Banco de España
BDEPaper
Undiversifiable risk widens hurdle rate gap and slows growth
Undiversifiable risk and pledgeability frictions create a widening gap between corporate hurdle rates and the financial cost of capital, according to research from the Banco de España.
Focus
BDESpeech
Núñez proposes merging CCyB and SyRB into single buffer
Banco de España Deputy Governor Soledad Núñez proposed merging the countercyclical and systemic risk buffers into a single releasable instrument on September 18, 2026.
BDEDecoder
29 of 30 EU central banks exceed mandatory disclosure rules
Twenty-nine of 30 European central banking authorities voluntarily disclose more information than legally required, according to a Banco de España study of 35 institutions.
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BDEPaper
Accountability strengthens independence but must be measurable
A comparative study of 35 central banks and supervisory authorities by the Banco de España shows that transparency and accountability bolster public trust and institutional legitimacy.
BDEPaper
Central banks expand voluntary transparency beyond legal baselines
Nearly all central banks in the European Union publish operational and governance data beyond statutory requirements, according to a survey of 30 institutions.
BDESpeech
Crises prove cash remains ultimate payment backstop, Ríos says
Euro cash proved indispensable during the 2024 Valencia floods and the 2025 Iberian blackout, Banco de España Director General Alberto Ríos said in Brussels.
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BDEPaper
Bayesian toolkit links Middle East oil shocks to macro projections
Banco de España researchers have developed a Bayesian framework that translates Middle East geopolitical risks into oil supply disruptions and macroeconomic price paths.
BDEDecoder
Bank fraud complaints rise 27.5 percent in Aragon amid AI scams
Fraud is now the leading cause of customer complaints filed with the Banco de España, according to the 2025 Claims Report presented by Alberto Ríos.
BDEPaper
Inward FDI reaches 73 percent of Spanish GDP with US as top investor
Spain registered a net debtor foreign direct investment position of 13.5 percent of GDP in 2025, according to a Banco de España study.
BDEPaper
Six convergence clubs divide 98 regions across four EU economies
Income levels across 98 regions in Germany, France, Italy, and Spain cluster into six distinct convergence clubs rather than a single European baseline.
BDEDecoder
Urgency drives Draghi reforms as defence leads and energy lags
Two years after the publication of the Draghi Report, the European Union has implemented only 16 percent of its 176 proposals, with progress concentrated in areas of acute geopolitical urgency such as defence and critical raw materials.
BDEPaper
Spanish TFP rebound drives post-2013 euro area convergence
Spain outpaced the four largest euro area economies in total factor productivity growth after 2013, expanding at 0.4 percent annually compared to 0.1 percent across peers, a Banco de España study finds.