http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-11-19.htmlThe hullaballoo caused by indicators and news on the economic crisis prevents us from hearing a murmur that is faint but will nonetheless play a vital role in how the economy evolves over the next few years. This murmur is caused by the reform of services, a sector that contains around two thirds of the value added of developed economies. At the end of 2006, and after a long, complex negotiation, the European Parliament and the Council passed the Services or Bolkestein Directive, named afterThu, 19 Nov 2009 11:01:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-10-23.htmlBefore the crisis there was a broad consensus that the utilization of discretional fiscal policies of a counter-cyclical nature was undesirable as they did not contribute to the stability of the economy and could even have adverse effects. It was better to allow the «automatic stabilizers» to operate. If economic activity was falling, the drop in tax collections and the increase in transfers to individuals (unemployment benefits) would automatically ease the decrease. On the other hand, if theFri, 23 Oct 2009 10:41:10 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-09-23.htmlAfter more than two years of world financial crisis and the biggest recession since the Thirties of last century, we are finally beginning to see the first signs that the worst may now be over. The coming of the crisis awakened the whole world from a dream state in which financial risk was almost irrelevant, liquidity was unlimited, any imbalance was easily sustainable and economic-financial cycles had passed into history. In this state of Nirvana, investors were paying minimum risk premiumsWed, 23 Sep 2009 15:24:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-09-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-07-21.htmlIn the summer of 2007, just two years ago, it became clear that a small segment of the US mortgage market, subprime mortgages, was presenting a disturbing anomaly. With the real estate recession already under way and interest rates that had gone up relatively fast, it was no wonder there was a notable increase in default of such mortgages that had been granted to customers of doubtful solvency. The most troubling was that this phenomenon quickly set off a chain reaction in terms of riskTue, 21 Jul 2009 12:20:49 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-07-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-06-18.htmlSince the end of Seventies or the beginning of the Eighties the proportion of income applied as return on capital has increased both in the United States and the European Union. Nor was Spain left outside this dynamic. This was a world-wide trend that went beyond the cyclical fluctuations of the economies. What lay behind this trend? The factors operating in the distribution of product between wages and profits are technological innovation and globalization, while the evidence related toThu, 18 Jun 2009 14:23:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-06-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-05-19.htmlOne peculiarity of the current world economic recession is how fully it has been a sychronized process, that is, the large number of countries that have undergone a drop in economic activity practically at the same time. Such a synchronized world recession is a very unusual phenomenon and to find precedents we must go back to 1975, 1980 and 1992, which were «oil shock» years. If we apply the criteria of the number of countries in recession, the International Monetary Fund calculates that theTue, 19 May 2009 09:21:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-05-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-04-20.htmlManufacturing activity is often associated with annoyances such as noise, pollution and waste, masses of workers being exploited and huge factories blighting the landscape. In the developed economies it is also often considered an activity in decline in view of the increase in «clean» services based on knowledge. Furthermore, it is believed it will inexorably shift to emerging economies in order to take advantage of abundant cheap labour while leaving behind a trail of unemployment in theMon, 20 Apr 2009 12:08:54 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-04-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-03-19.htmlInflation rates in most advanced countries have dropped to lows that have not been recorded for many years. This is a development in keeping with the recession now affecting the world economy. In fact, in periods of cyclical contraction we can expect a decrease in inflation. Up this point then there is nothing to report. However, the forecast that inflation rates are going to move into negative ground in coming months, along with concerns that the recession could be deeper and last longer thanThu, 19 Mar 2009 07:24:09 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-03-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-02-17.htmlWhen the 1929 Depression took place, governments reacted by letting their economies spontaneously find their own balance according to the classical remedies then current. If a bank failed that was good because in this way the market put each one in its place. Nor did the gold standard facilitate the implementation of a national monetary policy. The fact is that the flood of bank failures, companies closing down and the boost in unemployment reached alarming levels while the mechanisms thatTue, 17 Feb 2009 09:13:04 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-02-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-01-19.htmlWe are at a unique