Strategic economic insights at the heart of European banking in our event "STATE OF ECONOMY: INSIGHTS, DISCUSSION AND NETWORKING"

Apr 9

On April 8th, the Cámara de Comercio Hispano-Finlandesa hosted a dynamic forum at Openbank's headquarters right here in Madrid. It was a privilege to bring together top minds from Openbank, Banco Santander, and the Bank of Finland for a crucial discussion on the future of banking, the global economic outlook, and the challenges of European monetary policy.

*CCHF’s Chairman, Eero Korhonen, giving the opening speech of the event*

We tackled some pressing issues, and here are the key insights:

•⁠ ⁠The Inevitable Cost of Tariff Wars: A strong consensus emerged: protectionist measures ultimately harm everyone. As Juha Kilponen pointed out, this "lose-lose" scenario highlights the vital role of organizations like the WTO. We also noted the potential significant impact of tariffs on Finland's GDP, a concern we must address. However, current insights suggest that the impact on Spain's economy is projected to be significantly lower, offering a comparative perspective on the regional effects of these global trade tensions.

•⁠ ⁠Global Economic Complexities: While the US economy shows resilience, we discussed the growing market volatility and the need to strengthen the EU. The Eurozone's diverse growth patterns, particularly the "North vs South" divide, were also a focal point. Despite potential tariff-related disruptions, the overall global economy is expected to weather the storm.

•⁠ ⁠USD Strength & Historical Context: The US dollar's status as a global reserve currency remains solid, ensuring liquidity. We also reflected on the historical significance of the current tariff landscape, noting its unprecedented nature in over a century.