This may include ads from us and 3 rd parties based on our understanding. Although banks and financial institutions were better prepared after the 2008 financial crisis, Pablo Hern ndez de Cos, former head of the Bank of Spain, warned the true cost of the pandemic will not be known until protective measures are withdrawn Despite praised the European Central Bank and Spain's financial measures, Mr De Cos stressed the consequences of pandemic in the long-term are not certain. Due to this, he called on governments to act now before it is too late to consolidate the financial markets in the EU.
He also called for the provisions from Basel III - agreement - designed to mitigate risks within the sector - to be adopted rapidly. Mr de Cos said at the opening of the financial stability conference that the crisis is far from over. Now is the time to act. He did however praise some of the measures put in place to stop the worst pandemic.
The current crisis has led to substantial and extraordinary monetary and fiscal support measures, which have largely limited the impact on the banking sector, which would otherwise have faced a global economic downturn under worse conditions. Had banks not taken the measures, he explained, banks would have exhausted their ability to finance real economy. In order to help the bloc recover from the pandemic, the EU created the enormous fund to stimulate economies and boost recovery. In addition, the EU was also going to vote for a budget worth up to €1.2 trillion 1 billion JUST IN: Brexit LIVE: Boris vows to fix hated 'problem' in deal with Greece.
Away from the tremendous sums being spent to stimulate recovery, the EU has descended into civil war during a summit on Tuesday this week. The Foreign Minister of Luxembourg warned the bloc that it must act to bring Switzerland and Poland into line regarding their challenges to EU laws. Both states have come under fire for introducing laws that threaten the independence of the judiciary, journalists and Hungary's LGBT content ruling. The EU has enacted rule of law proceedings against the two due to this. EU fears soar as ECB 'risks credibility’ face of inflation crisis Latest Fury as EU throws Article 16 tantrum over 80 bn scheme Insight : Europe will die! From Brussels Europe chiefs, Poland and Ukraine Updates have increased tensions with the bloc.