April 22, 2021

De Guindos calls for "speed" to BBVA in its investigation of former commissioner Villarejo

De Guindos calls for "speed" to BBVA in its investigation of former commissioner Villarejo


The vice president of the European Central Bank (BCE), Luis de Guindos, asked Monday "speed" to the BBVA in the internal investigation that is carried out to clarify the relation of the organization with the ex-Commissioner Villajero. "The ECB awaits the conclusions" of the internal investigation being carried out by BBVA. "We're going to see the results." "The most interested in the conclusion are the managers of the entity," assured Guindos.

The ECB vice president has responded like this during his speech at a conference organized by Deusto Business School and KPMG and in response to a question about how the reputation of the financial sector can affect cases such as the alleged relationship between former BBVA president Francisco González and the ex-commissioner José Manuel Villarejo.

In this sense, de Guindos has recognized that the reputation is undoubtedly "the main asset" of a bankor, and "is vital" for entities. For this reason, he has requested "speed" from BBVA in its investigation into this matter, whose conclusions, the ECB will wait and "value".

Slowdown in the euro zone

On the other hand, the ECB vice-president pointed out that the deceleration experienced in the euro area and in the global economy as a whole invites us to approach monetary policy decisions with prudence. De Guindos has stressed that the issuing institute will not undertake its first rate hike until after summer depending on the evolution of the inflation rate and the economy.

"The deceleration profile is quite evident", acknowledged the ECB vice president, who pointed out that the ECB's new macroeconomic forecasts, which will be published in March, "will probably not be very different from those published by the European Commission", that The euro zone growth was down six tenths last week.

In terms of prices, it is expected that general inflation will continue to decelerate in the coming months. "We expect core inflation to accelerate in the medium term despite the fact that headline inflation continues to decline in the coming months," said the former Spanish Minister of Economy, Industry and Competitiveness.

However, the ECB vice president has underlined his confidence that economic developments allow confidence that will end up having convergence with the inflation target and pointed out that, as evidenced by the institution at its last monetary policy meeting , the downside risks are greater and therefore "monetary policy decisions will be adopted with greater prudence".

In this sense, the Spanish banker has reiterated that the ECB will maintain an important stimulus, adding that there will be no increases in interest rates until after the summer.


Source link