Today's market is more mature and demanding. Institutions must not only lend, but also understand the debtor, assess their financial resilience and anticipate their ability to repay. Easy credit is a thing of the past; smart credit is the new standard.
This scenario raises concerns about long-term fiscal sustainability, with a direct impact on political decisions and the financing of public services.
The US yield curve has shown an increase in the implied probability of recession in recent weeks.