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Russia’s importance as a global exporter of oil, natural gas and other commodities is the main channel through which the economic impact of the war in Ukraine will be felt, together with uncertainty and a new open front for global value chains that are already under stress.

Active training policies, as well as the ability to attract talent in sectors with the greatest shortage of skilled personnel, will be key if the EU is to make progress in innovation and competitiveness and avoid falling behind its main competitors.

The outbreak of the pandemic in 2020, and more recently the war in Ukraine, has accelerated the trend of decoupling between the US and China, and Europe also appears to have joined in, albeit somewhat timidly for now. We analyse the EU’s dependence on China in order to understand whether European strategic autonomy is possible, or even desirable.

One of the big questions of the moment is whether the current rise in prices will spread to wages. To answer it, we analyse current wage dynamics in the euro area and what path they might follow in the future.

Undoubtedly, the negotiation of the next budget will once again test the health of the European project, on which our strategic autonomy needed to address the geopolitical challenges that will continue to come from abroad will depend.

In this first article in a series of two, we review the recent trends in capital investment in Spain and make a comparison with the rest of the euro area. In a second article in this same Monthly Report, we investigate the incentives for investing, based on an analysis of the evolution of profitability and the cost of financing, sector by sector.

The energy crisis has served as an incentive within the EU to accelerate the transition to energy sources that are more environmentally friendly and less dependent on fossil fuels, but this is seen as more of a medium-term goal.