HE President of CaixaBank, José Ignacio Goirigolzarri, Today he showed his relative surprise at how the Spanish economy – and thus the Valencian economy – has improved despite the signs of recession as a result of two blows to the waterline this year: the coronavirus pandemic on one side and the war in Ukraine in its immediate aftermath. caused an unusual phenomenon of inflation and an increase in interest rates. The banker capitalized on his speech at a luncheon discussion at the Forinvest financial services expo in Valencia to highlight optimism about the economy’s progress:He’s behaving better than we expected.”. As proof of this, he explained, the most positive sign of this evolution is in the constant changes in GDP growth forecasts initiated by different institutes of analysis and government agencies. Always higher than the previous estimate.
Gorigolzarri added the following to questions from viewers: “good vibes” can be attributed “especially” to the Valencian economy. He recalled that the Savings Banks Foundation (Funcas) published on Tuesday that autonomy has restored the level of GDP in 2019, hence before the pandemic, and that the CaixaBank research service predicts an increase of close to 1.9% in the economic zone. , six-tenths more than the Spanish average. With “Good news” in job creation and exports and consumption higher than the state average sees the Valencian economy headquartered in the capital of Túria, the head of the bank “with increasing enthusiasm” and “with a particular dynamism” despite the problems affecting the Spanish economy in general. AgainHe affirmed that two negative factors should not be forgotten: the “fragility” caused by the “fiscal imbalance” and, on the other hand, the “low productivity”, which needs “very complex” reforms in the context of “election arithmetic”. ” flow.
Asked whether financial conditions will tighten in the context of this inflation, the CaixaBank head replied, “I would like to know.” “At first the price increase was thought to be the result of covid, not structural, and now we see that it is very resilient, as evidenced by core inflation. The factor with the greatest uncertainty”, as interest rates will either stay at the current 3% or not increase depending on whether it will be controlled or not. . Goirigolzarri believes European Central Bank (ECB) interest rates are in ‘high range’ It will stay around 3.5% and 3.75% and reach 4%, though 12-month Euribor warns that “massive market volatility” means forecasts should be taken with caution. In any case, he added, “they are not abnormally tall men.”
Regarding the banking industry, CaixaBank President said: “extraordinary” changes since the financial crisis at the beginning of the last decade“Banks have the capacity to finance families and companies, something that was almost impossible at the time. Bank managers have done a great job,” he stated before admitting that the ECB’s liquidity policy allows organizations to finance the economy. However, he pointed out that the industry faces three main challenges: more digitalization in their use, the reputation and profitability of the bank and the change in customer habits. On this last issue, he reminded that businesses operate below their book values, adding the fact that banking is profitable. “This is great news for its shareholders, but very important for society.”
On the other hand, Goirigolzarri has ensured that all shareholders of the organization understand the decision taken by the board of directors. Appealing the tax to the bank because it is the bank’s “obligation”. He stated at the time at the Forinvest colloquium that the decision was taken by the council due to a fiduciary mandate, as this body must ensure the interests of all shareholders. “I hope and am confident that all shareholders understand this,” he said in response to a question that referred to the public fund FROB, which is part of the capital. said.