Bail-in: Are my savings secure?

The multiple bank failures that took place during the 2008 financial crisis familiarised us with the concept of a bailout, a mechanism whereby a government uses public money to rescue financial institutions. However, there is another, less well-known option where shareholders, creditors, and depositors can take over the losses.

Big banks have become used to playing Russian roulette with money that is not theirs. If business is good, they keep the profits, while if it goes badly, the losses are socialised at the taxpayer’s expense. This is a globalised phenomenon that has been repeated over time and became evident with the multiple bank bailouts and financial sector restructuring that took place during the 2008 financial crisis.

Thus, to avoid the collapse of the banking system, the first option for many countries was to bail out ailing institutions or, in other words, use taxpayer’s money to cover the red numbers caused by the irresponsible financial management of the bankrupt institutions’ management teams.

In the case of Spain, major international organisations estimate the costs of the bank bailout at 6% of GDP. More than 64 billion euros in public money was injected into the banks, much of which has already been written off after the banks have only returned a tiny amount to taxpayers.

External bailout vs. internal recapitalisation

The two basic models currently used by the financial system to help struggling banks are the bailout or external rescue and the bail-in or internal recapitalisation. While in a bailout the state, i.e. the public as a whole, bears the cost of recapitalisation, in the case of a bail-in the losses are borne by shareholders, creditors and ultimately depositors, as happened in Cyprus in 2013. The concept of bail-in is based on the notion that if the bank needs to rebalance its balance sheet, it must first use its own capital.

Since January 2016, a bail-in system has been in force in the European Union. According to this resolution mechanism, shareholders receive the first blow. If this does not stabilise the bank, subordinated creditors take over. Next in line are the holders of senior bonds and, finally, uninsured depositors, i.e. those with more than 100,000 euros in their accounts, with preference given to the deposits of large companies over those of households and SMEs, while small depositors remain unaffected.

It is therefore a mechanism designed to minimise the possibility that the costs of resolving a non-viable institution will be borne by taxpayers, while at the same time ensuring that systemically important institutions are resolved without endangering financial stability.

Can the bank or the State take my savings in case of bail-in or bankruptcy?

Yes, if you have more than €100,000. If you have less than €100,000, you will be excluded from the bail-in and will be covered by the Deposit Guarantee Fund in case of bankruptcy. This body guarantees the return of money from savings accounts, current accounts and fixed-term deposits.

Let us remember that the FGD guarantees 100,000 euros per depositor and institution. Therefore, to insure higher amounts, it is advisable to have the capital distributed among different entities, without exceeding 100,000 euros in any one of them. Alternatively, if an account with 200,000 euros is shared by two people, each of them would have 100,000 euros insured.

Another option is to open a current account with a fintech such as 11Onze, which operates through an Electronic Money Institution (EMI) and is required by law to insure 100% of its customers’ deposits in the event of bankruptcy, regardless of the amount.

Are there any real examples of bail-in?

In Spain, on 7 June 2017, Banco Popular was the first Spanish bank to be bailed-in under the European Union’s new framework for bank resolution. Shareholders and subordinated debt holders lost their investment, and the bank was sold for one euro to Banco Santander, thus avoiding the use of public money. In this case, depositors, even if they had more than 100,000 euros in savings, did not lose their money.

The bank bailout in Greece in 2012 led to the liquidation of Laiki Bank and the restructuring of the Bank of Cyprus through a bail-in. In this case, customers with up to €100,000 in savings did not lose their money, but big depositors lost a large part of their savings or, in some cases, this money was converted into shares.

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The American multinational investment company has consolidated its position as the largest shareholder of Banco Sabadell, Banco Santander and BBVA, while increasing or maintaining its position as one of the main investors in CaixaBank, Bankinter and Unicaja.

New York-based BlackRock is the world’s largest asset manager. With more than $9 trillion in assets under its management, 70 offices in 30 countries and clients in more than 100, its influence extends far beyond Wall Street, managing investments for clients ranging from individual investors to large corporations and governments.

The list of corporations with assets under its stewardship is almost endless: from technology companies such as Apple, Meta and Microsoft, to oil companies such as ExxonMobil, Chevron and Shell, to banks such as Goldman Sachs, JPMorgan and Bank of America. In fact, it would be easier to list ‘the few’ large global companies that are not part of BlackRock’s stock market portfolio.

