(Bloomberg) -- Banco Santander SA Executive Chairman Ana Botin said the global economy is in a good state despite the geopolitical risks, with higher interest rates, strong employment and growth benefiting lenders in particular.

“We have a super-soft landing so far,” Botin said in an interview with Bloomberg TV from Washington. “So far so good.”

The International Monetary Fund this week inched up its expectations for global economic growth this year, citing strength in the US and some emerging markets, while warning the outlook remains cautious amid persistent inflation and geopolitical risks.

As central banks get ready to start cutting interest rates, the Spanish lender expects terminal rates to be around 3% in Europe and 4% in the US, which is “not a bad thing for commercial banks,” Botin said.

“Negative rates were unsustainable, risky for the system,” she said. 

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