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 2022 update File PDF: Opens in new window (434 KB) , our analysis in the coming quarters 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 uneven 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 trade and financial fragmentation and Europe’s 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 challenges 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.