Calviño sends a message “confidence” in the economy despite the brake on GDP


The Government and Macroprudential Authority Financial Stability Board (Amcesfi) have sent this Friday a message of “confidence” in the Spanish economy, after affirming its ability to “continue to grow and continue creating employment in a context as complex” as the current one.

In a press conference held after the meeting of the Amcesfi Advisory Council, the First Vice President and Minister of Economic Affairs, Nadia Calvinoreported that during the meeting it was agreed to maintain the “enhanced surveillance” in the financial markets and a “very close” exchange of information. All with the aim of guaranteeing the maximum visibility possible about the evolution of the markets at a time “of so much uncertainty“, announced Calviño. The minister makes these statements after the slowdown in GDP during the third quarter, which experienced a slight growth of 0.2%, well below the point and a half of the previous quarter but still positive.

In the meeting chaired by the minister, the ability to resilience of the economy Spain in view of the rise in interest rates, the stability and solidity of the financial markets -both public and private-, and the conditions of liquidity and leverage. According to the first vice-president, it has also been observed that the evolution of the different markets “is being normal”, and has “verified a strong confidence of investors international and national” in Spain.

In this sense, he highlighted the march of the national macroeconomic markerswhich show that “the Spanish economy continues to grow despite the impact of the war”. He was referring to the advance indicator of the consumer price index (CPI), published this morning by the Statistics National Institute (INE), according to which inflation moderated in October by 1.6 points in annual rate to 7.3%, due to the drop in electricity and gas prices. “It’s way below the euro zone average and the whole of the European Union. We anticipate that it will continue in this path of moderation started in the summer to return to more normal levels in the coming months in our country”, he has communicated.

Calviño has valued the battery of measures launched by the Executive to alleviate the effects of the energy crisis, such as the “Iberian exception”free public transport or tax cuts, initiatives that “allow contain inflation maintaining a good pace of the economy and employment”. He dedicated a special mention to the evolution of subjacent inflation -which eliminates the most volatile elements of the shopping basket such as energy and unprocessed food-, now more stable, and has stressed that he hopes that “in the coming months” a decline.

“Intense” negotiations with the bank

The vice president has also highlighted that her department works “very intensely” with financial institutions with the aim of having “in the coming weeks” a range of measures that allow alleviate the situation of families those who find it difficult to meet their mortgage due to the rise in the Euribor. The main banks agree that it will be a manageable problem and they advocate that the measures agreed with the Executive be limited to vulnerable families, since each entity has the capacity to go further on a case-by-case basis. Although Calviño has not commented on the matter, he has shown his confidence in reaching a market top.

As he has done on previous occasions, he recalled that there are different alternatives included in the Code of Good Practices for the most vulnerable, which include everything from refinancing or moratoriums to, where appropriate, dations in payment. In any case, he has advocated that banks facilitate the change of variable mortgages to fixed rate Given the current situation and the need to continue the work in progress to minimize the risk of impact that the Euribor may have on Spanish families.

Amcesfi, which regularly brings together representatives of the Ministry of Economic Affairs, the Bank of Spain and the National Securities Market Commission (CNMV), was created by the Government in 2019 with the aim of warn imbalances in the economy and prevent Y to mitigate systemic risk to financial stability.


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