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POINT
Santiago Carbó Valverde
Professor of Economics, Bangor University;Collaborator, Funcas and CUNEF Financial College
In favor of efficient operations
In comparison with other European countries, Spain’s restructuring has been more intense. But despite decreasing numbers of competitors, it cannot be said that Spain has seen a dramatic increase in concentration. The most important question is whether the changes to the sector can improve the channelling of savings into investments and achieve the efficient financial intermediation that banks are presumed to provide.
COUNTERPOINT
Miguel Ángel Fernández Ordóñez
Ex-Governor of the Bank of Spain
In Europe and in Spain
Spain must continue to advocate a more equal treatment of all financial institutions, whatever their nationality and the country in which they operate. We should begin by making a U-turn in the politicization of some areas of monitoring and the divestment of functions inflicted on the Bank of Spain in recent years. Spain must complete the process of depoliticizing banking entities. There must also be an increase in the weight of nonbanking financing for Spanish enterprises, in particular in the case of medium-sized enterprises.