Page 18 - Ekonomija i Biznis_septemvri 2016.indd

РMУEБGРAИINКАTERVIEW

(photo: Еconomy and Business)

Europe is currently characterized by internal political tensions, there
are also some nationalist tendencies, deleveraging is not implemented
consistently and unemployment rises. This trend needs to be reversed if
Europe wants to keep pace with the economic growth in America or in Asia

difficult to cope with this situation. The European Central Bank is do-
Sparkasse Group has also been stable ing a good job in fighting deflation.
in these difficult years and at all times What are your expectations regarding
it has been able to provide loans to the economic developments at an EU
companies and natural persons. More- level? What will be the long term im-
over, throughout our 200-year history plications from BREXIT?
we have always taken good care of the
money that our customers entrusted to G. Fabisch: On the one hand, the
us and it is safe at all times. Since 2008, ECB could have prevented deflation
Sparkasse Group has further enhanced by conducting intensive activities, but
its capital strength and liquidity in ac- on the other hand lower interest rates
cordance with the requirements of did not lead to the desired growth
banking supervision. The latest stress impetus. Therefore, Western Europe
test of the ECB showed that Sparkasse has been facing reduced growth rates
Group was resilient to recessions, sub- and increased unemployment. Unfor-
prime mortgage crises and devaluation tunately, in most Western European
of currencies. However, in this period countries sovereign debt rates are very
of consolidation growth slowed down high. Also, so far the policy of low in-
and new acquisitions of banks had a terest rates has not been used to re-
subordinate role at this stage. duce this level of debt, with the excep-

18 September 2016