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January 2016 | No. 397DossierIndia: the new Asian star?Content available in catalan spanishPrint Download File Editorial The Europe of the negative Jordi Gual Key points of the month The Federal Reserve embarks on a new monetary phase Forecasts and indicators ForecastsKey indicators financial marketsKey indicators international economyKey indicators European UnionKey indicators Spanish economy Financial markets Economic outlook The impact of monetary divergence, the big uncertainty of 2016 Focus European banks are biding their time on the stock markets Focus The impact of the fed funds rate normalisation on US financial markets International economy Economic outlook 2016: global acceleration but with important risks Focus China: the two-child policy and its possible effects on growth Focus The Fed hikes - outflows of capital from emerging economies? European economy Economic outlook Domestic demand drives growth in the euro area Focus Towards the completion of banking union Focus The role of labour rigidity in the euro area's low productivity Spanish economy Economic outlook Strong advances made in economic activity Focus Labour productivity in Spain: it is not a problem of the model of production Focus The deleveraging of the Spanish economy: a long way to go Focus Will the slowdown in Latin America affect Spanish foreign direct investment? DossierIndia: the new Asian star? Focus Financial inclusion in India and the challenges for the banking industry Denis Nakagaki Focus India and China: so close yet so far Clàudia Canals Focus India, the star emerging economy: a glow from the past or the light of the future? Àlex Ruiz Focus India: favourable prospects in the long term Jordi Singla