De Guindos warned that Europe risks a recovery at two speeds

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Javier TahiriSEGUIRMADRID Updated: Save Send news by mail electrónicoTu name *

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The crisis of the coronavirus has not only strained the health care systems of half the world, it is also doing the same with the globalization and the global trade that has shown the gaps before the import of material and medical equipment. The vice-president of the European Central Bank (ECB), Luis de Guindos, has opted this afternoon to review global supply chains. “You need to see if the economic system commercial was right, if there are that promote global chains of supply with the lowest cost and the highest efficiency possible at all. And I think it’s going to be factors, such as security of supply, they are going to take precedence over”, has reflected in a meeting online organized by the Business Council Alliance for Latin america.

De Guindos, has been presented by his excompañero in the Government, José Manuel Soria, has found that “there began to be a rebound of economic activity”. A recovery that, in their words, it seems that it is still better than expected, according to the “indicators of high-frequency”. “The european economy in the first quarter fell 4%, because of what happened in the second half of march. Our forecast is a further fall of 13% in the second. What we are seeing however, is that it is best to a little less negative than the 13% that proyectábamos”, has held.

The awakening of the activity with the relaxation of the control measures are behind this improvement. “It has left the worst, and as they are lifting the restrictions, the activity is recovering and the recent data has been more optimistic than we expected a few weeks ago”, has abounded.

In this sense, De Guindos has valued the Fund of the european Recovery, which should be agreed next week in the European Council. “We risk a recovery to a two-speed Europe”, was asserted to alert that occur, the “economic crisis can also be a political and social crisis”.

The forecasts of the European Commission reflected an improvement in that difference, in his words, among countries with a improvement faster to approve more measures and have more fiscal space. “The countries that will suffer most are those in the service sector have a weight higher has pointed out to urge a “specific plan for the tourism sector” in countries, such as Spain, where it is an economic engine hard hit by the crisis.

it Is a situation that except in circumstances of war had not been produced ever. Now the key is how are we going to go giving the ecuperación of the economy eruppea. 5-6% in the third quarter, intense.

as to what you should do in the banking sector, De Guindos has advocated for “improving the cost structure, eliminate excess capacity” addition of major “mergers and acquisitions of banks, both domestic and in the european environment”.