Carlos Torres Vila highlighted the increasing fragmentation of the international landscape in recent years, marked by trade tensions, protectionism and the reconfiguration of blocs. Added to this are “armed conflicts that directly affect us, such as those in Ukraine, Gaza and Iran.” Beyond the human toll, he noted that these conflicts expose vulnerabilities and affect the cost and supply of energy. For now, the impact on global growth is limited, with an economy that remains resilient at around 3%. In his view, this resilience is supported by supply chain adaptation and the monetary and fiscal response.
In this context, he warned that “Europe faces the challenge of redefining its role in the world” and identified several structural challenges. The main one is the risk of falling behind. In response, he proposed two solutions: reducing external dependence and strengthening autonomy while improving competitiveness. “Europe must strengthen its competitiveness and autonomy, which require more investment. That is where the solution lies,” he said.
This entails transforming the economic and industrial model to sustain productivity and channel savings into productive investment. “Europe does not have a savings problem, but rather a problem of how to turn savings into productive investment, into growth,” he explained. To move in this direction, he proposed improving investment opportunities through regulatory simplification and harmonization across countries. He also considered it necessary to develop more attractive investment projects, foster a greater willingness to take risks when investing and develop efficient mechanisms, such as a true single capital markets and the completion of the banking union. “These are the two channels through which savings are translated into productive investment,” he added.
BBVA Chair noted that the Group maintains positive prospects in all the markets in which it operates. “We have a great strength: a highly diversified portfolio of businesses and countries that provides us with significant growth,” he said.
By geography, he highlighted Spain and Mexico as pillars of BBVA. In Spain, where BBVA aims to continue gaining market share, he underscored the expected economic growth, above the European average. Regarding Mexico, he emphasized its structural opportunity due to its proximity to the U.S., its demographics, low credit penetration and the boost from public investment through Plan Mexico. In this country, BBVA has a unique franchise with differentiated scale, high profitability and leading digital capabilities.
He also highlighted the contribution of markets such as Turkey and South America. In Turkey, he underscored the long-term potential of its economy. Regarding South America, he emphasized its economic dynamism and positive outlook for the coming years.
Disclaimer
BBVA – Banco Bilbao Vizcaya Argentaria SA published this content on April 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 14, 2026 at 08:35 UTC.