In Spain, the presence of the US investment giant is well established. BlackRock is the main shareholder of the Ibex-35, doubling its workforce in the last five years and controlling 42,000 million euros in investment assets. Iberdrola, Red Eléctrica, Repsol, Enagás, Telefónica… and, according to data from the Comisión Nacional del Mercado de Valores (CNMV), also lord and master of Spanish banking.

Over 25% of the shareholding with an investment of more than 6,000 million euros

BlackRock’s presence in Spanish banking shareholdings has increased progressively over the last few years, consolidating its position as the main reference shareholder in the Spanish banking sector.

In the case of BBVA, Banco Santander and Banco Sabadell, BlackRock is their largest shareholder with 7.4%, 6.2% and 4.46% respectively. On the other hand, it is now the third-largest shareholder of CaixaBank, the fifth of Bankinter, and maintains a small stake in Unicaja.

An upward trend implies a greater influence in the management and direction of these banks, but it is not free of controversy due to the possible conflict of interest it could entail. As Gerald Davis warned, BlackRock is a silent giant, but an incredibly powerful one.

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If you are an investor, you must understand what stock indices are and what they are used for. A stock index is a statistical indicator that reflects the change in the price of the main shares listed on a given stock exchange and can be used as an investment tool.

Stock indices are benchmark instruments characteristic of the world of finance and essential for investors. They are tools that measure the performance of a specific group of assets in the stock market, providing a clear view of the price of a set of related stocks or securities.

There are multiple indices around the world which, as Joan Benedicto, 11Onze agent, points out, ‘will tell us whether shares in a particular economic sector are rising or falling in price and how they will perform as a whole’. Therefore, they can be key when it comes to knowing the stock market and making investments.

What are the main stock market indices?

Stock market indices can include from a few to hundreds of companies. The best-known international examples are:

• The Dow Jones Industrial Average (DJIA), created by Charles Henry Dow, editor of The Wall Street Journal, measures the share prices of the 30 largest companies listed on the New York Stock Exchange.
• S&P 500, which includes the 500 largest companies in the United States and is considered the most representative of the real market situation.
• NASDAQ, which includes the largest market capitalisation technology companies and other companies in high-growth sectors.
• FTSE 100, pronounced ‘Footsie one hundred’, is a stock market index published by the Financial Times and comprises the top 100 stocks on the London Stock Exchange.
• NIKKEI 225, the main indicator of the Tokyo Stock Exchange that measures the results of the 225 Japanese public companies with the highest capitalisation and liquidity belonging to various industrial sectors.
• In the case of Spain, we find the IBEX 35. Therefore, when you hear that, for example, the Spanish stock market has fallen by 0.10%, it means that the market values of the thirty-five companies in the main stock market index of the Spanish market have fallen by 0.10%.

These indices work by points, which will increase or decrease depending on the evolution of the value of the companies that make up the index, but as Benedicto explains, ‘we have to bear in mind that not all the companies that make up these indices are taken into account equally, while some may influence the index by 10%, others may only influence it by 0.5%’.

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The asset with the top market capitalisation is not a company, but a precious metal. Gold is the world’s most valuable asset, ahead of the stock of any corporation. Throughout history, it has maintained or increased its value through all market fluctuations, establishing it as the ultimate safe-haven asset.

The global accumulated public debt as a percentage of gross domestic product has created an imbalance in terms of the capacity to generate wealth. States are paying more than they can afford and are increasing the fiscal pressure on a population hit by high interest rates in an attempt to contain inflation.

In this context of economic uncertainty, the intrinsic value of gold, which carries no credit risk and cannot be inflated, has made it the ultimate safe-haven asset for investors and particularly attractive for diversification and assured returns on savings.

While many investors are looking ahead to the expected rate cuts by the Federal Reserve (Fed) and the European Central Bank (ECB) later this month, the volume of trading in the golden metal has exceeded 150 billion euros per day in the last twelve months, making it the most traded financial asset after currencies.

On the other hand, company stocks can fluctuate dramatically due to several variables. We have seen this happen over the last few years with the big technology companies, where their market capitalisation has faced considerable headwinds from fears of overvaluation and the spectre of rising interest rates, although they have staged a remarkable recovery since the beginning of the year.

This has not been the case for the price of gold, which continues the upward trend it has experienced throughout its history. This year alone, it has already gone up by 17%, after rising by 15% in 2023 due to the US banking crisis, geopolitical tensions, military conflicts and the Fed’s monetary policy.

