Interview with ECB Vice-President Luis de Guindos

In an interview conducted on April 30, 2026, ECB Vice-President Luis de Guindos discussed the evolution of his stance on monetary policy, noting a shift from hawkish to more prudent approaches due to changing economic conditions and geopolitical uncertainties.

He highlighted differences between the current situation and 2021-2022, emphasizing the impact of geopolitical conflicts and the importance of cautious decision-making, including the recent pause on interest rate hikes.

Regarding the Spanish economy, he acknowledged positive macroeconomic indicators, the resilience of the financial system, and Spain’s preparedness for slowdown, while noting the influence of rising energy prices and external uncertainties.

De Guindos commented on the changing global order, emphasizing Europe’s move towards independence in defense, technology, and financial sovereignty, and discussed the challenges of political nationalism affecting European integration.

He expressed support for deeper cross-border banking consolidation within Europe and the potential issuance of euro bonds, citing the success of the Next Generation EU program as a pragmatic step toward greater fiscal integration.

On banking regulation, he affirmed that European banks’ capital levels are sufficient and that maintaining solvency advantages is crucial. Regarding Spain, he supports cross-border bank consolidation and the importance of securing a seat on the ECB Executive Board for Spain.

De Guindos also addressed the significance of immigration for Europe and Spain, advocating for orderly migration and investment in social services to mitigate political backlash. He emphasized the values of liberal-conservatism upheld by the Partido Popular and expressed no intention of returning to politics or joining the banking sector, planning to join academia instead.