Luis de Guindos assesses his time at the ECB amid global changes
Luis de Guindos, Vice-President of the European Central Bank, reflected on his eight years in office, noting significant global changes. The world today is very different from what it was eight years ago, with geopolitical risk now playing a much more prominent role in economic policy decisions.
The past eight years have seen a pandemic, the reopening of the economy, Russia’s invasion of Ukraine, and an increase in inflation. These events have marked a paradigm shift in international relations.
De Guindos also discussed Spain’s presence on the ECB’s Executive Board, stating that it is essential and fully justified given Spain’s status as the euro area’s fourth largest economy. Spain’s banking system has been cleaned up, and the country has shown significant economic growth.
The Vice-President’s departure will temporarily leave Spain without a seat on the ECB’s Executive Board, but de Guindos believes Spain’s presence is necessary and justified.