La incertidumbre de los mercados redirige la estrategia de financiación autonómica hacia el canal bancario

Résumé

The year 2022 has been a complex year for the Autonomous Communities (CC.AA.). On the one hand, the volume of resources received from the State has been lower than in previous years. On the other hand, the change in the ECB’s monetary policy, because of the inflationary drift, led to much higher interest rates, with bond markets absorbing less debt than in previous years. The banking channel has also worked very positively, and, in the end, the regions have covered their financing needs without excessive problems, albeit more slowly than usual. In 2023, although not without risks –there is no end in sight to the war and high inflation has not yet been subdued– the forecasts are favorable for the autonomous regions. The regions will receive a volume of resources that should enable them to come close to a balanced budget and the bond markets seem to be reactivated at the beginning of 2023. However, the starting point and the difficulties will differ from one region to another.