Expansion / The Minister of Economy and Competitiveness, Luis de Guindos, stated that “the reform that needs to Spain is to have a stable Government with the economic agenda right”.
De Guindos made a review, during the closing ceremony of the VI Meeting financial “Talks on transformation of the business model of banking”, organised by EXPANSION and KPMG, the progress of the economy in the last three or four years and said that, in three quarters, “the income will reach already the pre-crisis levels”.
In this regard, he confirmed that the dealer has a lot to do in this economic recovery, after the transformation that has occurred in recent years. The key, to the Minister, has been the rupture of the link between bank risk and the macroeconomic risk. “In 2013, the cost of funding the ESM was 400 basis points lower than the funding cost of the Treasury. Today, it is identical to the Treasure, which indicates the change in perception that has occurred,” added De Guindos.
This change has occurred for several reasons. On the one hand, for reasons that have to do with the community environment: advances in the banking union. Also the directive of resolution (bail-in), that pursues future banking crises the to pay the shareholders and creditors, and not the public sector. However, De Guindos warned that “much remains to be done, how to establish the third pillar of the banking union, i.e. the european fund of guarantee of deposits as well as the mutualisation of risk in relation to fiscal matters”.
in Addition, he warned that the global growth remains mediocre.” And this has also contributed to the fall in the weight of the GDP of the world trade. De Guindos blamed the backlash to the rise of the populism, which are settling and are looking for that protectionism.
SPAIN: De Guindos: “The reform that needs to Spain is to have a Government”
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