The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Monetary financing is "the only way out in a democracy", says Santander's Botín

Banks need to play their part in rescues without putting all the burden on shareholder funds, says Santander’s group executive chairman.


States will have to print money to deal with public-sector debt in the aftermath of the coronavirus Covid-19, says Ana Botín, Santander’s group executive chairman.

As Santander announced an 82% dip in profit in the first quarter due to coronavirus, she tells Euromoney that financial leaders, including in Europe, “have to throw away the rule book” to support their economies.

“We’ve never seen this kind of crisis in our lives. We cannot play by the rules. We have to realise that this is a different kind of crisis. If you don’t react quickly, a huge number of companies are going to disappear. And if we do not act now to protect viable businesses then the recovery will take much longer.”

So-called monetary financing is “the only way out in a democracy”, according to Botín, as stringent spending cuts and tax increases are no longer an option.

“You have to inflate your way out,” she says.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree