Botín calls for regulatory changes to face a crisis different from that of 2008

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The president of Banco Santander, Ana Botinhas appealed to flexibility to drive growth in a fragmented world and has proposed to review the regulations to ensure that the current rules allow Europe to be greener, more digital and more competitive in the future. During the opening of the International Banking Conference 2022 Organized by Santander, Botín has reflected on the need to support growth in a fragmented world so that countries can face problems such as poverty, unemployment, inequality, climate change and democratic stability, as well as so that they can reduce their high levels of debt.

In this sense, a clear plan is important to accelerate investment in the sustainable and digital transition, which requires efforts in training and education, research, innovation and better data and a comparable taxonomy. To speed up the sustainable transition, Botín has pointed to the need to attract more investment and capital, which in turn requires providing investors with greater certainty. “The private sector is ready to do its part, but it will be the governments that will have to set the transition plans so that the countries reach the goal of zero net emissions,” he said.

In his opinion, such plans must demonstrate that all the levers that governments have at their disposal to decarbonize the economy and encourage green investments “work”. Likewise, the president of Santander has warned that the transition needs growth and this requires “reliable energy that can be paid for”. “We need plans to make sure that we are going to have gas in the short term or investments in gas in the future so as not to depend on Russia and thus have a map to see that we are on the right track to reach that net zero,” he explained. she.

Ana Patricia Botín has defended that, as the economic risks change, the rules should also change

Regarding the opportunities offered by digitization for growth, Botín pointed to the possibility of taking advantage of data to “lend more, better and more safely”, although he recalled that any new technology carries with it new risksTherefore, a balance must be found and regulatory frameworks must be created that promote innovation and allow companies to compete on equal terms. In this scenario, the president of Santander Bank has advocated “being more flexible” in a fragmented world to overcome lack of growth. As he has stressed, the current crisis differs from that of 2008, as inflation and rates are higher and governments are trying to repay their debts.

That is why he has argued that, as the risks change, the rules should change. “The normative it is not an end in itself, it is not set in stone. It is a decision that people make at a given time to face the risks that we all face. So now, isn’t it time to think more about the rules we need to make Europe a success 14 years from now? A Europe greener, digital, inclusive, inclusive, innovative, competitive and with a more entrepreneurial mentality?”, he reflected. In this sense, he has asked for collaboration so that the financial system is “profitable, flexible and dynamic” and can thus continue to be “stable and safe” and finance the necessary investments for future growth.

“In this way, truly, growth can be supported in a fragmented world. If we grow, we can meet the challenges. Growth is accompanied by trust, and trust is accompanied, in turn, by open-mindedness. This should be our goal,” he concluded.

Source: lainformacion.com

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