Olga Gouveia is Principal Economist in the Financial Systems Unit in BBVA Research with focus on the analysis of European Financial Systems.Previously, Olga Gouveia worked in Moody's as Vice-President Senior Analyst at FIG, with leading analytical responsabilities for the ratings of Spanish and Portuguese banks.Prior to that she worked as an Analyst and Associate in BPI Private Equity in Oporto.She obtained a Degree in Economics from the University of Oporto, in Portugal in 1998 and an International MBA from IE Business School in 2003.
Last Thursday, we learned that eurozone banks requested a large amount of liquidity (EUR 1.3 trillion) from the ECB's fourth TLTRO III operation.
With COVID-19 led disruptions portending an unprecedented crisis across the Euro Area, that could lead growth to decline between -5% and -12% according to Ms Lagarde, the ECB took further actions today to ensure ample liquidity conditions
The last weekend of March saw the Spanish Government make the isolation measures in the country more restrictive, bringing a halt to all non-essential activity in the fight against the COVID-19 pandemic. Activities considered essential include those carried out by financial services companies, including banks.