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/2012-01-17.htmlThe delicate economic situation being faced by developed economies is affecting many economic agents. And banks are certainly no exception. Recent tensions and turbulences have been closely related to the financial system. Subprime mortgages, real estate bubbles and rising debt in the non-financial private sector are all significant examples. As a consequence, since 2008 the share prices of European banks have clearly fared worse than those from other sectors. Moreover, the risk premium forTue, 17 Jan 2012 12:46:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2012-01-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-12-21.htmlThe year 2011 is taking its leave in the midst of a sense of unease, giving rise to great concerns regarding the course of the economy in 2012. The year that’s ending has confirmed that the recovery will be slower and more irregular than desired due to the complications arising in advanced economies. In emerging economies, on the other hand, although activity has slowed up slightly and this trend might last into the coming year, the rate of growth will still easily exceed 5%. The loss ofWed, 21 Dec 2011 09:52:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-12-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-11-21.htmlWhile advanced economies (North America, Western Europe, Japan) are struggling within a context of low growth, dangerous imbalances in their public accounts and an uncertain economic outlook, the rest of the world is progressing well in terms of growth and improvements in its standard of living. While the rich countries will hardly grow by 1.5% in 2011, the rest will exceed 6%. More or less the same as what has happened in the last decade and what is expected to happen in the coming years. TheMon, 21 Nov 2011 11:24:51 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-11-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-10-20.htmlAt the beginning of July 2008, the CRB index, widely used to monitor world trends in commodity prices, reached its highest peak ever. This was when a barrel of crude oil cost close to 150 dollars. Just seven months later, when the severity of the crisis had become evident, the index had lost more than half its value. Crude had fallen by 40 dollars but, from this moment on, it resumed its upward trend, which continued until just recently, halting in the last few weeks. In fact, until a shortThu, 20 Oct 2011 19:11:00 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-10-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-09-19.htmlGreece, Ireland and Portugal have received financial support from the rest of the European Union and from the International Monetary Fund, given their impossibility to access private financing under reasonable conditions. In exchange, they have to apply adjustment plans to sort out their public accounts and get back on the path to growth. Should the economic and financial deterioration of these countries be stopped and reversed, the crisis’s contagion to other members of the euro area shouldMon, 19 Sep 2011 09:06:56 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-09-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-07-19.htmlBy 2020 most of the world's consumption will have shifted from west to east If there's one thing that characterizes advanced economies it's an extensive middle class. This group's lifestyle includes aspects such as the benefits of housing, access to educational services and health, the chance to take advantage of retirement, a life that combines moments of leisure (including holiday periods) with others of work, etc. The middle class lifestyle is related to certain levels of income. A recentTue, 19 Jul 2011 10:57:29 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-07-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-06-17.htmlThe Spanish Economy: Balance of payments imbalances In the last twenty years there have been sharp increases in current account imbalances at a global level. A country’s external balance of payments, in accounting terms, is balanced; but if we break this down into its two most important components, the current account and the financial account, persistent deficits or surpluses in each of these can be seen in many countries. What’s the problem? Persistent current account deficits mean anFri, 17 Jun 2011 08:30:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-06-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-05-16.htmlGiven the threat of depression triggered by the global financial crisis, authorities implemented exceptional measures on three fronts: direct support for the financial sector, aggressive easing of monetary policy and discretional fiscal stimuli to sustain aggregate demand. The medicine was appropriate but it had significant adverse effects, including high deficits and public debt that must be reduced as soon as possible. Moreover, in many cases economies have seen their potential growth varyMon, 16 May 2011 12:40:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-05-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-04-18.htmlThe worldwide economic crisis that erupted in 2007 highlighted the excessive risk accumulated by the financial system as a whole. In previous years, economic expansion had been exceptionally strong and, moreover, took place within a context of low inflation, rock bottom interest rates and ample liquidity. This cocktail explains why the financial system's expansion was more pronounced than in a normal expansionary cycle and also why the degree of leveraging went beyond what was reasonable,Mon, 18 Apr 2011 12:44:02 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-04-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-02-16.htmlMilton Friedman used to say that monetary theory is like a Japanese garden: an apparent simplicity that conceals a sophisticated reality; a surface view that dissolves in ever deeper perspectives... Recently, designers of monetary policy have faced the challenge of a great recession and have gone into unknown territory, attempting to stop economies from collapsing. Only time will tell if they were right or wrong. The most daring design, without doubt, has been that of the Federal Reserve. ItsWed, 16 Feb 2011 12:30:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-02-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-01-17.htmlThe currency conflict After the Second World War, the victors designed a monetary and global trade system that would help nations to progress based on stable exchange rates and the elimination of barriers to international trade. The authors of this system were very aware of the turbulences that started after the Great Depression of the 1930s, when countries attempted to export their unemployment by achieving trade surpluses with other countries, forced by devaluing their currency andMon, 17 Jan 2011 13:25:32 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2011-01-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-12-20.htmlClick here to get December's issue. This month, the La Caixa Economic Research Department presents its Outlook for 2011.Mon, 20 Dec 2010 14:06:50 