De Cos supports Calviño’s mortgage agreement, considering it “balanced”


Support from the Governor of the Bank of Spain (BdE) for the new measures that extend the shield to protect vulnerable households with a mortgage from the rise in interest rates and that include support for families with measured income at risk of vulnerability due to the ‘rally’ of the Euribor. Pablo Hernández De Cos considers that the package negotiated by the Ministry of Economic Affairs and the banks, which was approved on Tuesday by the Council of Ministers, “has struck a balance” by providing relief to households that could be affected the most by the increase in interest rates on their variable rate loans.

At the same time and, “as it was necessary”, does not generate excessive pressure on the balance sheet of the entities and it continues to maintain a payment culture so that the real estate and mortgage market works properly structurally. It has been the message that De Cos has launched to questions from the media during the online conference cycle organized by the General Council of Economists on the twentieth anniversary of the introduction of the euro. The Governor of the Bank of Spain has added that now it is necessary to see how these measures are implemented.

De Cos has made an analysis of the situation of the Spanish economy. From the entity they consider that the most recent inflation data – the annual rate of CPI dismissed October at 7.3% – are compatible with the forecast of the regulator for the whole of the year. The BdE estimates that prices will rise on average by 8.7% in the current year.

With regard to macroeconomic developments, De Cos explains that, once the significant slowdown in activity in the third quarter was verified (the National Accounts preview recently published by the National Institute of Statistics reduced the GDP advance to 0, 2% between July and September). A behavior that is “much lower” than the 1.5% registered in the second quarter.

According to De Cos, the signs indicate that the slowdown is continuing, in a context in which employment is the variable that is performing best. “He would also say that the forecasts from the beginning of October are still valid,” added the governor. The BdE expects the economy to end the year with an advance of 4.5%, in line with the calculation that the Government incorporated into the General State Budget for 2023.


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