Consejeros

(Jakub Zerdzicki, Unsplash)

6 Oct 2026

The Gift of a Roof

Agenda 2030

The housing decrees that the government had proposed to address the social discontent caused by the eviction of a woman named María del Carmen Abascal Martín have fallen through. Days of negotiations,...
(© European Union. CC BY 4.0)

4 Oct 2026

Refund: Leaders Wanted

Opinion

By Emiliano López-Atxurra

We have underestimated industrial policy, defining the energy transition in ideological terms, not technological and supply security terms, in addition to turning our backs on the challenge of an integrated European system of science, technology, industry, and innovation. Now we face the risk of 29 million jobs exposed to Chinese competition, according to ECB forecasts.
(Michael Fousert, Unsplash)

28 Sept 2026

Sustainability Takes a Seat in the Decision-Making Room

Opinion

By Germán Granda

90% of companies already consider sustainability a lever for competitiveness. It is one of the main conclusions of ESG Spain 2026–Corporate Sustainability Forum: sustainability has ceased to be a parallel issue to become a factor of resilience and value creation.
(Consejeros, imagen generada con IA)

23 Sept 2026

Macroeconomics According to Dickens

Opinion

By Ricardo Santos

The market continues to do what it does best: adapt to a changing reality. Just like in Dickens' "Christmas Carol," uncertainty never disappears; it simply changes form. After all, the future is not what will happen, but what we will do.
(© Kutxabank)

21 Sept 2026

Funds: Planning, Diversification and Long-Term, Strengths in a Transforming Industry

Opinion

By Joseba Orueta

In the first half of the year, Kutxabank has led the rankings for net subscriptions in national funds. A particularly significant result considering the competition from larger financial groups. Our trajectory shows a more relevant reality: consolidation in leading positions over a decade that has led us to currently manage more than 48 billion euros of off-balance-sheet assets; mostly through investment funds.
(© BIS)

11 Sept 2026

The search for a more efficient banking resolution regime

Opinion

Fernando Restoy, President of the Financial Stability Institute, explains that in Europe "resolution frameworks are built on a mosaic of unharmonised national insolvency regimes", so that "little progress has been made in integrating the banking sector, and the link between banks and sovereign risk has not been entirely eliminated because, once other options are exhausted, public backstop funding for crisis management remains national in nature."
(Jennifer Delmarre, Unsplash)

11 Sept 2026

Omnibus. Is it the maturity test of sustainability reporting?

Opinion

By Patricia Reverter

In Spain, the transition is complex. The Law 11/2018 remains in force while the transposition of the European Corporate Sustainability Reporting Directive (CSRD) modified by Omnibus is still pending. Our law expanded the scope of obligated companies, detailed contents, and required independent verification; therefore, it currently applies to more companies than the future European framework, in which EFRAG and the Commission have significantly reduced the formal number of data points in the ESRS, although the relevant quantitative burden does not decrease in equal proportion.
(Dominik Sostmann, Unsplash)

8 Sept 2026

The dimension of a blazing summer

Agenda 2030

It is not easy to condense what the disappearance of 647,375 hectares of forest in Europe means amid gigantic tongues of fire. Summer is still here, and the disaster could worsen - in 2025, more than ...
Reserva Federal. (Federalreserve, United States Government Work)

7 Sept 2026

Central Banks, Behind the Curve

Opinion

By Juan Pedro Marín Arrese

Markets are independently raising the cost of credit, placing central banks, which are increasingly slow to react, behind the yield curve, which is already approaching 5% for the ten-year bond in the United States and surpassing the 3% barrier in Germany and Japan.
(Aidin Geranrekab, Unsplash)

28 Aug 2026

AI, a new point of the day on the Council's agenda

Opinion

By Nagore de Ugarte and Antonio Nuñez

More than half of the Boards consulted acknowledge that they still do not have specific corporate policies regarding the limitations and use of artificial intelligence
(© Banco Central Europeo)

26 Aug 2026

Neuberger questions whether interest rate hikes will occur. What would happen then?

Opinion

The trajectory of constant nominal growth and stable or declining interest rates should be positive for risk markets, particularly equities, where profits, cash flows, and discount rates evolve favourably. These conditions are not unprecedented in history.
(Tötös Ádám, Unsplash)

19 Aug 2026

Debt is sending a warning to the stock market (Fortuna SFP)

Opinion

All long-term yields are moving at once, and this is not a technical episode in the debt market. The 30-year US Treasury yield exceeded 5.33% yesterday, a nineteen-year high. The German 10-year Bund i...
"Tumbes: PRODUCE fortalece la respuesta ante El Niño". (Ministerio de la Producción. CC PDM 1.0)

31 Jul 2026

“El Niño” threatens to cause waves of inflation due to commodity prices

Agenda 2030

The climatic phenomenon known as El Niño —a natural and periodic warming of the Pacific Ocean— threatens to raise global temperatures in the coming months and provoke extreme weather events. According...
(Willfried Wende, Unsplash)

29 Jul 2026

Another interest rate hike by the ECB should strengthen the euro, according to Morgan Stanley

Opinion

Morgan Stanley's FX strategists comment that higher interest rates typically strengthen the currency, unless they reflect an excessively restrictive monetary policy that harms growth or raises concern...
(© Plus Ultra Líneas Aéreas, S.A.)

