June 24, 2021

The Ibex asks the Government for an attractive framework for investment and legal security




Gerardo Cuerva, president of Cepyme, has perfectly summarized what was experienced this morning in the extraordinary plenary session of the Spanish Chamber of Commerce: “It’s simple, vice president (Calviño), you have to pay attention to the business world” to achieve economic recovery. He has said it in a relaxed tone to the economic head of the Government. But within that sentence it is clear that it has been a claim event.

José Luis Bonet, president of the Spanish Chamber, has been the first to speak to demand “high-mindedness” from the political class to reach broad consensus. With the tagline, also, that without the participation of the productive fabric there will be no way out of the crisis. The starter of what would come minutes later with several first swords of the Ibex 35. In fact, around 50% of the weighting of the Spanish selective was present at the event.

Fernando Abril-Martorell, Chairman of Indra, and Ana Botín, Chairman of Banco Santander, then spoke to claim agreements and support for companies, also in search of the long-awaited recovery via technological and “green” revolution.

The first executive of Santander has asked for “more and better tracking” and “more tests”, now that the pandemic is once again ravaging Spain as the most affected country. Beyond the health plan, the banker has made a plea in favor of the productive fabric: “With each company that we save that is worth saving, recovery will be easier”. And he did not miss the opportunity to support Pedro Sánchez’s speech this past Monday before the Ibex in Madrid in which he claimed, among other things, “unity.”

The big businessmen asked the Executive to make good use of European funds with public-private collaboration

Botín also referred, as usual, to the distribution of European funds; the 140,000 million that correspond to Spain. In this sense, he asked for public-private collaboration and to allocate the money to projects “with a multiplier effect.” The ecological transition and digitization are two of the main weapons that Spain must use to defeat the economic crisis caused by Covid and plan the future, in his opinion.

Ignacio Galán, Chairman of Iberdrola, has spoken in very similar terms on the technological and “green” issue. Two pillars that must be fundamental in our country, but this requires “investment.” “You get out of the crisis with work and investment”, has indicated.

“There is a tremendous competition to attract capital and talent, both. And for that, you have to have attractive, predictable frames that attract and do not scare. And in a fast way, because if we don’t run there are others who will run. It must be done urgently, “explained the head of the energy company.

From BBVA, its president Carlos Torres has emphasized an idea similar to the rest of the first swords of the Ibex. Reforms and investment are needed, but that can only happen under certain circumstances. «To generate investment we need trust and this is achieved with reforms, legal certainty, budgetary stability, clarity on the rules of the game, institutional stability and efficient taxation, with adequate incentives for the investment to come ”, he explained. Words very similar to those pronounced this Monday in his speech in the banking courses of the Menéndez Pelayo International University and which has now decided to strengthen the entity’s chief executive.

With his sights set on the EU, Torres has called for “alignment” between the public and private sectors in order to amplify the effect of the funds that will arrive from Europe. “We have to leverage private initiative so that European money is 10 or 20 times more, and for it to have a good end,” he said.

José María Álvarez-Pallete, president of Telefónica, has been the most neutral in his words and has focused his speech more at the sector level, among other matters. Has claimed a digital pact and new rules of the game that guarantee that companies compete on equal terms, otherwise it has warned that it will be “impossible” to have the same productivity, in reference to Europe’s digital giants.

Calviño’s optimism

The closing of the plenary session has been carried out by the Vice President of Economic Affairs, Nadia calviño, after listening to all the requests of the Ibex 35. Once again he has valued the measures approved by the Executive and has outlined that the recovery is already underway, despite the slowdown in activity in August recognized by personalities such as the vice president of the ECB , Luis de Guindos.

“The employment data is important and enrollment has been quite dynamic in July and August. The average monthly membership has grown by 330,000 people since April. The self-employed affiliation data is practically at the same level as before the state of alarm “, commented the vice president. Yesterday the labor market figures for this past month were known: the number of unemployed people increased by 29,780 people (0.79%) in August compared to July, to a total of 3,802,814. And as if that were not enough, last Monday was the worst day of the year for employment, since 211,566 jobs were destroyed -216,235 if contracts are taken into account instead of people. The same day 331,332 contributors were unsubscribed, which, when adding those who registered, yields the worst balance in one day of the entire year.

He also emphasized that “Recovery is reaching the self-employed group”; a union that he has described as “fundamental”. He has even recognized that now there is a certain slowdown in the granting of public guarantees, but that this is “good news” because it means that companies “are already having income and do not need financing.”

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