The change in inflation strategy by the European Central Bank (ECB) is a smart decision, and beneficial for an indebted economy like the Spanish one, but it does not dispel doubts about the risk of financial bubbles inherent in maintaining an ultra-expansive policy during a period of time. extended time.
The short-term indicators of activity pointed until recently to an encouraging tourist season. In mid-June, bookings for air travel to Spain were 5.2% above the levels registered in the same period of 2019 (the values were 70% lower at the beginning of the year). Since then, however, the sector has suffered from the increase in infections caused by the delta variant and the preventive measures announced by some governments. Thus, at the end of June, reserves fell 23.4% compared to the same period in 2019.