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.
Following the crisis, the financial system was extensively reformed to strengthen microprudential regulation, focused on individual entities, and macroprudential regulation, to prevent the accumulation of imbalances in the whole system that may affect the real economy.
Bank assets growth picked up to 7.7% in Q3 2019 supported by a higher loan growth rate. Assets quality worsened and diverged among big and smaller banks. Capital adequacy ratio dropped on faster growth in risk-weighted assets, small banks are facing deteriorating conditions in funding through NCDs and bond market.
In this Watch, the structural factors that allow us to explain the cyclical behavior of the Spanish economy during the first half of 2019 are evaluated, and the impact of the main changes affecting GDP.