The most brilliant asset

Market capitalisation is the total value of a company’s shares on the stock market and is calculated by multiplying the total number of outstanding shares of a company by the current unit price of each share. In the case of precious metals, market capitalisation is obtained by multiplying their current price by the price of the existing stock of the metal that has already been mined.

Stocks with larger market capitalisations tend to be a safer bet, yet smaller companies may have greater potential for rapid growth and higher returns. In general, stocks with a large market capitalisation help investors diversify their portfolios to manage risk.

Gold, as an asset, has a current market value of $15.899 trillion. Far above Microsoft ($3 trillion), Apple ($2.9 trillion) and NVIDIA ($2.8 trillion). It exceeds the total value of the next five companies in the ranking and by almost ten times the value of silver, making it the world’s most valuable asset and a haven if we want to protect our savings.

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BBVA’s takeover bid for Banco Sabadell has the potential to transform the eurozone banking sector and revives the debate on the need for European banking consolidation that Brussels has been advocating for years. Even so, this concentration of financial services may have negative effects on banking competition and social inclusion.

A week ago, the CEO of Banco Sabadell, César González Bueno, was convinced that the hostile takeover bid would not go ahead because of the evolution of the stock premium. ‘I don’t think it will happen, it’s too complicated’. In any case, a month after it was leaked that BBVA was preparing a merger offer with Sabadell, the debate over banking consolidation is back on the table.

While the Spanish government is reticent about the operation, arguing that it will increase banking concentration and therefore hurt employment, the provision of financial services and financial stability, the European Union welcomes any bank consolidation that helps to eliminate alleged overcapacity and improve cost efficiency.

Bank consolidation refers to the process by which financial institutions merge or are acquired by other institutions, resulting in fewer banks with a larger market share. In Europe, this phenomenon has accelerated in recent years, driven by several economic and regulatory factors and with the support of the European Central Bank.

The creation of the banking union

After the financial crisis of 2008 and subsequent sovereign debt crises, the need to improve supervision and regulation of the EU financial sector became evident, especially regarding the eurozone.

In this context, the European banking union was established in 2014 to ensure the financial stability, safety, and soundness of the banking sector in the euro area and the EU as a whole. This is achieved through a single rulebook consisting of a set of legislative texts that must be complied with by all banks operating in the member states.

There are currently more than 4,500 active banks in the EU, a large part of which are small and medium-sized institutions. The ECB argues that such mergers, especially cross-border, could be conducive to risk diversification and financial market integration. It also points out that the new rules and this bank consolidation close loopholes and thus contribute to a more efficient functioning of the single market.

The darker side of consolidation

The current banking concentration in Spain is plain to see when we remember the number and diversity of building societies present three decades ago, when they had half the market share of the banking business.

The bailout of the Spanish banking sector with public money reduced their business and capacity. This consolidation resulted in a massive closure of branches and cash points. The risk of financial exclusion was real and, despite the government’s directives, the measures taken by the banks to alleviate it need to be revised.

The lack of competition in the banking market has also meant that Spanish banks’ interest rates on deposits are much lower than those offered on average in the EU. All this has happened in a context in which the big banks -CaixaBank, Banco Santander, BBVA, Banco Sabadell, Bankinter and Unicaja- have increased their profits exponentially.

Beyond bankruptcy protection, the success of bank consolidation will depend on the ability of regulators to balance profits with the need to maintain a competitive, diverse and inclusive banking sector. This will be no easy task, given that the promiscuous relationship between the political class and the banking sector has for decades been part of a system where looking after the public interest is not a priority.

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Central banks worldwide have been buying record amounts of gold since the beginning of 2022. The pace and regularity with which these state-owned financial institutions are stocking up on gold is unprecedented. What is behind this new gold rush?

It is no secret that gold is a strategic safe-haven asset that plays a key role in diversifying investment portfolios. Throughout history, it has established itself as the ultimate store of value precisely because it maintains or increases its price during periods of economic uncertainty.

That said, in recent years, especially since 2022, the price and demand for gold have reached record highs and show no sign of abating. This upward trend has been driven by the accumulation of gold by central banks, which have been buying record amounts of the golden metal and continue to hoard it at a frenetic pace.

According to data from the World Gold Council (WGC), in Q1, central banks added 290 tonnes to their reserves, up 1% year-on-year and 69% more than the quarterly average of the past five years. This is the strongest start to the year in the WGC’s historical series, which dates back to 2000.

