The IMF warns of the “risk” of delayed effects in the rate hike. Of the 22 countries for which it provides data, all but two have a higher percentage of loans with invariable rates than in 2011.

Spain is among those with a lower total percentage (around 30%), but it is one of those that has advanced the most since its weight in the market has practically doubled in a decade. The authors of the analysis do not rule out that the central banks' own reaction to the inflationary crisis may also have something to do with the loss of influence of monetary policies.