Brazil always makes slow progress, regardless of government, Santander’s Botín says
Speaking alongside International Monetary Fund (IMF) Managing Director Kristalina Georgieva at Santander’s International Banking Conference in Spain, the group’s Executive Chair Ana Botín discussed the bank’s outlook for the countries where it operates. “One reason I am so confident that Santander will deliver everything we have said, and more, is Latin America.” Among the region’s countries, Botín singled out Brazil.
“Brazil is one of the few, if not the only major country that has everything you need today: a clean energy mix, a large population, and critical minerals,” the executive said. “It’s difficult when people ask me who will win the election in this country or that one. What difference does it make? I mean, the market, regardless of which government is in power in Brazil, it always improves. [...] Brazil always makes slow progress.”
Earlier, in her opening remarks at the event, Botín called for greater integration of European capital markets and a review of regulatory requirements that, in her view, limit banks’ ability to provide financing. She advocated simpler regulation and a recalibration of capital requirements without abandoning supervisory mechanisms. She also proposed that authorities consider competitiveness and growth as complementary objectives alongside financial stability.
“We are saying that we need smart regulation and supervision, not deregulation, but recalibration and a simple framework, not a weaker one.”
For Botín, resources must be mobilized for investment within Europe itself to accelerate growth and strengthen the regional economy. “The task ahead of us is clear. Resilience is the foundation. Growth is the goal. And investment is the bridge.”
Botín also said the global economy has demonstrated resilience in the face of successive shocks, but noted that this resilience has come at the cost of slower economic expansion and higher debt levels. “There can be no growth without strong resilience, but to be resilient, we need to accelerate growth,” she said, referring to the conference theme, “Driving growth and building resilience.”
According to the executive, the global economy is currently growing about half a percentage point more slowly than it did during the first two decades of this century. Although the difference may seem small, over five years it amounts to approximately $10 trillion in combined GDP, equivalent to the combined economies of Germany and Japan.
For Botín, preventing low growth from becoming structural is one of the main priorities. “Without higher growth, there is no security; without higher growth, pensions are at risk, there is no climate transition, and social tensions emerge. We are seeing this in many countries.”
The journalist traveled at Santander’s invitation.
Ana Botín and Kristalina Georgieva
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