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BANKS' ROLE IN RECOVERY
Given the recent and apparently firm signs of economic recovery, it is essential to once again delve into the functions of the banking system to ensure that economic growth occurs in a context of financial stability. Otherwise, this growth could be unsustainable.
In this context, our attention should preferably be directed at Europe, where the first steps have been taken toward banking union through the implementation of a new regulatory and supervisory framework. However, we should also examine the global sphere as the field of action of Spanish banks and go further with the structural reforms made necessary by the internationalization of banking to guarantee new sources of profitability.
All of this should go hand in hand with customer-oriented service and with what customers want and expect from their bank. The aspirations of the banking industry should include a push to promote and increase lending, and to provide effective, transparent and comprehensible financial services in a world where disruptive technological innovations impose new trends and relationships. The technological challenge has also reduced intermediation through the appearance of alternative providers of financial services as part of the shadow banking system and new payment channels associated with companies outside the traditional banking industry.
These and other professional challenges will be discussed at the 10th Banking Industry Meeting, which will once again be organized by CIF with the support and collaboration of EY. It is a real pleasure to hold this tenth meeting in a favorable economic climate. In fact, the theme of this year's meeting is “Banks' role in recovery”.