For the third consecutive year, BNP Paribas Cardif en España, the BNP Paribas insurance subsidiary specialized in protection insurance, held a conference on the labor market to present the results of the annual study conducted by Analistas Financieros Internacionales (International Financial Analysts, 'AFI') and share with its clients views on the present and future of the market in which they operate. 

Held on 30 May, the event was attended by many stakeholders in the financial sector who discussed the economic outlook in the euro area, with particular emphasis on employment prospects in the Spanish market following the regulatory changes brought on by Spain's Reforma Laboral, or Labour Reform. 

Chaired by BNP Paribas Cardif en España managing director Ignacio Sáinz de Medrano, the conference took place in the BNP Paribas Auditorium.  Attendees included specialists such as Emilio Ontiveros, President of the AFI and renowned financial sector expert, who presented his assessment of the prospects of the economic situation in the euro area and Spain. 

"An analysis of the financial and economic conditions of the euro area and Spain reveals that much work remains to be done since neither the euro economies nor their financial sectors are faring better than a year ago, before the outbreak of the sovereign debt crisis in July 2011.  Things will certainly improve, but it all depends on an extremely rigid institutional process and the delicate processes of reorganizing institutions that need to be undertaken without delay, which still leaves room for problematic developments" says Ontiveros.

Special attention was given to the Labor Reform through a round table discussion composed of economics and labor experts who presented their positions on the conditions necessary for a successful reform of the labor market and went over the reform's implications for Spain and Europe.

The conference ended with a concluding statement by the CEO, Ignacio Sáinz de Medrano:

"The bancassurance sector faces deep regulatory changes and the transformation of the economic and financial environment. For our partners, it is crucial that we reflect on these developments and anticipate market trends to offer product and services tailored to our clients' current and future needs."