Authors: Miguel Otero-Iglesias, Sebastián Royo and Federico Steinberg
Published by: Elcano Royal Institute
In the first years of the Global Financial Crisis, Spanish financial institutions were not as severely affected as those of other countries. However, their apparent success was short-lived. As the crisis intensified, Spain’s banking sector could not escape its dramatic effects. Our analysis of the Spanish crisis confirms a long-standing tenet: financial systems collapse when they take on too much risk and when they do not have sufficient capital in reserve to absorb the losses of their risky investments and loans.
This report examines the Spanish banking crisis and uses it to extract valuable lessons for the construction of the European Banking Union (EBU), which is a complex process that resembles in some respects the variety of actors and preferences encountered in the Spanish case.
The first Expo of the 21st century is being held in Japan from 25 March to 25 September 2005, with the participation of 127 countries at the venues in Aichi prefecture. Spain's presence at the Expo has been managed by the Sociedad Estatal de Exposiciones Internacionales (SEEI), which was created in response to the strategic importance of projecting our country's image abroad, and is an outstanding occasion for both the public and private sectors to promote Spain in Japan. The aim of this manual, published by the promotors of the Marca España project (ICEX, Foro de Marcas Renombradas Españolas, DIRCOM and Elcano Royal Institute), is to enable visitors to make the most of the Spanish pavillion and to further their understanding of Spain and the Spanish. This is particularly important in a country such as Japan, where despite a frequently expressed sympathy towards Spain there is also a significant lack of real knowledge of its economic, political, social and cultural life.
Coordinated by: Joaquín Arango & Rickard Sandell
The Elcano Royal Institute and the Instituto Universitario de Investigación Ortega y Gasset have jointly published the first 'Elcano Report' with the title Inmigración: Prioridades para una nueva política española (Immigration: Priorities for a New Spanish Policy). The publication has been co-ordinated by Joaquín Arango, Director of the Centro de Estudios sobre Migraciones y Ciudadanía of the Instituto Universitario Ortega y Gasset, and by Rickard Sandell, Senior Analyst for Demography, Population and International Migration at the Elcano Royal Institute. The 'Elcano Reports' are a new collection of research documents designed by the Elcano Royal Institute with the aim of fostering political debate on the major international issues facing Spain today. On this occasion the Institute's objective has been both to stimulate debate on the direction that Spanish immigration policy should take and to make a small contribution to that debate by presenting an objective and non-partisan analysis of the drawbacks of current Spanish immigration policies and outlining possible solutions.
The ‘Marca España’ project aims to coordinate the various public and private initiatives currently in progress to promote Spain’s international image. The idea is to transmit to both the business and institutional worlds the importance of a such an undertaking and to inform them how to communicate and ‘sell’ the new face of Spain. The project is being jointly coordinated by the Instituto Español de Comercio Exterior (ICEX), the Elcano Royal Institute, the Foro de Marcas Renombradas Españolas and the Asociación de Directivos de Comunicación (DIRCOM), with the support of the Spanish Ministry of Foreign Affairs. The report states that: ‘This is not a project for experts or politicians alone; it should be, and is, something more: an effort in which all those who contribute to create an image for Spain should play their part, laying aside any temptation to be self-serving. “Marca España” is an affair of State’. The report covers all three scheduled phases: internal debates on ‘Marca España’, preparation of the report and, finally, presentation of the report on the ‘Marca España’ project, the result of which is this book.