8  In 2021 extraordinary gains were recognised as a result of two mergers € billion in total), the spin-off of an insurance company € billion) and restructuring costs at the two big banks € billion). In 2020, extraordinary items included the negative adjustments to goodwill of the two banks with the largest international presence € billion), the adjustment for deferred tax assets € billion), restructuring costs at one bank € billion) and capital gains on the sale of business lines € billion). 9  However, as the year-on-year increase in net interest income (1.4%) in 2021 was lower than the increase in average total assets (3.8%), its contribution to the change in ROA in 2021 was negative. 10  This decline is explained by the larger drop in interest income than in interest expenses. The fall in consolidated net interest income over the last two years, concentrated in 2020, is due to a narrower interest rate spread (price effect) and a drop in the volume of assets combined with an increase in the volume of funding (volume effect). The latter represents an important difference compared with business in Spain, where the volume effect partially offset the likewise negative price effect. 11  Since 2015, net fee and commission income as a percentage of total assets has increased from 0.41% to 0.45%.
In the long term, wouldn’t “Grexit” risk putting on record that a country can, in fact, leave the euro area, and thus that the euro is not irreversible? If Greece had to leave the euro area, that would risk casting doubt on the nature and functioning of the monetary union. That would create fragility. It would be a tragedy for Greece and, moreover, for its economy. It would be a challenge that Europe would have to rise to as quickly as possible, by substantially reinforcing its institutional framework. The stability of the euro area depends on a balance between responsibility and solidarity. In order to be stronger and more convincing, concrete initiatives are required to reinforce these two dimensions. What would you say to the Greeks to convince them not to leave? It is vital to put Greece back on a growth path, to reach a consensus in order to recreate a viable economic model for the country. Total factor productivity in Greece grew at a rate of only 1% per year between 1981 and 2014, against 2% per year in the euro area, and that happened despite the sizeable transfers Greece has benefited from. To achieve this, the Greek economy must remain within the single European market and be able to rely on its institutions. What’s more, were Greece to leave, austerity would be far worse. The country would no longer benefit from the solidarity of the euro area, which has given it the time to make the necessary adjustments.