In a Difficult and Uncertain Environment
The international financial crisis has revealed:
- The existing imbalances in the growth of developed economies (over-indebtedness).
- The interconnection between banking crises and the fiscal capacity of their countries, creating a destructive downward spiral between the solvency of the sovereign and that of the country’s banks.
- The structural weakness of the Euro (monetary union without fiscal or banking union).
Spanish banks facing the crisis:
- Without public capital assistance.
- They maintain their business model.
- Strategy to maintain their competitive capacity:
- Balance sheet strengthening.
- Preserve operational efficiency.
- Geographic diversification of activity.
