Spain
Spanish paper looks at eurozone inflation expectations
Pan-eurozone factors are more important than country-specific forces, paper says
ECB’s economic bulletin paints mixed picture of eurozone investment
Business investment recovering overall but several factors may limit further growth, ECB says
Oil price rises and US GDP growth have ‘complex relationship’ – paper
Paper studies interaction of oil price and economic growth in US from 1875 to 2016
Major economies show clear credit price cycles, researchers say
Housing markets are a key influence on credit prices cycles in the US and major European economies, an ECB paper argues
Bank of Italy paper aims to improve on EC current account model
Research offers a new model of external adjustment; the EC’s model tends to mis-state cyclically adjusted current account balances of large eurozone economies, researchers argue
Ratings agency fined €1.38 million by Esma for regulatory breaches
The European Securities and Markets Authority fines Fitch for improper discussions of information and mishandling timing of Slovenia’s sovereign downgrade
Stronger Spanish banks still vulnerable to global risks – report
Spanish banks increase solvency over course of 2015, Bank of Spain report says, although decline continues in lending; main risk comes from global instability
Spanish paper explores low TFP growth during expansion
Working paper notes total factor productivity fell between 1995 and 2007 despite solid growth rates in the economy; highlights misallocation of production factors within industry
EBA publishes first complete list of European O-SIIs
European Banking Authority publishes first full list of other systemically important institutions in Europe; some national supervisors make more use of discretion than others
ECB paper explores public and private employment link
Research contradicts literature that claims an increase in public employment crowds out private employment, at least in recessions
Lower real interest rates may harm productivity growth, researchers say
Lower real interest rates may reduce productivity growth rates, researchers say; Italy and Spain have suffered low or negative TFP growth during existence of euro
Four largest eurozone economies show different reactions to monetary policy, paper finds
The economies of Germany, France, Italy and Spain show marked differences in responding to policy rate rises, researchers argue
ECB’s liquidity provision had ‘highly uneven effects’ on interbank markets, paper argues
ECB emergency liquidity provision had very different effects on stressed and non-stressed interbank lending markets; paper reconstructs interbank lending from Target2 database
Spanish paper models synergies between demand and supply policies in monetary union
Working paper model sees benefits in jointly implementing structural reforms in the ‘periphery’ of a union, with fiscal expansion in the ‘core’ and forward guidance on interest rates
ECB paper explores fiscal adjustment in stressed countries
Fiscal corrections have been ‘more costly’ in contractionary times in Greece, Ireland, Portugal and Spain over the past 50 years, paper suggests
Spanish ‘bad bank’ must revise valuations of half of remaining assets
The Bank of Spain says Sareb, the country’s ‘bad bank’, must publish revised valuations of half of its assets by the end of the year; publishes criteria for company to use
First Target2 data release sheds light on imbalances
Data on cross-border eurozone financial flows gives clarity as to the sharply different directions funds have been travelling, with Germany still comfortably the most popular destination
Spanish paper puts crisis legacy into context
Working paper suggests long-run trends in population and productivity growth could hamper the ability of policy-makers to address the legacy of the crisis
ECB research flags signs of Spanish decoupling
Recent recessions appear to have caused Spain’s economy to diverge from those of other major eurozone countries, working paper warns
Outlook brightens for eurozone SME financing, ECB reports
Report shows access to financing improved over the most recent period surveyed, but the very smallest firms are still struggling and outcomes are diverse across countries
‘Climate of greater optimism’ prevails in Spain
Financial stability report identifies many signs the economy has turned a corner and financial markets are beginning to recover, although credit to the private sector continues to fall
Bank of Spain remodels in light of SSM
Executive commission approves a new structure for bank resolution and regulation, as well as changes to the central bank’s cash management functions
Spanish paper finds LTROs had ‘moderate’ effect
Working paper examines the impact of two ‘very long-term refinancing operations’ conducted in 2011 and 2012, finding evidence of a bank lending channel
Frob challenges ‘are not minor’ despite losing powers to SRM, says Restoy
Fernando Restoy outlines the latest activities at the Fund for Orderly Bank Restructuring, ahead of European reform that will strip the institution of most of its powers