From net sellers to net buyers

After dismantling the gold standard during the 1970s, according to which their convertibility sustains the value of currencies to gold, the precious metal lost much of the interest of central banks and its place at the centre of the international monetary system.

Fifty years later, the global financial crisis of 2008 signalled a paradigm shift in these state-owned financial institutions’ perception of gold as a safe-haven asset. The emergence of quantitative easing (QE), which aims to increase the money supply by setting lower interest rates, essentially a monetary policy of printing more money, worried central banks that held large amounts of dollar reserves and treasury bonds.

In this context, diversifying their reserves by buying gold was a no-brainer, making them net buyers since 2009 after decades of being sellers. Yet, this resurgence in interest in gold accumulation has accelerated significantly in the last three years.

Geopolitical risks in a multipolar world

Gold offers a stable alternative to the expansionary monetary policies that have fuelled the growing distrust of fiat currencies and devalued their price, but it is also a key asset for countries seeking to reduce their dependence on the US dollar through the process of de-dollarisation.

This is a trend that is gaining momentum due to the weaponisation of the dollar and the international monetary system through economic sanctions imposed by the United States on any country that poses a threat to its hegemony. This strategy of de-dollarisation is particularly evident in countries such as Russia and China, which have significantly increased their gold reserves in recent years, especially since the US and its client states in the EU froze more than 300 billion euros in Russian central bank assets.

The rise in gold reserves also reflects changes in the global economic balance of power. As emerging economies gain weight on the international stage, they are looking for ways to consolidate their position and stabilise their currencies in the face of market instability or, as was the case in Russia, where the temporary convertibility of the rouble to gold at a fixed price became a key tool to recover and stabilise the rouble’s value after the fall experienced by sanctions.

The consequences of these geopolitical tensions and monetary policies that fuel runaway debt and devalue currencies can be disastrous for the global economy. It is therefore not surprising that central banks and many investors look to gold as the only safe alternative to protect their capital.

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El cicle de crisis financeres de les últimes dècades ha posat de manifest les limitacions dels models actuals de supervisió bancària a l’hora de garantir la solvència dels bancs, l’estabilitat de l’economia i la confiança en el sistema financer.

Els bancs juguen un paper fonamental en l’economia, per tant, una bona supervisió bancària és un element clau per mantenir la solidesa i la integritat del sistema financer d’un país. Això no obstant, una vegada darrere l’altra veiem com els organismes reguladors no poden evitar que la gestió inadequada d’aquestes entitats tingui conseqüències desastroses per l’economia.

Essencialment, la supervisió bancària implica la regulació i el control de les activitats dels bancs per part de les autoritats competents. Aquestes entitats supervisores han de garantir que els bancs compleixin amb les normatives i que gestionin adequadament els riscos inherents a les seves operacions, de manera que es garanteixi la seva solvència.

Tanmateix, la promíscua relació entre la banca i la classe política ha facilitat la desregulació i una supervisió ineficaç del sector financer, conduint a pràctiques arriscades i irresponsables per part dels monopolis que controlen el mercat. Això posa de manifest una manca de voluntat en servir l’interès públic que sovint es tradueix en una devastació econòmica que acaben pagant els contribuents, rescatant a bancs amb diners públics. 

Quan els supervisors bancaris no fan la seva funció

La crisi financera del 2008 va tenir el seu origen en l’esclat de la bombolla immobiliària del 2006 als Estats Units. Un boom creditici que venia acompanyat d’un excessiu palanquejament acumulat pel sector bancari alimentat amb crèdit barat i una laxa normativa.

Les entitats financeres van oferir préstecs hipotecaris subprime a persones amb una solvència financera qüestionable, concedint crèdits a clients amb baixos ingressos o sense verificació adequada de la seva capacitat de pagament. Al mateix temps, els productes financers derivats jugaven un paper clau en l’amplificació de la crisi. Aquestes inversions van ser considerades inicialment com a segures i de baix risc, ja que les agències de qualificació creditícia els van atorgar una bona classificació.

L’informe d’una comissió d’investigació creada per esbrinar les causes de la crisi va destacar l’excessiva presa de riscos per part dels bancs i la negligència els reguladors financers. Concretament, va criticar la reducció i falles en la regulació financera per part de la Reserva Federal durant el mandat d’Alan Greenspan. 

