Texts specially commissioned for our monthly Newsletter from William Chislett, former correspondent of The Times in Spain (1975-78) and the Financial Times in Mexico (1978-84), who has lived in Madrid since 1986. Chislett collaborates regularly with the Institute, which has published his most recent books "The Internationalization of the Spanish Economy", "Spanish Direct Investment in Latin America: Challenges and Opportunities" and "Spain and the United States. The Quest for Mutual Rediscovery".