two key levers in order for public debt to continue to fall are the general government deficit and economic growth.

Despite the goal to reduce the government deficit to 3% of GDP in 2024, the Treasury’s funding needs will remain high. In addition, the market will have to absorb all the debt that is currently in the hands of the ECB and which it will not reinvest. In this context, we provide some perspective on the volume of debt that the market will have to absorb during this year.

Economic activity managed to rebound firmly and across the board in Q3, but the second wave of SARS-CoV-2 infections has led to a further tightening of mobility restrictions in many countries (especially in Europe), and most indicators suggest that economic activity will contract once again in the current fourth quarter. But
how much of a contraction are we talking about?

In the context of our revision of the international economic outlook, the aim of this article is to clarify, on the one hand, the US’ current tariff policy and, on the other, to summarise the response from its main trading partners and the state of the ongoing negotiations.

The Democratic candidate, Joe Biden, beat Republican Donald Trump in the recent US presidential election. It seems that the Congress will remain divided, with the House of Representatives in Democratic hands and the Senate in Republican hands. In this political environment and with the COVID-19 crisis ever present, what can we expect from US domestic and foreign policy in 2021?

One of the sectors hardest hit by the restrictions on people's movement has been retail trade. However, internet sales are helping many businesses to cushion the impact of the crisis. This article examines the trend in online purchases in relation to face-to-face sales paid for by card via CaixaBank point-of-sale terminals.

maintaining the tone of recent quarters, we continue to see more lights than shadows in the complex transition that the business cycle is currently immersed.

With all the attention at the start of the year focused on how the Fed and the ECB will go about implementing the shift in monetary policy, and with the feeling that the rate cuts could begin at different times on each side of the Atlantic, in recent weeks there have been certain developments that could shed some light on the agitated world of monetary policy.

In an environment characterised since 2020 by a string of negative disturbances, the positive surprise in 2023 was once again the resilience of the global business cycle, understood as «the ability of a living being to adapt to a disturbing agent or an adverse state or situation», according to the definition of the Royal Spanish Academy.

Geopolitical tensions and the uncertainty surrounding foreign demand force us to reassess the strengths and weaknesses of exports in the Spanish economy. To do so, it is essential to analyse what we export, how diversified our range of products is, as well as how competitive it is. To improve our understanding, in this article we will analyse the complexity of the products that are exported, as well as their technological intensity, two key variables for assessing the competitiveness of our exports.