La desregulació i falta de supervisió, però, no venien de nou, ja que va ser la pedra angular de la “Reaganomics” durant els anys vuitanta. L’administració del president Reagan havia assentat les bases que van inspirar les polítiques posades en marxa pels seus successors i que van culminar amb la crisi financera del 2008.

Els auditors posen la supervisió bancària del BCE en dubte

El col·lapse de Credit Suisse, que venia acompanyat de la fallida del Silicon Valley Bank i del Signature Bank, feia sorgir el fantasma de Lehman Brothers i desencadenava el pànic en els mercats. Els governs i les agències reguladores ens asseguraven que no havíem de patir pels nostres estalvis i per l’estabilitat del sector financer perquè, encara que no ho semblés, havien fet seva feina.

Doncs bé, resulta que no, que aquesta vegada tampoc han fet la seva feina. Un informe publicat pel Tribunal de Comptes Europeu ha posat en dubte la supervisió bancària del BCE, alertant que els requisits de capital exigits a les entitats exposades a més riscos són insuficients i que no es va intensificar la supervisió en aquells bancs que presentaven problemes persistents en la gestió del crèdit. L’informe apunta que el BCE “no fa servir eficaçment els seus instruments i competències de supervisió per garantir que els riscos identificats estiguin plenament coberts”.

I és que, tal com va passar amb Lehman Brothers, Credit Suisse va rebre el vistiplau dels reguladors i de les agències de qualificació de risc poc abans del col·lapse. De fet, DBRS Morningstar va ser la primera agència de qualificació global a retallar la nota creditícia de Credit Suisse, menys d’un dia després que el banc central suís es veiés obligat a rescatar l’entitat financera. En definitiva, un altre suspens en tota regla per part dels supervisors i de les agències de ‘ràting’ que suposadament vetllen pels nostres interessos.

Una vegada més, sembla que els interessos de la banca i d’una minoria selecta tenen prioritat per sobre de la voluntat de servir l’interès públic i que els suposats supervisors simplement serveixen per perpetuar l’afany d’usura dels poders fàctics que justifiquen la seva existència. Tots hem sentit la famosa frase d’Albert Einstein: “Bogeria és fer el mateix una vegada i una altra esperant obtenir resultats diferents”, tots, menys els que s’encarreguen de supervisar la banca, aparentment.

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The People’s Bank of China is leading record gold purchases by central banks around the world, up to an all-time high of 800 tonnes since the beginning of the year, in an economic context where countries try to hedge against inflation and seek to decrease their dependency on the dollar.

According to the latest report from the World Gold Council (WGC), central banks have purchased 337 tonnes of gold in the third quarter of this year alone. Although far from beating the record of the third quarter of 2022, accumulated purchases since the beginning of the year have reached 800 tonnes, a year-on-year increase of 14% and a new absolute record.

Persistent inflation, the trend towards de-dollarisation, and the devaluation of some of the world’s major currencies in a context of armed and geopolitical conflicts in Europe, Asia and the Middle East, have spurred purchases of gold as a store of value, maintaining its price at around $2,000 per ounce.

Specifically, the armed conflict between Palestine and Israel and the fear of it spreading to other countries in the Middle East with the subsequent escalation in the price of oil, has contributed to the increase in gold demand and the rise in its value. A fact that has taken many market analysts by surprise, who had expected a decline in gold demand from last year’s record high.

China at the forefront of buying in reserves

The People’s Republic of China’s voracious appetite to buy the golden metal is once again confirmed. The central bank of the Asian giant leads the record of gold purchases after having acquired a total of 181 tonnes since the beginning of the year, increasing its gold holdings, at least officially, to 4% of its reserves.

On the other hand, this increase in gold accumulation has been accompanied by a reduction in its holdings of US Treasury bonds. Although China, along with Japan, remains one of the largest foreign buyers of these securities, the tendency to dump US debt is driven by concerns about the fiscal deficit, the stability of its currency and the effort to untie its economies from the dollar, known as a process of de-dollarisation.

In this context, the WGC forecasts that total investment in gold at the end of the year – including over-the-counter purchases – together with central bank purchases, will exceed last year’s. Unfortunately, the economic and geopolitical uncertainty of recent years has not only increased, but looks set to continue to worsen.

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Inflation, biflation, stagflation… Learn what the different concepts linked to the evolution of the Consumer Price Index (CPI) mean. Media are using them more and more.

This year we have experienced the highest inflation rates since 1985, with increases of up to 10% per year. As a consequence, the purchasing power of the population is shrinking. And the situation in Catalonia is not very different from that in neighbouring countries.

