Restoring lost normality is the main challenge we must face as a society in the coming months. This does not mean ignoring the uncertainty about the pandemic’s evolution to which we are still subject, nor forgetting what has happened in recent months; that would be impossible. However, the grief for the lives taken by the virus and the threat that still looms over our health should not lead us to paralysis or pessimism, because every day we understand the enemy better and have more tools to fight it. <\/p>\n
At this moment, there are two major unknowns. On the one hand, there is the ultimate scope of the virus, for which we will find a solution sooner or later. All indications are that the much-desired vaccine is getting closer. On the other hand, we do not know the magnitude of its consequences on our economy and way of life. The health crisis has brought to light existing positive trends, such as the digitalization of society, but it has also exacerbated structural social and economic problems. It is time to redouble efforts to redirect the former and correct the latter, so that the current economic recovery takes root, strengthens, and becomes sustainable. <\/p>\n
It is necessary to put forward a clear growth strategy, focused in the short term on recovering the jobs lost, based on an in-depth analysis of the crisis and the starting situation. Its implementation must be coordinated among economic stakeholders and at the international level, in order to continue what has been developed since the start of the pandemic with such good results. The banking sector is prepared and willing to make a meaningful contribution to the development of the strategy adopted, as banks have demonstrated in recent months with their initiatives to mitigate the pandemic\u2019s economic effects on families and businesses.<\/p>\n
Restoring normality in our daily lives must be compatible with the necessary responsibility imposed by the fight against the coronavirus. In the case of companies, their responsibility goes beyond ensuring safety to prevent contagion. Companies owe it to their customers and employees, but they must be profitable and solvent to continue their activity with full normality. To do this, they need flexibility and autonomy in their management, so that they themselves drive sustained recovery under a scheme designed by the authorities. Companies also need to trust that the authorities will take appropriate measures under an approach that combines economic growth and greater control over potential risks such as accumulated high debt. <\/p>\n
An extreme situation such as the population lockdown and the resulting economic paralysis led banks to voluntarily take exceptional measures beyond those adopted in collaboration with the authorities, to alleviate the difficulties of the most vulnerable groups in society and preserve the business fabric. Once the exceptional nature of the moment has passed, some of the measures taken must also be normalized, as their maintenance could compromise the solidity of the banking sector, threaten financial stability, and its capacity to finance the economy and reinforce the much-needed economic recovery. Like all other companies, banks must be profitable to be viable and continue to improve their efficiency for the benefit of their customers. <\/p>\n
The crisis has exacerbated existing problems. Let us hope it also serves as an opportunity to reflect and launch the most appropriate initiatives, reforms, and supply-side measures, among others, to solve them. We must restore lost normality, moving towards a future that is more adaptable and flexible, but also more sustainable and equitable. <\/p>\n