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We dedicate the dossier of the December issue to one of the major determining factors for social well-being and cohesion: inequality. Through the monthly monitoring of internal data that we have carried out since the pandemic, we are able to confirm the downward trend of inequality in Spain, contrary to that observed in the main developed economies, and we stop to examine the recent evolution of Spain’s middle class. In other articles of the report, also using internal data, we analyse the economic impact of the floods in Valencia and how households in Catalan municipalities in a state of drought adjusted their water consumption. In addition, we study the exposure of the Spanish, European and Chinese economies to tariff hikes in the United States.

We are living increasingly longer and healthier lives – excellent news for all of us. However, this longevity, combined with a persistently low birth rate, is reconfiguring the demographic structure of our societies. In our latest Dossier, we analyse this important demographic shift, as well as its impact on growth, public finances, and savings and interest rates. We also analyse in depth other topical issues, such as the adjustment of the ECB’s monetary policy strategy and operational framework, the European Union’s 2025-2028 budget and the feasibility of it increasing defence spending to 5% of GDP. In the sphere of the Spanish economy, we lay out the causes of departures from employment and the evolution of the incomes of the middle class in recent years.