Sat. Apr 20th, 2019

The Bank of Spain sees no risk of recession in Europe "much less in Spain"

The Bank of Spain sees no risk of recession in Europe "much less in Spain"



The governor of the Bank of Spain, Pablo Hernández de Cos, has acknowledged that the euro area is slowing down more than expected, but has said that now sees no risks of a recession in this region "much less in Spain "

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In an interview with El País and collected by Efe, he also referred to the political situation in Spain, and said that his concern is that this event will end up slowing the economic policy decisions that have to be made.

"We have the feeling that parliamentary fragmentation has had some effect, and the structural deficit has not been reduced in the last four years," the governor warned.

"My fear is that political instability impedes the necessary consensus to continue making reforms", added Fernandez de Cos, who asked about the financial and banking crisis that Spain has experienced, has assured that before this fact "it is impossible for the supervisor to remain immune to his reputation. "

"Now we must try to reverse it and change the opinion that citizens may have about us and do it better," he added.

In this sense, and on the problem of reputation suffered by the bank, he said that "it is undoubtedly important and worrying", and that banks are aware of this, so he has asked them more in transparency with the client.

Asked also about the relationship between former commissioner Villarejo and former BBVA president Francisco González, he has asked the entity to do an in-depth analysis, and quickly, to solve this issue as soon as possible and thus reduce the reputational effect as much as possible.

Finally, the governor has referred to the higher capital requirements of the bank and said that in this case "there is no room for relaxation".

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