moment in the evolution of the world economy, both because of growth and prices and because of the situation in the financial sector and the type of response coming in economic policy. In the years of black and white television around the Fifties and Sixties, a television series captured big audiences. It was called The Twilight Zone. During the nearly five years it was being shown the mix of science-fiction, fantasy and terror attracted a huge public thrilled by itsMon, 19 Jan 2009 12:20:42 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-01-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-12-24.htmlOn January 1, 1999 the euro became the currency of eleven member states of the European Union. Notes and coin in euros would still take three years to appear but 300 million citizens became aware that one of the basic references of daily life, the cash carried in their pockets, had changed. Ten year later, the single currency has consolidated its role in all aspects and has become one of the main symbols of European integration although one relevant group of countries is still opposed to itsWed, 24 Dec 2008 15:49:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-12-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-11-20.htmlThe United States is facing one of the most complicated moments in its history. The country is suffering a deep real estate recession that looks like becoming one of the worst ever experienced. Closely linked to this, a financial crisis has broken out that puts the survival of the existing financial system in doubt. On top of all this, the prospects of a recession are getting stronger and stronger. In the face of this situation, the whole world is becoming worried. The old saying that when theThu, 20 Nov 2008 13:12:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-10-27.htmlIn July the per barrel price of oil reached a new all-time high. A year ago, when the price was barely hitting half of the 146 dollars seen in July, such a level seemed possible only in a situation where oil supply had been suddenly cut. But that was not so, the flow of buying and selling was following its normal course except for the usual inevitable odd problems of supply. From that moment on, in just a few weeks the price of oil was sharply corrected and went down to 110 dollars, a levelMon, 27 Oct 2008 10:49:11 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-10-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-09-22.htmlIn July the per barrel price of oil reached a new all-time high. A year ago, when the price was barely hitting half of the 146 dollars seen in July, such a level seemed possible only in a situation where oil supply had been suddenly cut. But that was not so, the flow of buying and selling was following its normal course except for the usual inevitable odd problems of supply. From that moment on, in just a few weeks the price of oil was sharply corrected and went down to 110 dollars, a levelMon, 22 Sep 2008 12:26:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-09-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-07-22.htmlIt is now only a few weeks before the start of the XXIX Olympic Games, the world’s most important sporting event. Some 16,000 athletes will meet in China’s capital with the hope of bathing in the glory of the winners’ podium after years of effort and rigorous training. This is the big festival of sport, the only event capable of bringing together and uniting, if only for a few weeks, nearly all countries of the globe. But sport cannot be seen only as a noble activity of body and spirit. Today,Tue, 22 Jul 2008 07:17:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-07-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-06-20.htmlAfrica is believed to be the cradle of Humanity given that it is there the oldest vestiges of Man’s presence on Earth have been found going back several million years. But, while the human species arose in Africa, this is not a continent that stands out for its development and progress. Nearly half of Africa’s population lives in conditions of extreme poverty and it includes nearly three-quarters of the world’s poorest countries. This was not always so. In the middle of the 20th century theFri, 20 Jun 2008 12:47:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-06-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-05-23.html«The situation where we are is between ice and fire. Ice has to do with the economic slowdown and fire has to do with inflation.» Dominique Strauss-Kahn, managing director of the International Monetary Fund, could not have been more graphic at the press conference prior to the Spring meetings of the IMF and the World Bank at the beginning of April. Following some years of extraordinary world growth, the analysts recognize that a time of slowdown has now begun. In the United States it isFri, 23 May 2008 12:52:39 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-05-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-04-18.htmlSpain now has more than 16 million households. It is here that the decisions on consumption, savings and investment that drive the economy are made. For example, household consumption in Spain comes close to 60% of gross domestic product and its growth runs parallel to that of the economy as a whole. As pointed out in one of the key boxes in this Monthly Report, this is not a matter of chance. The capacity of consumption to grow is determined by the increase in gross domestic product which, inFri, 18 Apr 2008 13:07:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-04-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-03-26.htmlAccording to Kindleberger, in his Financial History of