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In its battle against inflation, monetary policy has tightened considerably, as is clearly visible in official interest rates and those faced by businesses, households and governments. But these interest rates are not an end in themselves; rather, the ultimate goal is to cool economic activity and thus curb inflation. In this article, we have analysed the state of monetary policy transmission through one of its main channels: credit conditions.

The composition of European final demand includes 2% Chinese goods and services, while the dependence rises to 6% in manufacturing, most notably in sectors such as textiles and electronics. But how much does China depend on the EU?

On 30 June 2023, the publication of data on the USD LIBOR, the interest rate at which banks lent US dollars to each other, was ceased. This was not a sudden end, as the relevant authorities had been warning since 2017 of the need to abandon the LIBOR in favour of another benchmark, the SOFR. In this article we explain what these acronyms refer to and which are the differences between them.