Europe Needs Integration to Solve Crisis, BBVA’s Gonzalez Says
Banco Bilbao Vizcaya Argentaria (BBVA) SA Chairman and Chief Executive Officer Francisco Gonzalez comments on Europe’s sovereign debt crisis and the bank’s plans. He was speaking at a press briefing in Seoul, where he opened the lender’s first South Korean branch.
“Questions regarding the ability of some European countries to meet their debts have generated a vicious circle of speculation and market reaction.
‘‘Imbalances in the Euro zone at the aggregate level are not the problem. It is rather the heterogeneity across member states and the absence of efficient political institutions to handle it.
‘‘As a consequence, mistrust has spread, putting the euro at stake. The solution is currently on its way.
‘‘It involves a substantial advance in European integration. All member states must cede sovereignty and accept common rules with supranational oversight of compliance.’’
On the Korean market:
‘‘BBVA has been following the Korean economy for a long time. With its high growth potential, Korea is a very prominent country of Asia and a key market for BBVA’s expansion in the region.’’