The president of the National Securities Market Commission (CNMV), Carlos San Basilio, warned this Wednesday about the consequences that high levels of public debt have on the evolution of financial markets, in a context already strained by geopolitical risks.
In this line, the highest authority of the stock market supervisor has criticized that powers like the United States are not applying the fiscal consolidation policies that he considers essential to ensure the sustainability of their public accounts.
"We are seeing that in some of these countries, and the United States is a clear example, the necessary budgetary consolidation measures are not being addressed that would allow the debt-to-Gross Domestic Product (GDP) path to enter a phase of sustainability through the reduction of percentages," he argued during his speech at the 'CREO Forum' organized by 'Cinco Días'.
At the same time, San Basilio included among the main sources of uncertainty weighing on the markets today the geopolitical conflicts, explicitly citing the war in Ukraine and the conflict in Iran, for which so far "he does not see a near end."
The president of the CNMV also related this inflationary episode, largely originated by the energy crisis, to the fiscal position of the major developed economies. In his view, the heavy public indebtedness in the United States, the United Kingdom, Japan, and a good part of the European Union creates a "particularly concerning" scenario.
As he explained, the pressures on prices and the consequent rise in interest rates by central banks add "additional tension" to the financing costs of sovereign debt.
Next, the president of the regulator specified that, in the field of risks, "it is not just about geopolitics or public debt," but also about artificial intelligence (AI). "AI, which is a growth factor, on one hand, is also a very relevant source of uncertainty due to the extremely high capitalizations and cybersecurity," emphasized San Basilio.
In relation to the first aspect, he pointed out that, due to the weight that these companies have reached, they have transformed into a "systemic factor" for the U.S. financial market and, by extension, for the entire international system.
Regarding cybersecurity, San Basilio has emphasized that technology acts "in two ways." "On one hand, it can help companies protect themselves better. On the other hand, it helps attackers more easily identify weak points," defended the president of the CNMV, who insisted that it is necessary to be "especially vigilant."
Resilience of the markets and progress in Spain
On the other hand, San Basilio has highlighted the "resilience" that global equity markets are showing and, in particular, in Spain, where positive results continue to be recorded despite the intense level of uncertainty.
In the domestic sphere, he pointed out the behavior of the main Spanish stock index, the Ibex 35, which has seen an increase of nearly 10% so far this year.
He also highlighted the notable increase of 70% recorded until August in the volume of placements —which includes both capital increases of listed companies and significant stock sales— reaching 17 billion euros in the first months of 2026, compared to nearly 10 billion from the same period of the previous year.
This momentum has also extended to the fixed income market, where issuances made in Spain have grown by around 7%, exceeding a total amount of 60 billion euros.
Slowdown in collective management and net outflows
Regarding collective management, San Basilio explained that a structural growth path is maintained, although with a "somewhat less dynamic" behavior than in previous years.
He detailed that the assets managed by investment funds in Spain continue to increase and already exceed 500 billion euros, although the pace of growth is lower than that recorded last year.
In this same line, the head of the CNMV indicated that in some months —as happened at the beginning of the year and is being observed again since September— there have been the first net outflows of money from the funds after a long period of subscriptions. In his view, this behavior reflects that the current climate of instability "is indeed having a certain impact," although the overall trajectory of the sector remains positive.
More liquid, deeper, and attractive markets in the EU
On the other hand, the highest responsible of the supervisor has defended that Spain and the European Union (EU) need "more liquid, deeper capital markets, with greater capacity to attract companies and that serve as support in their innovation strategies."
With this objective, he has demanded to complete the integration of the markets within the community block and to take advantage of "the potential of a market as large as that of the European Union, eliminating barriers to cross-border transactions."
"We have received a very clear boost in these last two years, also as a consequence of these geopolitical tensions and the need for Europe to clearly position itself as a growth pole with its own weight in the environment of other superpowers," he has added.
However, San Basilio has warned that it is also essential to ensure "sustainable" demand levels and has pointed out as a central challenge to channel a much larger volume of savings into European capital markets.
"There are two differential demand factors that we lack in many European markets. One is the mobilization of retail investors and the other is the presence of institutional investors, especially pension funds with a long-term investment vocation," he has emphasized.
Consequently, he has urged to promote measures in the field of financial education, to offer simple equity products, and to articulate an attractive tax system that favors the incorporation of savers into the markets.