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Donating blood, making a donation or collaborating with NGOs are common forms of solidarity throughout the world. Even a gesture as simple as giving up one’s seat for an elderly person can be considered a selfless act of kindness towards others. However, there is a lack of evidence on how often and in what way we help others. In this new Dossier of the Monthly Report – a result of the collaboration between the ”la Caixa” Foundation, CaixaBank Research and Pompeu Fabra University – we provide a snapshot of Spanish solidarity, offering an overview of the forms that altruism takes and of the donations made by Spaniards: from profiling donors and the social causes to which they give, to the charitable response to the floods in Valencia.

The military conflict in Iran has reintroduced a significant source of uncertainty into an economic context which, until recently, had been showing notable resilience. The closure of the Strait of Hormuz and the resulting rise in energy costs necessitate a recalibration of the macroeconomic scenario, both globally and for the Spanish economy. In this edition of the Monthly Report, we present our updated forecasts for 2026 and 2027, analysing how this geopolitical episode is impacting financial markets, the international economy and the Spanish economy. The report is supplemented with other analyses of interest, such as the new (im)balances in the oil market; the impact of the inflationary spike on European households’ well-being; the exposure of Spain’s economic sectors to the energy shock; the persistence of the generation gap in income and wealth, and the challenges facing the public accounts and compliance with European fiscal rules.

Analysis of the economic impact of the Ukraine crisis

The European Parliament elections this June were held at a key moment for the European construction process, taking into account the economic, political and social challenges that our continent must address in the coming years. Many of these challenges are discussed in the Dossier of this Monthly Report, ranging from the loss of competitiveness in a world that is undergoing a reconfiguration of value chains and relationships between economic blocs, to the revitalisation of productivity and technological development, to the need to push ahead with the capital markets union.

We present the new CaixaBank Research economic outlook, with an upward revision of Spain’s GDP growth forecast and a modest deterioration in expectations for the international economy.