Luis de Guindos, ECB Vice-President, discusses monetary policy, European integration, the Spanish economy, global geopolitical shifts, and his future plans in an interview conducted on April 30, 2026.
On April 30, 2026, an interview with Luis de Guindos, Vice-President of the European Central Bank (ECB), was conducted by Amanda Mars. During the interview, Mr. de Guindos reflected on his stance evolution from hawk to more prudent, citing inflation trends and current geopolitical conditions.
He explained that his approach has shifted due to the differing circumstances between 2021-2022 and today, emphasizing the importance of a cautious monetary policy amid geopolitical conflicts and high uncertainty. He highlighted that the ECB’s recent decision to wait before raising interest rates aligns with this prudence.
Regarding the Spanish economy, Mr. de Guindos noted that rising energy prices are impacting inflation faster than economic growth indicators. He praised Spain’s resilient financial system and competitiveness, while acknowledging room for improvement in reducing the budget deficit.
The interview addressed global geopolitical shifts, including the US’s changing policies and the need for Europe to become more independent in defense, technology, and payment systems. He emphasized the importance of a united Europe and the removal of barriers to cross-border banking consolidation.
Mr. de Guindos discussed the potential for euro bonds, referencing the success of the Next Generation EU program, and stressed the importance of joint financing for defense spending. He reaffirmed that European banks’ capital levels are sufficient and should not be compromised by US policy changes.
On European integration, he praised the ECB as a model of cooperation and stability, citing its credibility in controlling inflation. He expressed confidence that Spain will secure a seat on the ECB’s Executive Board, emphasizing the importance of national representation in European institutions.
The interview also covered migration policies, where Mr. de Guindos supported orderly migration flows and emphasized their economic benefits for Spain and Europe. He commented on political dynamics, including the rivalry between Partido Popular and Vox, advocating for liberal-conservative values.
Finally, Mr. de Guindos announced his future plans to join the University of Comillas and IESE Business School as a professor, clarifying he does not intend to return to politics or move into the banking sector after his ECB term.
