The final stage of the so-called 'soft landing' period gives way to a new cycle of interest rates where, although at different speeds, the central banks from the world's main monetary areas have begun to lower interest rates.

After a brief but intense period of the price of money rising, and with inflation gradually returning to target levels, the financial system is entering a new period of rate cuts. This episode of ‘Discovery’ addresses the macroeconomic context that marks the beginning of 2025 and how Santander is well prepared to face it.