What are some of the important memberships connected to the Spanish Banking System?
The European Union Membership (EU): Spain is a member of the EU, which is a conglomerate, overarching alliance of political and economic affiliations between a current 27 member states that are primarily located within Europe. The main currency of the EU is the euro, whose standard is secured through the central banking systems within each member country and provides an overall stabilization of global economies. The EU consists of standardized laws and practices that provide similarity and uniformity to member states, thus increasing security and stability of the euro, local currencies, and banking securities. The purpose of the EU is to assist in the free market within European countries and is a novel idea that is inspiring other parts of the world. With the protection of the free market for goods and services across multinational borders and within the member countries of the EU, major national incomes are protected, stabilized, and ensured consistent sustainable growth. Spain ranks in fifth place among European Union member countries.
The Organization for Economic Co-Operation and Development (OECD): Spain is a member of the Organization for Economic Co-operation and Development (OECD). The OECD is a recently founded organization within the history of Spain’s economic progress and emerged within the 1960s as a push towards the country’s modernization.
World Trade Organization (WTO): Spain is a member of the World Trade Organization (WTO). The WTO regulates trade and establishes guidelines and laws for trade agreements. The WTO also handles resolutions, disputes, and processes for ensuring amicable relationships between countries in the area of economics should disputes arise. The WTO is an important part to maintaining peace as well as economic stability initiatives within member countries and works to ensure economic ideals have actual and real traction within the trade practices of each country.
Inter-Alpha Group of Banks: Santander and BBVA are also members of the Inter-Alpha Group of Banks.
What is the GDP ranking for Spain?
Spain ranks 14th in global GDP
What are some of the largest banks in Spain?
Santander, BBVA, and Banco Popular. Sabadell is another large bank; however, it is not originally from Spain.
What are Cajas?
Cajas are savings banks and also refers to smaller banks in villages. The word is also utilized to describe larger mergers and networks between small banks such as Unicaja. Banco is a term utilized for commercial banks that deal with retail, business and wholesale banking.