In difficult times of such uncertainty as the present, we must all pull in the same direction. The role of banks is always key to guaranteeing financing and boosting economic growth, but now it is even more so, if possible, to maintain support for families and businesses so they can continue with their activities and projects.
Fighting inflation is a priority shared by both the public and private sectors, because it impoverishes us all and takes a particularly heavy toll on the most vulnerable. That is why it is vital to tackle it in the short term and implement measures and reforms that allow us to regain some economic certainty. However, these measures must be effective. If they are not well-conceived, they can be counterproductive.
In this context, the announcement of a new tax on banks is surprising, precisely because of its inefficiency and unintended effects. A measure of this type can hinder the ability of entities to generate capital and access financing, which could limit their capacity to continue providing financing to the economy under the best possible conditions.
The creation of specific taxes for particular sectors generates uncertainty that goes beyond the affected sector. Especially when they deviate from international standards, at a time when attracting investment is key to continuing to create wealth. The best way to collect more taxes is for the economy to grow. And banks are fundamental to driving that growth.
The rise in interest rates already anticipated by the European Central Bank is intended to fight inflation. It marks the beginning of a return to rate normalcy after many years of negative interest rates, which was an exceptional situation. It is difficult to anticipate how bank results will evolve following the rise in official rates. As, in fact, it is also difficult to anticipate the course of the economy itself. That is why it is so important not to generate further uncertainty for the future.
José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association