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-12-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-11-18.htmlThe health systems of developed countries are facing escalating costs and increasing demand both in terms of quantity and quality. Since the provision of healthcare and health is mainly the responsibility of the public sector in most countries, we can easily imagine the budget tensions caused by the sector, especially at times of spending cuts. So is it possible to achieve excellence in national health systems without breaking the budget? From the perspective of demand, it's not easy to stopThu, 18 Nov 2010 13:06:57 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-11-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-10-18.htmlSovereign debt crises are probably as old as the very states, empires, kingdoms or federations that chose to fund themselves by issuing debt. One of the most ancient episodes is the default by some of the city states of the Athenian maritime Confederacy back in the 4th century B.C. Much more extensively documented are the crises of the large European nations as from the end of the Middle Ages. Episodes of problems in paying back public debt in foreign hands over the last two hundred years, asMon, 18 Oct 2010 08:42:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-10-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-09-20.htmlHard hit by plummeting demand, threatened by globalization, facing unexpected financial difficulties and tackling a regulatory environment that has often been yet another obstacle, the more than three million small and medium-sized firms in Spain have suffered the worst of the crisis. A difficult time in addition to the customary competitive challenges facing SMEs, forcing entrepreneurs to redouble their efforts in order to navigate such rough waters. Because entrepreneurs make SMEs, theirMon, 20 Sep 2010 17:23:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-09-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-07-22.htmlThe pursuit of happiness is a constant in the individual and collective history of human beings and this is confirmed by a wealth of popular refrains and sayings. Even the United States Declaration of Independence placed the pursuit of happiness among the rights of man. 25 centuries ago, Aristotle also established the pursuit of happiness as the aim of his philosophical ethics. But what does happiness consist of? There can be many different answers: pleasure, wealth, fame or power; or anThu, 22 Jul 2010 14:11:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-07-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-06-17.htmlA diagnosis leaves little to discuss. After the boom that started in the mid-1990s, which enabled a considerable increase in income per capita and employment, the worldwide economic crisis has had the dubious virtue of highlighting the serious weaknesses underlying the high growth in Spanish gross domestic product. Specifically, the private sector's excessive debt has become evident, as well as its subordination to external financing. This dependency has also revealed significant lacks inThu, 17 Jun 2010 15:17:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-06-17.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-05-18.htmlThe Greek crisis has sparked off a serious financial and political storm. The unexpected appearance of a much higher than expected deficit in a country whose fiscal situation is about to burst has lead to a tremor whose scope, like the eruption of Iceland's volcano Eyjafjallajokull, goes far beyond the country itself. The very viability of the Monetary Union has been called into question, eleven years after it was born. The question lies in how to handle and prevent a crisis in the euro area.Tue, 18 May 2010 11:21:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-05-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-04-26.htmlGoldman Sachs coined the term BRIC in 2001 to refer to the group made up of Brazil, Russia, India and China, countries that were growing at a pace that suggested they would become economic giants in the future. According to the investment bank's study, in ten years their weight in world GDP would increase by 50% and, by the middle of the century, this group would match the group of developed economies. Their level of per capita income would still be considerably below that corresponding toMon, 26 Apr 2010 10:44:10 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-04-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-03-22.htmlOn 18 February, half an hour after the markets closed, the Federal Reserve, the US central bank, raised the interest rate of its «discount window» from 0.50% to 0.75%. In its subsequent statement, the Fed insisted that the raise in the rate charged by banks for emergency loans did not imply any change in the outlook for the economy or in its monetary policy. But in actual fact something is changing. A few days earlier, Ben Bernanke, the Fed chairman, had already announced that theMon, 22 Mar 2010 11:39:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-03-22.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-02-15.htmlWhen a businessman was asked what the term «competitiveness» meant, his reply was simple but accurate: it's the difference between being in or out of the market. In the past, a large array of regulations and economies with much more state intervention meant that not very competitive firms could survive, even with brilliant results. This is no longer possible in market economies that are increasingly more open to international competition and the effort to remain competitive is undoubtedly theMon, 15 Feb 2010 12:46:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-02-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-01-20.htmlThe dark storm clouds are moving away, barometers are rising and patches of blue are breaking through. So has the good weather arrived? The most serious moments of the worst recession in decades are now behind the international economy. A phase in which catastrophe was almost upon us and we were forced to take measures that had been unthinkable just a short time before. Now economic indicators are already hinting at the end of the worldwide economic crisis but coming out of such a situation isWed, 20 Jan 2010 09:23:05 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2010-01-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-12-21.htmlAt the beginning of this decade, European leaders launched an initiative to adopt a Constitution that would be the culmination of the project to integrate Europe. Valery Giscard d'Estaing headed this project and, in a long drawn-out process that attempted to be participatory and democratic, produced a text that was solemnly signed by all heads of state and government of the countries of the European Union (EU), including the candidate members at that time, Bulgaria and Romania, in OctoberMon, 21 Dec 2009 15:14:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/estudios@lacaixa.es (La Caixa)http://www.fxstreet.com/fundamental/analysis-reports/economic-monthly-report/2009-12-21.htmlhttp://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.html