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Given its official «data-dependent» strategy, the ECB’s upcoming decisions will be subject to the current signals provided by the data, although they will likely also be conditioned by expectations regarding the US economic agenda and its consequences for the future.

We analyse the European manufacturing industry’s import dependency on China and the United States and strategies to reduce it in a more fragmented geopolitical context.

Following the rise in the cost of energy imports in 2022, the recovery of the foreign sector was particularly rapid in 2023 and the four largest economies in the euro area have improved their current account balances, although only Spain has managed to surpass the 2019 figure.

The ageing of the population will have a major impact on the public finances of advanced economies. The mechanism is well known: the ageing of the population and the consequent increase in dependency ratios can reduce tax revenues and increase public spending substantially. The main message of this article is that demographics will exert intense upward pressure on the public finances in Spain and Europe.

We review recent developments in the European tourism sector, as well as its macroeconomic impact and the challenges it faces, after the number of international tourists who visited the continent last year exceeded the level recorded in 2019 by 12 million.