21 Jul 2026

Pedro Sánchez: Non Plus Ultra

Editorial Opinion

For there to be a rescue, there must be a rescuer. And the one who was the responsible minister, the now imprisoned José Luis Ábalos, has been very clear about this: “Zapatero pressured me to facilitate the rescue of Plus Ultra”, but when he failed to do so – because “it was not a consolidated airline” – “Zapatero bypassed me”. And who could be called upon if the responsible minister and number 2 of the PSOE refused the rescue? So you know, from now on Zapatero will become – another one – “That person you speak of.”
(omid haqsheno, Unsplash)

13 Jul 2026

Bancor: What if Keynes was right? (Notes for a reform of the International Financial System)

Opinion

By Jorge Pérez Ramirez

From the gold standard to the current -fiduciary and with floating exchange rates- all systems collapse due to the crises they generate, each one harder than the last. Today, countries must accumulate dollars and thus contribute to the waste of the US, which does not address its enormous public and trade deficits. A problem for the US (with an overvalued dollar and a non-competitive industry) and for the rest of the world, which is beginning to distrust... Given the recurrence of banking crises since 1973, the costs may already exceed the benefits.
Bolsa de Madrid. (© Consejeros)

8 Jul 2026

Active Management versus Passive Management

Opinion

By Enrique Marazuela CFA and Ignacio Cervera Sj PhD

Over the last 15 years, barely 10% of funds referenced to the S&P 500 achieved a return superior to it. It is a predictable result if we apply the logic of game theory and statistics. As Nobel laureate W. Sharpe demonstrated, before costs, active management is a zero-sum game. Active and passive management must coexist. The former for the market to perform its function, and the latter for it to do so at the lowest cost.
(Naja Bertolt Jensen, Unsplash)

3 Jul 2026

A dark blue ocean almost black

Agenda 2030

With summer comes the typical images of beaches filled with sunshades and children building sandcastles. Sailing boats gliding across the bright blue of the seas and the more muted tones of the oceans...
(© SEPI)

3 Jul 2026

I am pained by SEPI (formerly INI)

Editorial Opinion

By Fernando González Urbaneja

The more we talk about “good corporate governance” and “social responsibility of boards”, we find its management team ¡under investigation by the National Court! And the middle managers, competent officials and professionals, between astonished and embarrassed by the shenanigans of their bosses and the long hands of commission agents and schemers sheltered by the ruling party and the Government itself.
(© Consejo General del Poder Judicial)

29 Jun 2026

Collapse in the courts: 12 years to resolve a civil lawsuit

Editorial Opinion

The 2025 report of the Provincial Court of Barcelona, presented last week, reveals a desolate picture. A lawsuit over a mortgage, abusive clauses, evictions, credit cards... can take 12 years to be definitively resolved: Two years in the court of first instance, three years to resolve the appeals in the Provincial Court, and a final bottleneck in the Supreme Court, where cases languish for an average of seven years.
(© BYD)

26 Jun 2026

Energy Transition: Sodium-Ion Batteries. Salt is the new oil

Agenda 2030

By Morgan Stanley

There are already cars with sodium batteries circulating on the streets. They are much more stable and 30-40% cheaper than LFP (Lithium Iron Phosphate) batteries. Analysts from Morgan Stanley expect sodium-ion batteries to achieve a market share of 2% in total battery deployment by 2027, accelerating to 20% by 2030 and 37% by 2035.
Pedro Sánchez. (congreso.es)

20 Jun 2026

There will be an electoral advance (to entrench himself in the P.S.OE)

Editorial Opinion

First, we vote out P.S. and then we vote for the mayors. Only in this way is there a possibility that his own troops do not kick him out and he continues to hold on.
4 Jun 2026

The viruses that accompany us

Agenda 2030

While we were busy evacuating the passengers and crew of a Dutch cruise ship due to an outbreak of a pathogen called hantavirus, a new Ebola epidemic was being confirmed in the Ituri region of the Dem...
(© Estudio Álvarez-Sala)

1 Jun 2026

Government Vs Good Governance: INDRA

Opinion

By Aurelio Medel

In 2022, Indra had revenues of 3.851 billion and EM&E 91 million, 42 times less. Three years later, in 2025, the Escribano family has billed 488 million with a profit of 161 million, multiplying their size by five. With auditors, law firms, etc... ready to certify that it is worth 2 billion. The embarrassing assault on Indra facilitated by the Government has been very profitable for them.
Congreso de los diputados. Javier Perez Montes. Creative Commons.

13 May 2026

When governing is not improvising: Keys to understanding and designing public policies through three recent cases in Spain

Opinion

The author proposes “a set of criteria that serve to evaluate the quality of public interventions” - emphasising “the need for coherence, consistency, and evaluation” - examining the degree of compliance with those criteria in three recent public policies: the implementation of the Minimum Vital Income, the announcement of a write-off of regional government debt, and the Recovery, Transformation and Resilience Plan. Here we present a summary of his conclusions.

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