The ECB’s path to a new normal
Behind the recent upheavals and volatility, the euro area and the ECB are making progress towards a new normal for the financial environment. In recent years, the ECB has reduced its footprint in the market by returning to conventional monetary policy and withdrawing…
We need to talk about interest rates
In a summer focused on the effects of climate change – with events like El Niño, which could disrupt global activity in the autumn – and with political risk back where it stood before the signing of the US-Iran deal in June, an old acquaintance has once again come…
10 September 2026
Spain’s external sector drives the post-pandemic expansion
Spanish exports have emerged as one of the drivers of the country’s economic growth in the current expansionary phase following the pandemic in 2020. Exports now account for 36.0% of GDP, exceeding pre-pandemic levels (34.7% in 2019) and, even more so, those of 2007…
Ireland, the country that skews Europe’s statistics
When Eurostat publishes GDP growth for the euro area, Germany, France, Italy and Spain are the main drivers of the final result. However, in recent years, Ireland has been responsible for the largest revisions and distortions of the euro area’s figures, both upwards and…
10 September 2026
