21 November 2025
Bilbao Campus
Deusto Business Alumni held a new edition of its lunchtime discussion on 21 November at Deusto, in collaboration with PwC, featuring Luis de Guindos, Vice-President of the European Central Bank (ECB). Under the title “Monetary Policy and Financial Stability in the Euro Area,” the event brought together executives, business leaders, and alumni to discuss the international economic situation and Europe’s main challenges.
The President of Deusto Business Alumni, Antón Azlor, opened the event by recalling “the many distinguished individuals who have emerged from the classrooms of Deusto Business School,” and highlighted the “exceptional” career of Luis de Guindos, whom he described as “a figure with a professional background of immense significance for understanding the current European economic landscape.”
Asier Atutxa, partner in charge of PwC in the Basque Country, then presented the key conclusions of the firm's monthly economic report for November. He analysed the role of the dollar as the world's main reserve currency, the evolution of the trade agreement between China and the United States, including President Trump's commitment to reduce tariffs, France's moves in its new stabilisation programme with the withdrawal of the pension reform and the energy context conditioned by the excess oil supply.
In his speech, Luis de Guindos reviewed the economic situation in the euro area, which, he said, "is developing better than we expected a few months ago". Regarding China, he warned that the country "has not yet closed its agreement with the United States", and that what happens in these negotiations "will be fundamental for the global scenario". He also highlighted the recovery of the Asian giant's competitiveness.
The Vice-President of the ECB identified household consumption as the "main driver" of the economic recovery, supported by job creation and real wage growth. However, he pointed out that lack of confidence is leading to high savings rates. He also warned that investment in equipment and construction remains weak in Europe. As for the balance of risks, he stressed that "they are currently balanced", whereas half a year ago they were clearly tilted to the downside.
Among the immediate challenges, he mentioned the increase in defence spending and the need to maintain fiscal coherence across the European Union. He also referred to the growth of non-bank financial players - such as insurers, pension funds and private equity - whose relationship with banks is increasingly close. “Europe has all the tools to get things right, but without unity it will be difficult to endure,” he concluded.
In the subsequent discussion, Anton Arriola, President of Kutxabank, referred to the growing political fragmentation in Europe, to which Luis de Guindos responded by appealing to “rationality” and the intellectual weight of European universities as a source of hope. The debate delved into the new risks and opportunities arising from digitalisation: the emergence of neobanks such as Revolut, crypto-assets and stablecoins, and the development of the digital euro, currently in the testing phase and set to become “the digital version of the money we carry in our pockets today.” As advice to young people on how to develop a successful career, De Guindos was straightforward: “Study at Deusto, learn languages, and develop an entrepreneurial spirit.”
