El Banco Central Europeo hará un seguimiento de los planes de Grecia para mitigar la crisis económica
European Central Bank to monitor Greece's plans to mitigate economic crisis
An ECB official states at the University of Navarra that "no decision has been taken specifically aimed at mitigating the country's status ".
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 Bancaja Young Entrepreneurs of the academic center at partnership with the School of Economic and Business Sciences, pointed out that the role of the ECB is "monetary policy and not banking regulation and supervision". Therefore, he added that at the moment its main function is to ensure "the stability of the purchasing value of the euro, the currency of 320 million Europeans. In fact, monetary stability is a basic 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
On the occasion of his visit to the academic center visit , Antonio Sáinz de Vicuña participated in a lunch-colloquium with several Navarre executives. The event was attended by Reyes Calderón, dean of the School of Economic and Business Sciences; Fernando Domingo, advisor legal of the University; Antonio Vázquez del Rey, professor of the School of Law; Jorge Labarta, manager Corporate Banking of Bancaja; Patxi Martínez, director financial of Ultracongelados Virto; Ramón López, director financial of Harivasa; José Luis Arruebo, General Manager Administration of Volkswagen Navarra; Chris Valenzuela, from Alumni University of Navarra; Alfonso Junguitu, General Manager of Dantza (group AN) and Pablo Martín, manager of area Business Creation of the University of Navarra.