Europe, foreign exchange is a bill of exchange that allows payment in foreign currency. At that time, the expression came to signify any means of foreign payment except those in precious metals. Today, the term is generically applied to national monetary units when they are used in transactions with abroad. Exchange rates are therefore nothing more than coefficients that make it possible to express the value of one currency with another.Wed, 26 Mar 2008 10:13:04 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-03-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-02-19.htmlIt has always been believed that a generous supply of commodities is not necessarily good for a country’s economy. People even talk of the «curse of oil wealth», as it is sometimes called, to explain that oil-rich countries are often at the tail-end of development (with notable exceptions, of course). In fact, a good number of the more advanced economies on the planet are not in that category because they are rich in natural resources but because of their efficiency when it comes to combiningTue, 19 Feb 2008 08:18:40 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-02-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-01-18.htmlA year ago, the analysts were all racking their brains in an attempt to divine what unexpected event might bring an end to the long sharp growth stage of the world economy. As the Bank for International Settlements stated in its 2006 report, the continued excellent performance of the world economy produced a mixture of satisfaction and surprise. Satisfaction, because vigorous growth with low inflation was bringing about a general increase in the standard of living in most countries and aFri, 18 Jan 2008 12:19:17 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2008-01-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-12-24.htmlHow is it possible to imagine 500 trillion dollars? This is a figure equivalent to the gross domestic product of the United States for 35 years. Enough to make one giddy. This, however, is the figure for open positions in over-the-counter derivatives markets world-wide, measured by underlying assets at the end of June 2007, according to the Bank for International Settlements in Basle. And this segment of derivatives is only part of the galaxy of products fitting into the category of financialMon, 24 Dec 2007 11:28:53 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-12-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-11-22.htmlAs in any other scientific discipline, economics continues to discover the limitations of earlier ideas. It is also learning what conclusions of the past continue to be valid. In any case, it must be recognized that many of the matters of economic policy being debated today were already controversial more than 200 years ago when the science of economics was born. These comings and goings reveal the difficulties that exist in extracting firm conclusions about matters subject to many influencesThu, 22 Nov 2007 15:14:37 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-11-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-10-24.html«We have seen the need of the Union, as a bulwark against foreign danger, as the conservator of peace among ourselves, as the guardian of our commerce and other common interests, as the only substitute for those military establishments which have subverted the liberties of the Old World». At the beginning of the Nineties the countries of Central and Eastern Europe that wanted to move on to a new page in their history and find their way to political, economic and social modernity could haveWed, 24 Oct 2007 12:07:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-10-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-10-08.htmlA pin lies on wait for every bubble and when the two eventually meet a new wave of investors learns some very old lessons.» This is the way the well-known investor Warren Buffett describes the end of periods of speculative fury financial markets periodically undergo. Let’s remember the latest periods going from the stock market crash in 1987 to that in 2000, not forgetting the crisis of savings institutions in the United States at the beginning of the Nineties, the Mexican crisis in 1994, theMon, 08 Oct 2007 11:29:34 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-10-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-06-22.htmlLatin America entered the 21st century showing the strongest growth since the Seventies with clearly favourable future prospects. According to a recent report by the International Monetary Fund, these good results were due to a combination of generally sound economic policies and a good world economic situation, as well as high prices for raw materials which have made it possible to increase public spending and reduce deficits in many countries. Because of these results, unemployment andFri, 22 Jun 2007 10:43:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-06-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-05-21.htmlIt is generally accepted that investment in infrastructures is a necessary condition for the progress of the economy. The construction of roads, railways, urban transport, ports, distribution networks for electricity, water and gas, reservoirs, urban and suburban facilities, etc. mobilizes the productive resources of many economic sectors and on itself contributes to raise the growth rate. Furthermore, and even more important, raising the stock of infrastructures can reduce the prices ofMon, 21 May 2007 15:48:41 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-05-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-05-02.htmlGary Becker, a US Nobel