The Chairman of CaixaBank proposes that companies impregnate themselves with “intellectual humility” and flee from fatalism to face the pandemic
“Maintain serenity, make courageous decisions, avoid fatalism and act with intellectual humility so that people do not fear mistakes and speak freely” within companies. It is the recipe offered yesterday by the president of CaixaBank, José Ignacio Goirigolzarri, to manage the current scenario of uncertainty.
To questions from the journalist Sergio Martín, he proposed “to create highways so that European funds reach the economy,” he said at the CEO Congress, highlighting that the 75,000 million euros that Spain will receive entails a “tremendous responsibility” from the point of view technical. He stressed that the management of ‘Next Generation’ funds “is a challenge as a country and they should help us to combat low productivity. It is essential to leave a more productive economy for our young people. In his opinion, these funds should not be used for actions with results “in the short term.” He also warned that the management of these grants must be “transparent” and that a “directional vision” must be avoided, for which it is necessary to give participation to the companies.
Regarding the recovery, the president of CaixaBank indicated that the levels of GDP prior to the pandemic have not yet been reached. He considered that the economy is experiencing a strong pull, but warned that we must be cautious “because we are in a pandemic that continually surprises us.” In his opinion, Spain is recovering with greater difficulty due to the sectoral structure of its economy.
The manager indicated that the CaixaBank and Bankia merger was the “strategic, unconventional response” to the pandemic. The effects of the health crisis were perceived from the outset as “an element of transformation”, while at the same time driving digitization. This is one of the great strategic challenges for banking as a consequence of the change in customer habits. With the merger operation, whose integration has just been completed, a critical size, greater capitalization and diversified sources of income have been gained, he explained.
Same rules for everyone
He pointed out that the planet must be made sustainable through a “smart transition.” In this sense, he added that sustainability “opens up highly extraordinary business areas.”
Goirigolzarri also pointed out that banks, and CaixaBank in particular, “are not going to lose the game” in the face of competition from Amazon, Facebook and other large platforms that have entered the consumer and business loan market. It seems good to him that other actors enter, but as long as “we all play by the same rules and regulations.” Finally, he predicted that within four years there will be euros, yen and digital dollars. An option that he sees as more viable than the various types of cryptocurrencies.
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