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Coronavirus Crisis at the European Union
Financial Times published an article written by Ana Botin (Santander Executive Chairman) in which she states that the EU now faces a moment of truth. “The test is very simple: do all member states believe that we are “in this together”?”
She recognizes the actions taken by the European Central Bank, regulators and the European Commission, which “have implemented important and timely measures to ensure that there is ample liquidity across the EU by buying public and private debt.”
However, she also points out that unilateral and uncoordinated responses have forgotten a fundamental principle of the European Union: “a shared sense that we are stronger by acting together has contributed to the advancement of peace, reconciliation, democracy and human rights. Our achievements rest on that principle”.
Ana Botín encourages EU finance ministers to reach an agreement on a common plan at European level so as not to jeopardize the European project: “Failure to act together now may well undermine the public’s faith in that approach, and with it all that has been achieved”
She highlights that banks are part of the solution in this crisis:” We have conserved capital precisely for systemic shocks like this. And Santander has led the way in cutting senior executives’ compensation and scrapping dividend policy. This will give us even more firepower. But banks cannot do it alone.”
According to Ana Botín it is the time to agree on a common financing instrument at European level that will allows us to keep thinking about the future and prosperity of Europe “If not a coronabond, maybe it is time to consider a common bond, backed by the EU”.
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According to Kristalina Georgeva IMF Managing Director, lifting growth requires three things: one, regulatory housecleaning to unleash private enterprise; two, deeper regional integration; and three, preparedness to harness AI.
According to The European House – Ambrosetti, the European Union has an opportunity to boost competitiveness and growth by simplifying regulatory and supervisory frameworks, particularly in the areas of sustainability and the financial sector.
According to Ramón Casilda Béjar, Spain, in today’s complex geopolitical landscape, has the opportunity to strengthen its role as a bridge and connecting country between Ibero-America and the European Union, revitalizing investment flows in both directions.
According to @ECB, in moments of acute stress, the public often turns to physical currency as a reliable store of value and a resilient means of payment, underscoring the crucial role it plays above and beyond everyday transactional convenience
According to Juan S. Mora-Sanguinetti, in Spain a 10% increase in regulatory volume leads to a 0.5% drop in employment in companies with fewer than 10 employees.
According to Hélène Rey “In a world where stablecoins, particularly those pegged to the dollar, become an important global payment tool, we must brace ourselves for substantial consequences”.
@judith_arnal proposes reforms for the EU to advance regulatory simplification, starting with consensus on its meaning, with competitiveness as a pillar, plus coordination mechanisms and a governance rethink.
According to @iee_org, Spain has one of the most demanding tax environments for businesses within the European and international context, which may have significant implications for competitiveness, foreign investment attraction, and business expansion.
According to Christine Lagarde for the euro to gain in status, Europe must take decisive steps by completing the single market, reducing regulatory burdens and building a robust capital markets union.
According to the Bank of Spain, in a context of strong growth in transactions and prices, the conditions under which new mortgage loans are granted currently show no signs of easing in lending standards.
McKinsey notes that European private capital is half the size of the U.S. and must play a key role in boosting competitiveness, by driving innovation, scaling firms, and mobilizing the investment needed to close the gap with other regions.
IMF states that global financial stability risks have grown significantly, driven by tighter financial conditions and heightened trade and geopolitical uncertainty.