The CEO of CaixaBank, Gonzalo Gortázar, has asked this Tuesday for "political consensus" to tackle the imbalance in the deficit, the great pending issue in Spain. The manager has raised the need for "a plan to restore a certain balance of public accounts and bring them to levels of sustainability". Everything to "avoid a more abrupt adjustment" when requested by the community authorities.
Gortázar launched the idea this Tuesday at the Foment-PwC Executive Breakfasts, which he took advantage of to review the economic situation. Homework for politicians just when there is a month left for the general elections. As an example of what consensus achieves, he has highlighted the agreement between employers and unions to raise salaries in the coming years. "It is a good example that when there is consensus we all win."
The manager has stated that the economic situation "is better than we anticipated", with "clearly better" figures after the first part of the year. "We are holding up better than we expected." In any case, there is no need to get confused, because uncertainty has been installed after the covid, the war in Ukraine and the change in interest rates.
The CEO points out that the economy is holding up due to the strength of the labor market, the export pull and an improvement in competitiveness. "The structural supports of the economy are working well," he assured. The episode of greatest instability in recent months, the fall of banks in the US, "has not been projected towards Spain and the euro area". Thus, he rules out a recession by 2024, although he takes lower growth for granted.
In addition to the deficit, looking to the future, he has also called for political consensus for talent management, at a time of the emergence of artificial intelligence. "AI promises very relevant changes." Again, he forces us to think in the long term: "We need to make a country plan that has to go through a high degree of consensus. Have a talent management roadmap."
Regarding Vice President Nadia Calviño's request to remunerate customer deposits, Gortázar stated that "they will gradually adapt to the new situation" of rising interest rates. "It is a process. We are seeing higher wages in more segments of the market, it will continue on that path," she said. The entity works with a forecast of stable rates until the second half of 2024, when there could already be decreases depending on the price situation.
Continuing with the rates, with a direct impact on those with mortgages, the CEO has assured that "there is a very notable ability to pay" and that more than problems of default, the increase in financing costs causes "a problem of access to housing". With an average increase of 90 euros per month in the installments of its clients, "our will is not to keep anyone's residence, it is that they can pay".
The president of Foment del Treball, Josep Sánchez Llibre, has picked up Gortázar's idea and has highlighted in closing the need for constant adaptation of talent and companies in the midst of the advance of artificial intelligence. The responsible partner of PwC in Catalonia, Ignacio Marull, also took part in the event.
