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Los medios locales cuentan que, con los votos del Partido Nacional, la Junta Departamental de San José aprobó el informe de los blancos que descartó ...

Financial Stability Review, May 2021 Foreword This is the third issue of the Financial Stability Review (FSR) prepared in the context of the coronavirus COVID-19 pandemic, with many euro area countries having faced a third wave of infections. As a result, a vast number of firms – particularly those in the services, leisure and travel sectors – still cannot operate normally, and the economy is still reliant upon policy support to prevent widespread unemployment, corporate insolvencies and economic contraction. The human and economic costs of the pandemic continue to accrue. That said, vacc...

Risk of spillovers from US equity market corrections to euro area markets and financial conditions Prepared by Magdalena Grothe, Tobias Helmersson, Dominic Quint and Danilo Vassallo US equity market prices have surged over the last year, prompting concerns about stretched valuations and the potential risk of market corrections. Cyclically adjusted price/earnings (P/E) ratios for the United States have reached historically high levels over the last year (see Chart A, left panel). In the past, periods of elevated valuations relative to earnings have tended to be followed by substantial marke...