The Vice President of the European Central Bank (ECB), Luis de Guindos, argues that the valuation differences in the stock market between European and American banks are due to lower economic growth potential in Europe, the lack of a banking union, and fiscal uncertainty, rather than regulation, as some Spanish bankers claim. De Guindos emphasizes the importance of European integration and cross-border mergers to strengthen the global position of European countries in the banking sector.
Regarding the possible implementation of bank taxes, De Guindos warns that these should not affect the sector's solvency or credit granting, especially in a context marked by the risk of a "trade war" following Donald Trump's election. He highlights that each country has different approaches to imposing taxes on banking, as in Italy, where the tax can be reduced by demonstrating an increase in solvency.
Financial entities express their concern about the impact that a specific tax on the sector could have on their ability to provide credits, as it could reduce their capital. De Guindos also addresses the economic recovery in Europe, noting that despite decreasing inflation and rising wages, this is not reflected in increased consumption, suggesting a possible reluctance among families regarding potential future tax hikes to offset the public deficit.
De Guindos acknowledges that monetary policy has limitations and emphasizes that economic growth depends on various factors, such as goods and services markets, employment, structural reforms, and competitiveness. He also warns of the risk of escalation in a global "trade war" if tariff tensions increase. In contrast to Guindos's view, Spanish financial entities foresee an improvement in their results for the second half of the year and in the future.
