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Although significant progress has been made in recent years in disconnecting from Russian energy supplies, major challenges remain in order for Europe to have a sustainable, secure and competitive energy system.

We take a snapshot of the incomes of what is considered to be the middle class in Spain in recent years, and we look at why we have the feeling that it is in retreat.

In this second article of the Dossier “Solidarity in Spain: snapshot of a committed society” we analyse how and to what causes Spaniards donate, based on an unprecedented data source: the donations made by CaixaBank customers through their banking transactions, duly anonymised.

Macro fundamentals have closely aligned with observed sovereign risk premiums in recent years. In fact, the sustained moderation of the main euro area risk premiums clearly aligns with what is predicted by the fundamentals. However, a country‑by‑country analysis reveals a more nuanced picture.

GDP stagnated in Q1 2026 in quarter-on-quarter terms, while it recorded a 2.3% growth rate year-on-year. This performance is due to the improvement in the contribution from domestic demand and a more negative contribution from external demand. 

The macroeconomic outlook is once again influenced by increased geopolitical uncertainty due to the conflict in Iran, which is primarily affecting energy prices. Spain is facing this scenario from a solid starting position, following a dynamic 2025 and a better-than-expected Q1 2026.

In Europe, a significant portion of household wealth remains concentrated in housing and deposits, whereas in the US, the greater presence of investments in stocks and funds reflects the existence of deeper, more liquid and developed capital markets.