The Spanish system was described as vibrant, strong, resilient, and highly competitive. More recently, in March
2007, in its report on the Spanish economy (Article IV Consultation), the IMF reiterated that the “solidity and dynamism of the Spanish financial system, and its vigorous regulation and prudential supervision continue to constitute one of the great strengths of the Spanish economy.”
Explaining how the banking system achieved such a degree of excellence is a long story, in which I will highlight two fundamental milestones linked to Europe. First, of course, was our country’s accession to the European Economic Community in 1986.
