Luis de Guindos, Vice-President of the European Central Bank, outlined the economic situation in the euro area, stressing that the expected risks are manifesting themselves, in particular due to the lack of recovery in consumption. Regarding the ECB’s future decisions, de Guindos noted that the news on inflation is positive. He wanted to reassure Italy, stating that the ECB is listening to all opinions with an open mind, in response to criticism received for the caution shown in reducing interest rates. He stressed the importance of maintaining a prudent and cautious stance given the global uncertainty and the current geopolitical tensions. De Guindos reiterated that the ECB has already lowered rates and that its monetary policy is on a clear trajectory, but warned about the great uncertainty present, highlighting the need to avoid mistakes.

In an interview with ANSA, the vice-president also addressed the issue of banks' contribution to the economic maneuver. Regarding bank mergers, he said that in the coming months the ECB will have to express its opinion on the supervision of the possible merger between Unicredit and Commerzbank. De Guindos argued that a European approach should prevail over national ones to favor integration in the banking sector. He also mentioned the importance of ratifying the ESM treaty, stressing that Italy is currently the only country that has not signed it, thus hindering the strengthening of safety measures for bank bailouts.

Furthermore, de Guindos signaled an opening by the ECB regarding the contribution of banks in the economic maneuver, proposing a postponement of deferred tax deductions and imposing a limit on the use of ACE losses and surpluses until 2025. These measures fall within the competence of European governments, which have adopted different approaches towards the banking system. However, de Guindos warned that such measures must not compromise the solvency of banks or hinder credit to the real economy. He expressed hope that the final version of the measure would take into account the solvency of banks, highlighting that a previous proposal was balanced in terms of compatibility between tax revenues and the capital strength of banks.