Menos ahorro y más crédito
- Spanish households are saving less and relying more on credit.
- Consumer loans surpass €113,000 million, a record level with an annual growth of 11%.
- The total household debt is still manageable in a context of solid employment, rising wages and growth.
- Credit is driving much of the spending increase, which may pose risks if its granting is restricted.
- An increase in inflation and rates would make the installments of families who finance credits more expensive.
- The expansion of credit cannot become a structural substitute for saving.
Conclusion: While the growth of credit is a sign of confidence, it is also a sign of financial dependence. Associated risks will be manageable if the economy remains stable, but if there is a change, it will impact families with less economic security.
View previous editorials for El Mundo
La Constitución vive, su espíritu se perdió, por Editorial
- The Constitution of 1978 celebrates 47 years, being the longest in effect in Spain, symbolising a peaceful period in the country's history.
- Although the Constitution has a positive evaluation among citizens, the opposition and persistent disputes among the main political parties are undermining its foundational spirit.
- The decline of the constitutional spirit has been evolving for years, with relevant political actors unable or unwilling to stop this dangerous drift.
- The willingness to consensus, which was a key ingredient in drafting the Constitution, is increasingly diminished in today's political landscape.
- The lack of a minimum consensus prevents necessary progress and modernisations to the Constitution, adapting it to current challenges.
Conclusion: The Constitution of 1978, despite its longevity and general acceptance, is threatened by the erosion of its founding spirit motivated by the lack of consensus and political polarization in Spain.
View previous editorials for La Vanguardia
De la difficulté de l’Europe à se faire entendre de la Chine de Xi Jinping
- Emmanuel Macron emphasized the need for a new international order during his visit to China.
- Macron's intention is to revive relations with China and distinguish French and European interests from those of the United States.
- China has yet to respond to Macron's attempts to garner her help to influence Russia.
- The trade war with United States has strengthened China's feeling of power.
- There is growing resistance to China on trade issues, evidenced by low-cost Chinese products.
- Macron is attempting to express to China that the current situation is not sustainable.
Conclusion: The weak presence of Europe contrasts with the growing power of China, presenting a relationship that appears to be heading towards more protectionism and distrust.
View previous editorials for Le Monde
La hora de Europa
- Trump's strategy to end the war in Ukraine indicates that Europe cannot rely on its transatlantic relationship with the United States for security.
- Trump has dismissed European allies and worse, Ukraine itself.
- The EU should not depend on the US for its defense or automatically submit to its political changes.
- The EU urgently needs its own plan, and decisions cannot be sabotaged by illiberal governments.
- It is essential to recognise and address the great humanitarian damage caused by Russian aggression in Ukraine.
- Europe must fully support Ukraine and recognise its sovereignty.
- Europe cannot tolerate the territorial mutilation of a sovereign country.
- Russia has no intention of stopping the war, and a unified and coordinated response is needed in Europe.
Conclusion: Europe needs to build its independence from US policies, strengthen its unity, and take robust coordinated actions to support Ukraine against Russian aggression.
View previous editorials for El País
Opinion | The People Who Want Institutions to Stand Up to Trump
- Elite law firm Skadden has been criticized by its allies for seeking a deal with the Trump administration instead of fighting alongside clients and competitors also targeted by the president.
- Over 250 people affiliated with Skadden's prestigious fellowship program signed a letter condemning the firm for this action, accusing it of betraying the rule of law.
- In response to Trump administration measures, protests have taken place at Columbia University in a sign of disagreement.
- Despite doubts about whether the letter will change the stance of Skadden's partners, the signatories chose to voice their beliefs and do what they could.
Conclusion: The editorial highlights growing anger and resistance to President Trump and his actions, from institutions as well as everyday citizens, especially within the legal community.
View previous editorials for The New York Times
Nomination du gouvernement Bayrou : le Premier ministre veut peser face à l’Elysée
- There will be a new government by Christmas, headed by François Bayrou, including heavyweight figures like Elisabeth Borne and Gérald Darmanin.
- Manuel Valls has been tasked with handling the thorny issue of Overseas territories.
- The appointment of a newcomer to Bercy could run counter to Bayrou's attempt at exerting influence.
- Without signaling to the left, Bayrou's government may be at risk of being censured.
- The absence of Xavier Bertrand in the government may indicate some risk regarding its relationship with the RN.
Conclusion: Bayrou's new government seems to be trying to balance politics with the inclusion of heavyweights, but this could result in internal conflicts and potential censorship issues.
View previous editorials for Liberation
The Guardian view on Macron, Scholz and Europe’s future: a question of ambition | Editorial
- The French president has called for an EU reset to combat the threat of the far-right.
- Signs of a significant rightward shift in Europe are unmistakable, with parties such as the Rassemblement National in France and AfD in Germany polling well ahead of rivals.
- Despite internal rifts, these radical right-wing parties have substantial financial backing.
- Emmanuel Macron argues that a massive investment in challenges such as the green transition and defence boost can help combat this rise of illiberal extremism.
- It has been suggested that these investments can be financed by joint borrowing tools like those successfully rolled out during the Covid-19 pandemic.
- Macron's approach clashes with traditional German views on the desirability of shared European debt.
- Macron is pursuing a long-term vision similar to that of Alexander Hamilton post-American Revolution, aiming to bind together the various components of the European Union.
Conclusion: Though hurdles in countries like France and Germany make the prospects of a shift ahead of the upcoming elections look slim, Macron has highlighted the need for a fiscal reset in the interest of growth, unity, and solidarity.
View previous editorials for The Guardian
Adoctrinamiento y sectarismo: el despilfarro con Broncano
- The contract of RTVE with El Terrat to sign David Broncano is more than 28 million euros for two seasons.
- The contract conditions are very advantageous for the producer and RTVE commits to maintain the program regardless of its audience.
- The contract generated controversy and precipitated a crisis in the public corporation.
- Broncano's signing seeks to modernize TVE and improve its audience data.
- The drawback is that the focus is shifting more towards entertainment and the nightly news time has been cut.
- The decision to compete in the prime time slot with El Hormiguero points to Moncloa's intention to mitigate the social influence of Pablo Motos.
- It is doubtful that the program can attract an older age bracket on television.
- The 28 million expense is questionable, especially compared to the costs of other concerning projects.
- Broncano's signing is associated with the government's tactics to politicize public television.
View previous editorials for El Español
Editorial | Sequía e inversiones pendientes
- Catalonia is facing a severe shortage of rainfall, which has depleted the internal basins' reservoirs.
- Soon, the Catalonian government might declare a drought emergency in the area of Barcelona and the Ter-Llobregat supply system.
- The scarcity of water can lead to severe restrictions affecting most of the Catalan population.
- The lack of investment and progressiveness in implementing the necessary reforms have exacerbated the problem.
- Responsibilities of the problem are not exclusive to the current government and local councils but also previous ones.
Conclusion: The severity of the current situation could be the definitive push to take all necessary measures to better cope with future droughts.
View previous editorials for El Periodico