Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 313

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 313
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, (ii) structural weaknesses of economies such as 
 China, Germany and Italy, and (iii) the fiscal situation of some large, developed economies, especially the United States, France and Italy. The labour market shows a more even balance between supply and demand for jobs.                   |

| • |     | Growth in the Eurozone is negatively affected by the adoption of tariffs and the repatriation of earnings of US                                                                                                               
 companies as a result of tax cuts and greater geopolitical uncertainty. Spain is one of the countries least directly affected by Trump’s tariffs, although some sectors can be affected by the impact on international trade. |

| • |     | The volatile and erratic nature of inflation is exacerbated by new supply shocks (new tariffs, more volatile energy            
 prices, reconfiguration of production chains, convulsive geopolitics, climate shocks, etc.) and an expansionary fiscal policy. |

| • |     | The geopolitical environment becomes more complex with Trump’s arrival to the White House. Trump imposes tariffs                                                                                                                              
 on the United States’ trade partners, especially China, but these tariffs are only imposed partially, as he takes a pragmatic approach and seeks to negotiate measures that benefit the US economy. The resulting scenario is similar to what 
 happened during Trump’s first term in office. In any event, the climate of uncertainty and a trend towards greater protectionism in several regions mount. In general, the greater uncertainty over the United States’ economic and foreign   
 policy could cause episodes of volatility in the markets for some particularly sensitive variables, such as oil (tensions in the Middle East) or the Mexican peso (uncertainty over trade policy).                                            |

| • |     | The US public finances further deteriorate. Despite improvement in growth figures, the loss of tax revenue from                                                                                                                                     
 companies adds to the existing deficit. In the Eurozone, the entry into force of the new fiscal rules entails tighter control over public finances. The focus is especially placed on France and Italy, due to high public deficits affecting these 
 economies and which will lead to an increase in public debt in the next few years if no fiscal consolidation takes place. In the United Kingdom, the fiscal situation has also deteriorated. Concerns over the state of public finances in these    
 economies take centre stage and could lead to isolated episodes of instability in the financial markets.                                                                                                                                            |

| • |     | The monetary policy gap between the United States and the Eurozone widens. The Federal Reserve is more cautious with                                                                                                                                     
 its monetary policy, and the target interest rate remains at