The ECB´s shift back towards QE: Impact on the banking sector

Letter from the Editors

Monetary accommodation

Three debates over European monetary policy

Issues relating to negative contingencies, the transmission of monetary policy decisions to the real economy, and the deployment of other macroeconomic policy ...


‘Japanisation’ of Europe: Takeaways from Japan’s banks, 15 years later

The persistence of zero interest rates and stubbornly low inflation in the eurozone mirrors the two-decade long situation in Japan. For this reason, it is ...

Bank profitability

Bank profitability in the new monetary paradigm

In light of persistently low interest rates, increasing attention has been paid to the effects of loose monetary policy on banks’ margins. Empirical ...

Bank resolution

The new European Bank Resolution
Directive in the face of MREL adaptation

In order to align itself with the new international paradigm, the European Union has amended its Bank Recovery and Resolution Directive (BRRD) to adapt its own ...

Fiscal consolidation

Zero-deficit target for 2022: Where is Spain coming from and where is it headed?

Although Spain managed to bring its fiscal deficit under the 3% threshold set by the EU in 2018, there are doubts as to whether it will achieve its balanced ...

Tax decentralisation

Tax decentralisation in Spain: Significant progress and remaining challenges

While decentralization in Spain prioritised devolving spending rather than revenue power to its regions, it scores comparatively better than other federal OECD ...


Household income inequality and its impact on consumption

Although income inequality has declined and wealth levels have improved, Spanish income and consumption rates are still weak compared to pre-crisis levels. ...

Regulation and Economic Outlook
Recent key developments in the area of Spanish financial regulation
Prepared by the Regulation and Research Department of the Spanish Confederation of Savings Banks (CECA)
Spanish economic
forecasts panel: September 2019*
Funcas Economic Trends and Statistics Department
Key Facts
Economic Indicators
Financial System Indicators
Social Indicators