“Very few people really know what REE does, expect that, erroneously, it “belongs to the State”(…) Our foreign investors now account for 75% of the total (…) The system works very well. The price of our electricity may be a little higher than in Europe but we have some determining factors such as very complicated physical conditions.” Who speaks is Socorro Fernández Larrea, Red Eléctrica de España Board member.
European centralism fuels suspicion when Brussels and the poorer States join forces against the wealthier countries to demand more resources. And this is what has happened in Spain, according to many Catalans.
Probably the fact they came from Euskadi and were based there is what saved the former Basque cajas (savings banks) from the worst vices which destroyed hundreds of lenders throughout Spain, according to Xabier Sagredo, executive chairman of BBK.
Emmanuelle Auriol, member of the board of the European Economic Association at the University of Toulouse, is well-known in France for her polemic proposals. She believes, and this is very important for France, for its identity and the social consensus we have established, “that we need to protect the workers, not the jobs. Because if we try to protect the jobs, prohibit lay-offs, what happens is that there is more unemployment in the end.”
Mohamed El-Erian, currently chief economist with German insurance group Allianz, and touted as a possible sucessor to Stanley Fischer, believes that monetary policy cannot do any more. And that the governments of the democratic countries have not been capable of coordinating economic policies which solve the problems created by the last crisis.
Claudio Borio, chief economist at the Bank of International Payments (BIS) in Basel, believes that the question that differentiates what has been happening in continental Europe from what has been happening to some extent in the US, the UK and other economies, including Spain, is the extent to which the banking problems and the asset quality problems have been adressed head-on.
Spain is the second country after Italy to benefit from the Juncker Plan, which ends in 2018. There are already 53 operations ongoing, with 4.5 billion euros financing from the EIB, which will facilitate the mobilisation of over 28 billion euros of total investment.
Xavier Colás (Moscow) | Russia had a taste of democracy in the 1990s, and people’s needs increased. With the rouble’s brutal devaluation, the average Russian felt free, but at the same time associated this with huge economic decline. And now Russians prefer economic security to freedom.
Juan de Antonio, CEO of Cabify, firmly believes that disruption is the main driver for progress in business. “Wealth is generated outside our continent and Cabify is an example of a Spanish company which would have died if we hadn’t left here.”
Fernando Rodríguez |Javier Cremades is chairman of The Spanish Association for Minority Shareholders of Listed Companies (AEMEC). The association probably represents the most important group of former Popular shareholders on the map of litigants which seems to be being created. Cremades gives his view on this case and on other issues like the divided image foreign investors have of Spain.