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"Negative rates have been quite relevant, quite impart in order to foster economic activity. And this improvement in economic activity over the past two year, before the slowdown ... has been something very positive in term of the profitability of the banks," de Guindos said.
"The low profitability of the banks clearly goes beyond the potential impact of negative interest rates. I think that the low profitability of banks in Europe has to do with structural factors," de Guindos told the European Parliament's committee on economic affairs in Brussels.