Antonio Sáinz de Vicuña, director of the Legal Services of the European Central Bank (ECB), explained at the University of Navarra that the financial institution "has not taken any decision specifically aimed at mitigating Greece's status ". However, he stressed that they will "monitor the plans presented by the Greeks to the European Union to solve their current crisis, together with the European Commission".

The expert, who participated in a session organized by the Chair Young Entrepreneurs Chair at the university in partnership the School of Science and Business, noted that the ECB’s role is “monetary policy, not banking regulation and supervision.” He added that, at this time, its primary function is to ensure “the stability of the purchasing power of the euro, the currency of 320 million Europeans. In fact, monetary stability is a fundamental element of the common good."

Antonio Sáinz de Vicuña explained to the attendees how the Bank works and how it is organized. He also made it clear that "there is a direct line between the ECB and the reservation Federal". "Our president is at contact frequently with Ben Bernanke, president of the American reservation , and we have done many joint actions before and during the crisis". For example, monetary measures or the opening of a euro-dollar swap line that allows the ECB to give money in dollars to European banks and the Fed to lend euros to American banks.

Finally, he referred to the crisis in Spain and highlighted the dependence of bank loans on foreign savings and the concentration of investment in the Spanish real estate sector as the main reasons for the country's economic decline. He also pointed out that "the Bank of Spain introduced certain anti-cyclical measures in the banking sector that have partially mitigated the recession", he added. 

Session with Navarre executives

During his visit the university, Antonio Sáinz de Vicuña participated in acolloquium several Navarran executives. The event was attended by Reyes Calderón, dean of the School of Science and Business; Fernando Domingo, advisor to the University; Antonio Vázquez del Rey, professor at the School of Law; Jorge Labarta,corporate banking manager at Bancaja; Patxi Martínez, director of Ultracongelados Virto; Ramón López, director of Harivasa; José Luis Arruebo, General Manager Administration at Volkswagen Navarra; Chris Valenzuela, from the University of Navarra Alumni Association; Alfonso Junguitu, General Manager Dantza (group ); and Pablo Martín, manager area Business area the University of Navarra.