It is becoming increasingly common to find a series of concepts related to the evolution of prices that you should be aware of. We present you our particular inflation dictionary.

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Having money in a current account has always been synonymous with prudence. Today, however, it may be one of the most expensive financial decisions there is.

For generations, saving has been the cornerstone of family economic security. Setting money aside was a virtue. A cushion against unforeseen events. A promise of future peace of mind. But the context that made this logic possible has disappeared. And continuing to act as if nothing has changed can carry a silent, yet extremely high cost.

The uncomfortable question is no longer whether we invest well or poorly. It is whether not investing is, in fact, a losing decision.

The Mistake of Confusing Safety with Inactivity

For decades, leaving money in the bank made sense. Inflation was low, interest rates offered a positive real return, and the value of savings remained stable over time. Today, that equation has broken down.

With persistent inflation, real interest rates — that is, interest rates minus inflation — remain negative. This means that even if the current account balance does not decrease, its real value does. Each passing year, saved money buys fewer goods and services.

According to Eurostat data, prices in the euro area have consolidated well above pre-pandemic levels. And despite interest rate hikes by the European Central Bank, traditional savings returns remain insufficient to offset this loss of purchasing power.

The result is paradoxical: what we perceive as safe — doing nothing — is actually a slow but constant form of impoverishment.

The Hidden Cost of Not Deciding

Not investing is not a neutral position. It is an implicit bet that the economic system will function as it once did. But the context has changed structurally.

We live in an environment marked by:

• Public and private debt at historic highs. 
• Unconventional monetary policies that have altered the price of money. 
• Growing systemic risks, from geopolitical tensions to financial fragilities.
  

In this scenario, keeping all savings immobilized amounts to assuming that inflation is temporary, that prices will fall, and that time will work in our favour. But reality points in precisely the opposite direction.

The cost of not deciding does not appear on any bank statement. It generates no alerts. It causes no immediate anxiety. However, it steadily erodes wealth. It is an invisible, yet cumulative cost.

When Saving Stops Protecting

Here we must make a key distinction that is often overlooked. Saving is not the same as protecting value. Saving is accumulating money. Protecting is preserving its purchasing power over time. And investing is attempting to make that value grow above inflation.

When money remains idle in an inflationary environment, saving ceases to fulfil its protective function. It becomes a still photograph within a film that keeps moving forward.

This is one of the major psychological traps of the current system: we confuse nominal stability with real security. But economic security is not about seeing the same number in the account, but about what we can do with that money today and tomorrow.

Saving, Protecting, Investing: Three Phases, Not One Single Decision

A mature relationship with money is not based on a single action, but on a phased strategy. Saving is essential. It is the first step. Without savings, there is no room for manoeuvre nor capacity for decision.

Protecting is the second. It means preventing inflation from eroding accumulated value. Here assets, strategies, and approaches designed to preserve purchasing power come into play. Investing is the third. Not to speculate, but to grow wealth consistently with the acceptable level of risk, time horizon, and each person’s life objectives.

Skipping the last two phases leaves one exposed. Not to market risk, but to the very real risk of losing the value of money.

The Fear of Investing Also Has a Price

Many people do not invest out of fear. Fear of losing. Fear of not understanding. Fear of making a bad decision. This fear is understandable, especially after financial crises in which many were burned. But not deciding is also a decision. And it has consequences.

In a world of fiat money, structural inflation, and accelerated change, inaction no longer protects. It merely postpones the problem. And often makes it larger.

Investing does not mean taking disproportionate risks or gambling. It means understanding the context, diversifying, thinking long term, and making informed decisions. Exactly the opposite of impulsive speculation.

The Essential Shift in Mindset

The major challenge is not financial, but cultural. We have been taught to associate prudence with immobility. But today, prudence requires being active, aware, and responsible with money. 

This implies:

• Accepting that the context has changed. 
• Understanding that passive saving no longer protects. 
• Educating oneself to decide with criteria. 
• Assuming that doing nothing also carries risks. 

It is not about seeking miraculous returns. It is about avoiding a certain loss.

The question is no longer where to invest, but whether we can afford not to. At La Plaça d’11Onze, we advocate an active, conscious, and responsible relationship with money. Because in a world where idle savings lose value, deciding is the only way to protect the future. Discover more analysis and tools to stop being a spectator of your economy.

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