The priority at this time is to combat the health crisis caused by the coronavirus and mitigate the significant impact it is having on our present, so that it affects our future as little as possible. The coordinated international response is unprecedented, but it is necessary in the face of a crisis that transcends borders. This is an effort we all must share.
Spanish banks have clearly demonstrated their commitment to helping their clients and thus fostering a rapid economic recovery. Beyond words, there are actions. Since the beginning of this crisis, banking institutions have guaranteed liquidity and financing, and have helped the most vulnerable people. Supporting families in these difficult times and protecting the productive fabric is the primary objective of banks, which guarantee necessary financial services and provide security and trust to all citizens. This is not new, but rather the foundation that supports banking activity.
The complex current situation has had a dramatic reflection on the functioning of financial markets. Once again, panic in the face of a lack of answers to questions arising at this moment translates into a significant decoupling between the price and value of financial assets. In this case too, the response of central banks has been impeccable: ensuring liquidity and creating demand, in a coordinated manner and without closing the door to expanding the measures taken if necessary. In this case, there are justified precedents for these measures, in the 2008 crisis where the exceptional and emergency situation is compared to the current situation, leading in both cases to the need to preserve financial stability.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
