BBVA and Banco de España will study the impact of monetary policy on household consumption

MADRID, 8 Ago. (EUROPA PRESS) -

BBVA and Banco de España have signed a collaboration agreement to jointly prepare a report on the effects of monetary policy on household consumption decisions, according to the resolution published this Monday in the Official State Gazette (BOE).

The agreement aims to implement the "specific agreement" of collaboration between both organizations, regulating the way in which they will share information and knowledge.

Banco de España explained that this study will form part of its 'Working Documents' and is of "special interest", since knowing better the various transmission channels of monetary policy and, among them, household consumption is "fundamental" for the progressive improvement in the performance of its functions as a member of the Eurosystem.

Thus, he considered that the conclusions of the study with BBVA "will contribute to economic analysis and knowledge of the Spanish economy and its international environment."

To prepare the study, BBVA will provide aggregated, dissociated or anonymized data from a sample of its customers, which means that the content will not correspond to 100% customer data, but will be statistical information prepared on the basis of a sample processed by BBVA.

It will also create informative graphs based on the aggregated data and offer statistical information on consumption categories, as well as contributions, analysis, drafting and texts, knowledge, information or synthesis for the drafting, organization and joint preparation of the report together with the Bank of Spain.

For its part, the Bank of Spain will be in charge of drafting, organizing and preparing the report, in collaboration with BBVA, specifically providing the knowledge and experience of the supervisor's economists, as well as other knowledge available in its scientific articles, general disclosure, seminars and scientific conferences.

Banco de España clarified that this agreement does not imply, by itself, any type of economic compensation. Both the supervisor itself and BBVA will bear the costs incurred by each of them in preparing the report.

In addition, to facilitate the work, its monitoring and compliance, a monitoring committee will be set up, which will meet at the request of any of the organizations and at least once a year. It will be made up of three members of the Bank of Spain and three members of BBVA. The president will be assumed by one of the supervisor's members.

The collaboration agreement will be valid for 24 months, extendable by mutual agreement of the parties before its termination.