New financial rules | Economy

We forget to be part of things that we criticize. We screw the politicians but we are the ones who vote. We know that we pay for services differently but we accept or not according to our sympathy for the type of business, rather than the value of what we receive. It would be healthy to take the lead, to assume the leading role. Think about the extent to which things belong to us or affect us and, accordingly, ask the legislators for action.

The financial sector is an important case of transition from criticism to action. Of course there are business interests but money is our pockets. We are all part of the financial sector, whether we like it or not. It is more constructive to ask than to criticize. Regulate that prejudge. With a certain level of demand, the banking of the future must be more tailored to the citizen. Not just as a service, but to respond to the great post-crisis demand: that the problems of financial stability be paid by the shareholders and bank bondholders and not by the taxpayer. Banking is a strategic industry: it determines a large part of the investment, savings and planning of the life and business cycle. As a Spanish, it is worth asking what can be expected from the Spanish banking system and what to ask of it, regulatory speaking.

Trust is a starting point. Global surveys like Edelman's (there are others with similar results) point out that 54% trust other people similar to them as much as in themselves. However, 50% would do it in a financial advisor, 39% in a journalist and 35% in the government and regulators. The castle of credibility is built upside down. Even so, confidence in the financial sector is affected.

In recent days, essential financial regulatory provisions have been approved, highlighting the new mortgage law. Although its regulatory development may take in the middle of the impasse political, is an essential chapter of which, if we inform ourselves, we discover that the greatest collaboration has come from the financial sector itself, the most interested in ending so much uncertainty about mortgages. A rough but perhaps illustrative summary is that abusive clauses but not mortgaged will not be possible naif. The margin that a bank obtains each year for its banking services or a mortgage is ostensibly less than that of a glass of wine, a taxi or a hotel room, all of them services from less regulated sectors.

It is also striking and transcendental that in a sector as transversal as banking a test bench (sandbox) is approved so that other digital actors collaborate and compete with financial entities. The government has approved the draft and although the elections may delay its entry into force, there is consensus. It is something in which technologically Europe is ahead of the United States (a rare exception) and in what Spain and its financial sector open as never before and as few sectors do, taking into account the resistance to digitalization in a wide range of services in our country.


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