Spain stands out more and more in the international sphere of financial institutions. The appointment of Nadia Calviño as president of the European Investment Bank – a position she assumes tomorrow for a period of six years – is another milestone for the country, which currently has its own voice in other important institutions. Luis de Guindos is vice-president of the European Central Bank; José Manuel Campa is president of the European Banking Authority; Fernando Restoy chairs the Financial Stability Institute, and the UN has just appointed Carme Artigas as a member of the advisory body on artificial intelligence governance. In the political sphere, Josep Borrell's role as EU Foreign Affairs Commissioner is remarkable.
However, there have also been some failures, such as when, in the autumn, the deputy governor of the Bank of Spain, Margarita Delgado, lost the presidency of the ECB's Supervisory Council to the German Claudia Buch, despite the fact that Spanish was preferred by the European Parliament.
Far from the influence of powers such as France or Germany, Spain has historically contested international influence against countries such as Italy, Poland or Portugal, due to size or neighborhood. In the past, the careers of Rodrigo Rato as managing director of the International Monetary Fund, Jaime Caruana as director general of the International Bank of Payments and, outside the financial sphere, the multiple positions in the European and international sphere that they occupied Javier Solana or Francesc Granell.
"The presence of Spaniards in these institutions gives prestige and reputation to the country, a fact that has indirect effects on its economy", comments Josep Soler, director of the Institute of Financial Studies (IEF). The Esade professor Omar Rachedi, specialized in Economics and Finance, points in the same direction, highlighting the direct communication that is established between the international body and the local Government, which pushes in favor of the interests of Spain since it understands first hand the needs of the institution.
In addition, access to information and contacts during the time of the mandate reverts to the future of the country's economy, both on a formal and informal scale, in both the public and private sectors. "The manager and the entire team that works with him accumulates experience that he can take advantage of in the next professional stages", says Marc Arza, professor of International Relations at EADA.
It is difficult to see the negative side of this phenomenon. It is true, Arza acknowledges, that promotion to international positions means a loss of talent for the country. Likewise, adds Soler, the country runs the risk that the position in question will perform its function poorly and its mandate will tarnish Spain's global reputation. In 2007, Rato left the IMF abruptly and years later stepped into prison.
But the arguments in favor are many more and, for this reason, Professor Rachedi considers it key that each country has a clear strategy to place its professionals in these institutions. "You have to choose well the battles in which it is worth fighting for the position. Sometimes it is better to choose a few and not 25 at a time, since not all institutions have the same influence", says the professor.
On the other hand, Soler and Arza consider that chance plays a key role in the election of these positions and that in the European Union it is also determining the game of balance between the different powers, regions and political families. "That's why there is usually little room for choice", points out Arza, who remembers that Spain has gained influence after the United Kingdom's exit from the EU.
Beyond the senior positions in the front line, Professor Racahedi emphasizes the importance of having Spanish representation in positions that are in the second and third ranks. "Even if it doesn't seem like it at first, these professionals often have much greater decision-making and executive power", he warns.
In this sense, Rachedi highlights the career of Pilar Castrillo, responsible for economic and market analysis at the European Stability Mechanism, and highlights the role of Oscar Arce as director general of Economics, Statistics and Research of the European Central Bank. "The role of Jesús Saurina, member of the Single Resolution Board, is also crucial." The professor recalls that in 2017 this body had the last word when deciding that Banco Santander could absorb Banco Popular for the price of one euro.
