Conflictes nacionals i mercats de capitals a Europa


  • Josep Lluís Oller i Ariño


The process of European construction is going on without anv discussion in Spain. This is the result of the isolation and democratic weakness which impelled Spain into Europe. Spain will pay a price for the abscence of thinking and planning of our interests. The lack of clout in agriculture and fishing are an example. Spain has joined the euro without having a clear idea of the effect of the new competition. Economic activity will be relocated, as capital, but not labour, is mobile. A single currency means a single financial system and all investment becomes domestic, accelerating the internationalisation of capital flows. The institutional domination of banks in continental Europe will give way to an explosive growth in stock markets, until now very marginal. Financial intermediaries will have to be large and this explains the current rush to merge. American banks with their multinational structure in Europe are well placed. London has been the predominant financial centre in Europe, but Paris and especially Frankfurt will promote virtual markets, inducing the disappearance of national stock exchanges. The strategic position of Spanish financial intermediaries is extremely weak, preferring South America to Europe. In the mid term large Spanish firms will obtain finance from European markets and foreign intermediaries will penetrate the Spanish market. The question is whether the French-German axis will succeed in imposing its outdated technology. A common market means specialising in competitive advantatges, but the Spanish financial sector, despite its quality, has few.