MADRID, Jan 31 (Reuters) - The economic recovery in Europe will be more visible in 2014, Santander Chairman Emilio Botin said on Thursday, though he warned it would still be slow in 2013, especially in the first part of the year.
“I believe we are now entering a new phase and the recovery will be more visible in 2014,” Botin told a news conference.
He praised moves towards a European banking union and also said the European Central Bank had played a key role in managing the euro zone crisis. Far-reaching reforms in Spain would also help the recovery, Botin said, adding that a “change in cycle” was close in Spain even though 2013 would be tough. (Reporting by Sarah White; Editing by Tracy Rucinski)