prize-winner in 1992, was a pioneer in using concepts of economic theory to rationalize matters which until then had been considered more in the sphere of sociology. Among these, was education understood as human capital. To construct a reserve of human capital, according to the Chicago economist, first called for savings, which meant refraining from spending now in the hope that the possible gains from future spending would be greater. People and societies will act inWed, 02 May 2007 14:11:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-05-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-03-21.htmlWhen Robinson Crusoe was shipwrecked on an unknown and apparently deserted island, only his courage and boldness would reveal his ability to survive in such a hostile environment. Constantly fishing and gathering, he soon found out how little free time he had and how scarce was the technology at his disposal. But, once his basic needs were met, he was able to perfect his techniques, make better tools and put his shelter in order. That is, in economic terms, at the moment his productionWed, 21 Mar 2007 09:56:00 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-03-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-02-09.htmlFor once, Lenin and Keynes were in agreement. In his work «The Economic Consequences of Peace» the distinguished English economist agreed with the Soviet communist leader in that «the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. There is no subtler, no surer means of overturning the existing basis of society than to debauch theFri, 09 Feb 2007 15:17:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-02-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-01-17.htmlThey say that a pessimist is an optimist who has become tired of being so. In terms of international economic trends, the opposite would seem more to the point. In recent years, the results on growth and inflation have systematically been better than initial forecasts. At the end of each year, the pessimists, those who put risks above opportunities, have to end up admitting that the optimists were right. The world economy is going through one of the most brilliant stages in recent decadesWed, 17 Jan 2007 17:11:45 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-01-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-01-10.htmlThe European Union (EU) is now going through one of its finest moments. In 2007, it will celebrate 50 years since the signing of the Treaty of Rome but even the logo to be used at the celebrations has caused dissension among the member states. The European Constitution, the text that was to set out the values, principles, jurisdiction and institutions of the Union over the long term, stands in obeyance. It was to come into force at the end of 2006 but now it has even been taken off the main EUWed, 10 Jan 2007 10:29:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2007-01-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-11-20.htmlThey are the world’s most populous countries each with more than 1,000 million population. They are two of the oldest human civilizations although, in contrast to those of Egypt and Babylonia, they still survive today. With a rich, complex and very different history in terms of politics, economy, culture and religion, their relative importance in the world economy was far above that of all of Western Europe right up until the 18th century, according to recognized figures drawn up by AngusMon, 20 Nov 2006 18:22:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-11-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-10-26.htmlImmigration: a blessing or a curse? Dug-out canoes full of people from Black Africa. Street demonstrations by young descendents of immigrants in the suburbs of French cities. «Wet-backs» detained by US border guards. The image of immigration in recent times has taken on almost apocalyptic connotations. The «First» world is attracting young people from underdeveloped regions willing to risk their lives to reach the «Eldorado» of the developed nations in order to find the future their ownThu, 26 Oct 2006 07:00:33 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-10-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-10-23.htmlGood times for balances of payments Current account balances are going through a change. Ten years ago, the biggest imbalances between developed countries showed up in Australia and New Zealand, with a current account deficit with abroad equal to 5-6% of the gross domestic product (GDP). At the other extreme, Switzerland enjoyed a surplus of close to 7% while the Netherlands and Belgium reached a meritorious positive figure of 5-6%. In recent years, the spread of current account imbalances hasMon, 23 Oct 2006 11:25:14 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-07-21.htmlProductivity key to future of Spain’s economy Spain’s economy has undergone a major advance in terms of real convergence in recent years. The country’s level of development has been coming close to the levels of the more advanced countries. The gross domestic product (GDP) per capita in 2005 stood at 92.5% of the Euro Area average. But there is a problem. In the race for real convergence there are basically two factors at play – the consolidation of the labour factor and improvements inFri, 21 Jul 2006 09:06:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-07-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-06-27.htmlGrowth of consumption in Spain: is it excessive? Sharp increase in private consumption reflects substantial rise in household incomesTue, 27 Jun 2006 10:44:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2006-06-27.html