The president of the Cercle d’Economia, Jaume Guardiola, and the president of the Círculo de Empresarios, Juan María Nin, were the protagonists of a colloquium held at the Círculo Ecuestre last Tuesday, October 15.
After the welcome from the president of the Círculo Ecuestre, Enrique Lacalle, the businessmen engaged in an interesting dialogue with the deputy director of La Vanguardia, Manel Pérez, in which they addressed fundamental issues for the Catalan and Spanish economy.
The meeting began with one of the most anticipated topics: the BBVA takeover bid for Banco Sabadell. Asked about it, Jaume Guardiola, former CEO of Banco Sabadell from 2007 to 2020, warned about the risks that a banking concentration could pose for access to credit, especially at a time of financial restriction. "If we go from four to three large banks, many companies that depend on several entities for their financing could be affected", he said. However, Juan María Nin, who also shared Guardiola's concern, added that the takeover bid is, in itself, a reflection of the success of Banco Sabadell: "Sabadell is an exemplary institution and that is why it is an object of desire. This is not the first time that a similar operation has been studied, which demonstrates the great value of the bank". In this regard, the businessman who also held the position of CEO of the financial institution between 2002 and 2007, stated that the final decision must be in the hands of the shareholders and framed within the rules and regulations of the relevant financial bodies.
After an extensive debate on the takeover bid, the colloquium addressed the growing competition between Barcelona and Madrid. Juan María Nin called for greater self-criticism from Catalonia, highlighting the emergence of Madrid as a great European capital in the last 20 years. "Madrid has done its homework, while in Barcelona we have missed important opportunities, such as the expansion of El Prat or the management of key infrastructures", he commented. In turn, Guardiola stressed that Catalonia's GDP has remained constant, while Madrid has grown by absorbing economic activity from other territories, becoming a European metropolis. However, he showed a positive vision of the future of Barcelona: "We are competing well in sectors such as startups and health sciences, which opens up an optimistic horizon".
Regarding regional financing, Guardiola was blunt in describing the current model as a "disaster". Therefore, he stressed the need for a system more oriented towards the management of income rather than expenses. "The State has increased its spending much more than the autonomous communities, which generates a fiscal imbalance", he said. Nin, for his part, called for a more federalist approach, pointing out that "the regional system of Spain should evolve towards an effective federal model". Both speakers agreed that a public and professional debate should be opened on the reform of regional financing, without being carried away by sentimental approaches.
Another relevant topic of the colloquium was the reduction of the working day. Juan María Nin reflected on how technology and artificial intelligence are changing the labour landscape, making it essential to rethink the working day. "Reducing the working day is necessary, but it must be done in a rational way and adapted to each sector and company", he suggested. Guardiola agreed, pointing out that the key is flexibility: "With improvements in productivity, higher salaries and a higher quality of life can be offered".
The discussion also extended to the companies that have left Catalonia in recent years. Guardiola was clear in stating that "they must be left alone", since companies make their decisions based on their own interest. Instead of focusing on recovering those that have left, Nin suggested looking to the future: "The important thing is to attract new investments and create the conditions for 15,000 more companies to come, instead of regretting the departure of the previous ones".
At the end of the event, both business leaders highlighted the need for greater public-private collaboration as key to solving the major challenges facing the Spanish economy, from access to housing to the sustainability of the welfare state. "There is no way out without collaboration between the public and private sectors", they concluded.