Entradas Etiquetadas con ‘slower recovery’


The ECB did what everyone knew it would do: moved by a buoyant Germany and rising inflation, it raised euro-area rates yesterday. How bad is this news for Spain?

On the exchange-rate front, the rate increase is actually not a negative development. Spain exports and imports little outside of the euro area, so its foreign competitiveness with see little change. In fact, one of its key non-euro imports is petroleum, which is denominated in US dollars, so Spain will see a small benefit from lower oil prices in euros if the European currency appreciates.

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