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Context and priorities

In 2020 the Banco de España published its analysis and research priorities File PDF: Opens in a new window (419 KB) for the coming years, along with a summary File PDF: Opens in a new window (465 KB)which were grouped under five main headings: central bank policies and their interactions; the main long-term trends in the Spanish economy; risks and opportunities arising from the international environment; the aggregate consequences of household and firm heterogeneity; and the challenges posed by new technologies. Find below the main recent publications on each of them.

Various work streams were established in 2020 within each of these analysis and research priorities. In view of the changing economic environment, these work streams are updated as part of the annual exercise to monitor and update the Banco de España’s analysis and research priorities. The 2022 update File PDF: Opens in a new window (434 KB) establishes that, in the coming quarters, our analysis will concentrate mainly on:

  • The present inflationary episode and its implications for the main macroeconomic aggregates, the monetary policy stance and implementation, financial stability and macroprudential policies.
  • The unequal impact that the rise in inflation, the change in the monetary policy stance and the energy crisis are having on certain groups of  households and firms, and on the financial system.
  • The risks of global financial and trade fragmentation and the European response to the current difficult environment, focusing in particular on the measures envisaged in the area of energy policy and open strategic autonomy, and in the framework of the review of the European fiscal rules.
  • The structural reforms recently approved – or currently under debate – in Spain and NGEU implementation, and their capacity to boost the potential medium and long-term growth of the Spanish economy.
  • The risks and opportunities – for financial institutions, consumers and the stability of the financial system as a whole – posed by various technological innovations currently being developed, such as the digital euro, or gradually being introduced into financial operations.