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Monetary policy has reacted quickly and decisively to the COVID-19 pandemic. However, having successfully played the role of «fire-fighter», the ECB will have to remain highly active to support the revival of the economy.

Although the drop in activity has been strong, the impact of COVID-19 on the Portuguese labor market is being more contained for the moment, thanks to the temporary adjustment of employment and teleworking.

The COVID-19 pandemic has shaken us to the core and has become a major part of our lives. It has changed our habits and altered the world we live in. From the small to the big: One of its legacies will be a large sack of debt. How much will it weigh and how will it dictate our lives in tomorrow’s world?

A team of researchers from Pompeu Fabra University, the Institute of Political Economy and Governance (IPEG) and CaixaBank Research has embarked on a globally pioneering project to track the evolution of inequality, as well as the role of the welfare state, in real time. In this dossier, we present the main results we have obtained so far.

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.

There is a broad consensus on the need to reform European fiscal rules, which are too complex, unpredictable and insufficiently sensitive to the state of the business cycle. The COVID-19 crisis has forced their suspension and the Commission is debating their reform.

The measures imposed in Europe to contain the COVID-19 have led to a marked increase in the savings of European households. Will European households spend these forced savings when the restrictions are lifted? At what speed? How will this impact economic growth?

The coronavirus pandemic is having a severe impact on emerging economies. Around 100 countries, most of them emerging, are exploring the possibility of obtaining assistance from the IMF or expanding that which they already have in place. Are we entering into a new widespread crisis in the emerging markets like that of the 1980s and 1990s?

The COVID-19 crisis would have led to a sharp increase in inequality if the actions taken by the public sector had not cushioned it to some extent. The high levels of inequality recorded during the peak of the crisis are gradually decreasing thanks to the recovery in business. 

One of the main topics of discussion in this current phase of economic recovery is, without a doubt, inflation. In 2021, it has reached levels not witnessed since 2008 in the US, while in the euro area it is likely to reach levels not seen since 2012, fuelling risks of inflationary pressures. In fact, the latest inflation data have been notably higher than anticipated, especially in the US. In this context, we wonder to what extent these surprises have had a significant impact on the financial markets.

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?