Context and priorities

In 2020 the Banco de España published its analysis and research priorities File PDF: Opens in new window (419 KB)

These priorities define the structure of the analysis and research agenda in the short and medium term, and are grouped into the following five topics. Click below to go to the main recent publications in each area.


Various work streams were established for each of these analysis and research priorities and, in view of the changing economic environment, they are reviewed as part of an annual monitoring and update exercise. Following the late 2023 update File PDF: Opens in new window (248 KB), our analysis in the coming quarters will concentrate mainly on:


  • Inflation dynamics and the monetary policy stance, and their impact on the financial markets, the main macroeconomic aggregates, households, firms and the banking sector.

  • Appropriate bank solvency levels in Spain, bearing in mind the characteristics of the Spanish banking system and the Spanish economy and how they compare with the situation of other European financial systems, and cost-benefit analysis of macroprudential tools such as a positive neutral countercyclical capital buffer rate.

  • The fiscal policy stance and its implementation, its interaction with monetary policy, and public debt sustainability, all against the backdrop of a new fiscal governance framework for the euro area.

  • The latest developments in the Spanish labour market and the main factors – such as demographic change and new technologies – that will influence labour market behaviour in the coming years.

  • Recent residential housing market dynamics in Spain and their determinants, with particular focus on affordability issues.

  • Recent international bank crises and their outcome, the involvement of new technologies, the role of prudential supervision and the functioning of the regulatory framework.

  • The implications of the digital euro for monetary policy, the financial system and the economy overall.