EZB8RISK / Market Briefing

Spain's fiscal picture remains stretched, with the country still without a national budget after more than 1,000 days while Madrid faces the deadline to request its final tranche o

Spain's fiscal picture remains stretched, with the country still without a national budget after more than 1,000 days while Madrid faces the deadline to request its final tranche of European recovery funds. Social pressure is building, as a housing protest camp in the capital grows and youth unemployment stays elevated despite a broader jobs recovery. Meanwhile, inflation projections for 2026 point to one of the century's steeper price rises, adding a cost-of-living layer to the political strain.

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