2013. Still a difficult year but a bridge to recovery

Moving towards recovery, 2013 begins with an improvement in financial markets, as a result:

• Of the significant clean-up and recapitalization of the Spanish banking system carried out in 2012.
• Of confidence in the ECB’s ability to preserve the continuity of the euro.
• Of the hope in the Banking Union and in the ECB leading the Single Supervisory Mechanism in the Eurozone.

2013 has started better than 2012, but the situation remains complicated:

a) We continue in a prolonged economic recession.

b) Financial volatility remains a real threat.

c) The level of uncertainty is still high.

d) We continue to suffer the effects of the fragmentation of the European financial market.

e) The spread of Spanish ten-year debt relative to German debt fluctuates around 300 bps.

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