“Obviously – in Spain – we are not in crisis, quite the contrary.. We’re in a relatively good year for companies in general, except in individual cases.” Josep Oliu Creus, one of the country’s leading bankers, spoke in Zaragoza this Tuesday. growth factor was “worse” but “surprised” and the estimates for the country have been updated upwards, from 0.9% to the top 2%. “Demand has pulled in more than we expected,” he stressed.
Oliu was the protagonist of an economic meeting held at CEOE Aragón headquarters and co-organized by the company. Aragonese College of Economists and business confederation. under the title Facing a new banking paradigmIn his speech, he presented an x-ray of the economic situation in Spain and was optimistic about the current difficulties and after three years marked by “.Supply shocks in Europe, especially Spain”.
Noting that this turbulent period began with the “already overcoming” covid, he thanked. to the public support shown by measures such as the aftermath. Although the health crisis has left its “residue” in some sectors, such as tourism and hospitality, that have been hit hard by the pandemic, these are now. “the ones that grow the most”.
Inflation and Pandora’s box
Regarding the inflationary spiral, he said the “first blow” was caused by the supply chain crisis, and the second blow by the energy crisis from the war in Ukraine. Faced with this situation, he said, “there is little that central banks can do.” “There is monetary policy but Inflation is like Pandora’s box, easy to produce but very difficult to put the witch back in the box. It takes time,” he explained.
In terms of banking he said: “Fortunately, the negative interest period is over and I don’t know if it will come back. If it does, it will be the result of a big crisis that is not on the horizon.” However, he reminded that this “sudden” and “rapid” rise in interest rates caused problems due to the “expectation shock”.
“There is a certain fear of making certain investment decisions” Additionally, buying a home is like expecting a lower price for the money. In that sense, he gave confidence.”while the new ground clings” Interest rates, the reactivation of the “currently under control” investment flow is something that is expected to happen in 2024.
He was also confident that inflation could be brought under control, as the first two factors (raw materials and energy) that caused inflation to spiral out of control “have softened a bit”. According to him, another trend resolved loss of purchasing power Something he doesn’t believe will happen in 2023, which is generally registered in 2022 because of the gap between prices and wages.
praised at this point deal for Work and Collective Bargaining (AENC) 2023–2025 reached a month ago between business organizations and unions. “It’s a very good deal,” he said, creating a “stable” framework for the next three years.
During his visit to Zaragoza, the Catalan banker pointed out that he crosses the Aragonese capital “twice a week” by trains to Madrid or Barcelona, ”but I don’t stop.” This is a situation that needs to be fixed, trains need to be stopped from time to time,” he said. ““This is a good city, an area where we have great customers and we believe in with its future-oriented dynamism.” Put forward.
Source: Informacion
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