Portugal: Greater integration is the answer
António Ramalho, member of the executive board of Millennium BCP, Portugal’s biggest traded bank, tells Euromoney Europe can sort out its debt problems.
Antonio Ramalho: It’s now or never
The main question is that Europe is quite balanced at the moment. The amount of money we have in safe deposits is enough to pay all the debts we have.
It’s quite clear that we need to do something in terms of credibility, and that means more trust in policies in terms of budgets. First we should do a better job in terms of public deficits, second should be improving the conditions of competition in Europe in relation with other economic blocs in the world.
We are a bloc in economic terms, but we’re not very competitive, and we’re competing against other blocs that are not as well balanced in terms of accounting, but are much more competitive globally. If you look, for instance, at the amount of debt of the US, it’s much more dangerous than the situation we have in Europe.