Antonio Romero (CECA): We need a more competitive financial system

Antonio Romero, CEO of the banking association CECA, presented the strengths of the current Spanish macroeconomic situation at the XVII EXPANSION-KPMG Financial Meeting, while acknowledging the risks of inflation and debt. The Spanish economy is showing strong growth potential, with growth forecasts up to 2.5%, higher than the regional average.

Key sectors like services and tourism are performing well, although inflation is a concern, currently above 4% due to global price increases. The European Central Bank (BCE) has raised interest rates to 2.5%, facing the challenge of controlling inflation without negatively impacting weak growth. CECA and Funcas believe the current growth moment is ideal to strengthen the sector's financial flexibility and competitiveness.

The Spanish economy can absorb these risks, but the growth period is also crucial for enhancing financial maneuverability. Romero highlighted two risks: inflation and debt levels in developed economies, particularly the US's anticipated 140% debt-to-GDP ratio in 2030. CECA advocates for a competitive financial system, as evidenced by the growing credit growth in the real economy and the sector's ability to provide affordable financing.

Additionally, addressing the European competitiveness challenge is essential, requiring significant investments of €1.4 trillion. The EU has outlined measures to reduce fragmentation and improve regulatory simplification, emphasizing the need for uniform rules across the continent.