BusinessBoots (Abanca) highlights the importance of building a single European market to avoid "different regulations"

Boots (Abanca) highlights the importance of building a single European market to avoid “different regulations”

The CEO of Abanca, Francisco Botas, during his speech at the La Toja Forum. – Gustavo de la Paz – Europa Press

The CEO of Abanca, Francisco Botas Ratera, highlighted this Saturday the importance of developing a single market for European financial institutions that avoids “different regulations” and “different taxes”.

This was pointed out by Boots during his speech at the La Toja Forum, held in the Pontevedra town of O Grove. There, he has participated in a round table focused on the future of globalization, in which the executive president of Iberia, Javier Sanchez Prieto, and the general director of Meta Spain and Portugal, Irene Cano, have also been present.

The director of Abanca has explained that retail banking, which is “attached to customers”, does not have a single European market, so it faces “different regulations” and “different taxes”, in addition to the absence of a deposit guarantee market.

He has given the example of Abanca and the cross-border operation that it has carried out in the Iberian market, when it encountered different regulations and “supervisions that are not perfectly aligned”, among other problems, due to not having a single European market.

Boots Ratera has focused on the importance of promoting regulation “oriented towards competitiveness” and has lamented the “regulatory asymmetries” that exist in Europe, which influences, as he said, economic flows.

“In Europe we are observers of our great capacity for regulatory development. We have quite successful policies, but when we lower them to regulation we do not stop complicating ourselves,” added Boots this Saturday in La Toja.

In addition, this negatively affects the incremental costs of some sectors and innovation. “Undoubtedly, Europe’s regulation is tremendously positive in the areas of human rights, in digital areas, in data protection… But it cannot be that 92% of European data is located in the United States, being an ally. Something is happening in local innovation”, he lamented.

“We cannot be a regulatory island. What do I think should be done? Deepen the policies, but demand that the regulation is oriented towards the competitiveness of Europe and companies in a globalized world”, he claimed.

In this sense, he spoke of globalization and the different speeds that are taking place in the field of decarbonisation worldwide, focusing on the fact that reducing carbon dioxide (CO2) emissions “has a cost”.

Despite the fact that he has stressed that decarbonisation “is necessary” and that the policies in this regard “are correct”, for him it is important to manage time and carry out decarbonisation taking into account the different economic sectors and what it means for each one of them.

Boots closed his speech with an optimistic message, highlighting the need to manage the short term with the “current uncertainty”, but knowing that “soon” there will be a moment of change in the economic situation that generates better forecasts, which will generate opportunities.

Source: Europa Press

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