Recent remarks by Mercedes Olano, Head of the Supervisory Department at the Bank of Spain, have sparked considerable discussion among financial analysts. According to her, it is too early to assess the impact of new U.S. tariffs on the liquidity of European creditors. European supervisory authorities, including representatives from the Single Supervisory Mechanism (SSM), continue to monitor the situation closely. Thus far, no signs of any adverse effects on short-term or medium-term liquidity have been identified.