The Director General of Economics and Statistics at the Bank of Spain and the chief economists of Santander, BBVA and Sabadell banks have agreed on the need to drive the recovery of the Spanish economy through efficient use of European funds, a process in which the participation of banks can and should prove key.
They stated this at the fifth edition of Banking Lab, an initiative of the AEB Foundation and CUNEF, held today, in which the aforementioned participants highlighted the full readiness of banking institutions to continue protecting the productive fabric in the face of the pandemic and to drive an economic recovery based on a more sustainable and digital production model.
The Director General of Economics and Statistics at the Bank of Spain, Oscar Arce, stated that the recent evolution of the pandemic poses a notable risk to economic growth in the coming months. In this context, he considered that “the progressive increase in the vaccinated population and the implementation of investment projects linked to the European Next Generation EU (NGEU) program should favor a significant acceleration of the recovery in the second half of the year.”
For the Director of the Research Department, Public Policy and Institutional Relations at Banco Santander, Alejandra Kindelán, the strength with which the banking sector faces this crisis makes it part of the solution and a key element for economic reconstruction. “Banks can contribute to the recovery with our extensive network and proximity to clients, advancing funds and co-financing and driving projects in areas where we have knowledge and experience,” she emphasized.
The NGEU European funds represent a significant step in European construction and an economic and political stabilization mechanism, highlighted the chief economist and deputy general manager of Banco Sabadell, Sofía Rodríguez. In her view, “the funds offer Spain room to respond to the crisis and modernize the productive fabric. The absorption capacity and the use we make of the funds will be key.”
For his part, the chief economist of BBVA Group and director of BBVA Research, Jorge Sicilia, emphasized that “it is in Spain’s best interest to implement reforms that strengthen the growth impulse that the European funds will bring and that are oriented toward generating more productivity and more employment.” Efficiency in managing the NGEU funds, the Government’s commitment to continuous training and support for the private sector will be key elements “in the process of change toward a more sustainable and digital economy,” he maintained.
The debate was moderated by David Martín, partner at Monitor Deloitte and head of Regulatory Strategy.
