Real Instituto Elcano

Leading Spanish think tank on international affairs and strategic studies / Think tank de estudios internacionales y estratégicos [EN] [ES] @elcanobrussels

[Real Instituto Elcano @rielcano]

4 de cada 10 personas vieron al menos 20 minutos del #Mundial de fútbol de Qatar. La encargada de gestionar el mayor espectáculo en vivo global, la #FIFA, obtuvo entre 2019 y 2022 unos ingresos récord de 7.568 millones de dólares.
✍️ @angelbadillo
https://t.co/YB27icv9Wv

[Real Instituto Elcano @rielcano]

⚽ ¿Sabías que España debe el 0.9% de su proyección exterior al #deporte? Son datos del Índice Elcano de #PresenciaGlobal. Descubre más aquí:
https://t.co/ACxwPoIJO9
⤵️ Y los últimos datos aquí:
https://t.co/VY2ZNs4ieq

[Real Instituto Elcano @rielcano]

🇪🇸🇦🇷 El Mundial de Catar obtuvo audiencias similares en Argentina y España: 40.1 millones en el país de la Albiceleste y 37.6 en el de la Roja. Esta noche ambos países se ven las caras en la final del Mundial 2026.
https://t.co/YB27icv9Wv

[Real Instituto Elcano @rielcano]

Unlike in other donor countries, the debate in Spain surrounding aid policy and the questioning of some of its foundations occurs within a context of increasing resources allocated to cooperation.
✍️ @iolivie @msantillanoshea
https://t.co/kJ31wcHvKT

[Real Instituto Elcano @rielcano]

“The EU needs winners. Yet it is this scaling stage where the EU is the weakest: it still struggles to scale its companies, despite recent progress”.
✍️ Christos Tsoukalis
https://t.co/CmIg2kwrAL

[Real Instituto Elcano @rielcano]

💌 ¡#FelizViernes! Esta semana en @rielcano hablamos de:
🤝 Cooperación al desarrollo
💧 Seguridad hídrica
🇪🇺 Escalabilidad de empresas europeas
📰 Elcano en los medios
⤵️ Y mucho más | #BoletínNewsletter:
https://t.co/P9uchjQNLn

[Real Instituto Elcano @rielcano]

.@LesEchos analiza el punto de inflexión que supone el acuerdo de la UE y Reino Unido sobre #Gibraltar, con la opinión de nuestro compañero @Jorge_Tamames. #EquipoElcano
https://t.co/VOiW2r6VLX

[Real Instituto Elcano @rielcano]

Spanish political parties and international development #aid: an analysis of party positions and discursive evolution since 2021.
✍️ @iolivie @msantillanoshea
https://t.co/kJ31wcHvKT

[Judith Arnal @judith_arnal]

📢 𝗡𝗲𝘄 𝗽𝗲𝗲𝗿-𝗿𝗲𝘃𝗶𝗲𝘄𝗲𝗱 𝗽𝗮𝗽𝗲𝗿 in the Capital Markets Law Journal (Oxford University Press), co-authored with @PabloZalba : "Competitiveness as a secondary regulatory objective in the European Union: a necessary complement to financial stability and investor protection".

The timing could hardly be better: it coincides with today's publication of the Commission's report on the competitiveness of the EU banking sector.

𝗪𝗵𝗮𝘁 𝘄𝗲 𝗮𝗿𝗴𝘂𝗲:

1️⃣ 𝗦𝘆𝘀𝘁𝗲𝗺𝗶𝗰, 𝗻𝗼𝘁 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹, 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀. Financial competitiveness is a system-level property: the capacity of the financial system to support long-term economic performance while maintaining resilience and consumer trust, not the profitability or market share of individual institutions.

2️⃣ 𝗙𝗿𝗼𝗺 𝗿𝗵𝗲𝘁𝗼𝗿𝗶𝗰 𝘁𝗼 𝗺𝗲𝗮𝘀𝘂𝗿𝗲𝗺𝗲𝗻𝘁. We operationalize it through4️⃣dimensions (financing capacity, profitability and value creation, resilience, and market participation and digital transformation), captured by 28 KPIs, which can be expanded or made more granular depending on the segment of the financial sector concerned.

3️⃣ 𝗔𝗱𝗱𝗿𝗲𝘀𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗼𝗯𝗷𝗲𝗰𝘁𝗶𝗼𝗻𝘀:

❓ Does a secondary objective inject ambiguity into supervisory judgment?
➡️ No: it bites only at the margin, once the primary objectives of safety, soundness, market integrity and investor protection are satisfied. And it is more transparent than the status quo, where competitiveness already enters deliberation informally, without structure or accountability.

❓ Is competitiveness too elastic a term?
➡️ So are financial stability and market integrity: the answer to conceptual openness is operationalization through indicators, not avoidance.

4️⃣ 𝗪𝗵𝘆 𝘁𝗵𝗲 𝗨𝗞 𝗺𝗼𝗱𝗲𝗹 𝗰𝗮𝗻𝗻𝗼𝘁 𝘀𝗶𝗺𝗽𝗹𝘆 𝗯𝗲 𝗶𝗺𝗽𝗼𝗿𝘁𝗲𝗱. The FSMA 2023 conferred the objective on the FCA and the PRA, bodies that combine rule-making and supervision within a single jurisdiction. EU governance is fragmented along two dimensions: regulation vs supervision, and EU vs national level. The ESAs lack autonomous rule-making powers, and direct supervision remains mostly national, with the ECB/SSM as the principal exception. Simply amending agency mandates would be insufficient.

5️⃣ 𝗢𝘂𝗿 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹. The EU legislator should anchor competitiveness in primary legislation as a formal secondary objective, cascading through the whole system: the Commission's legislative and delegated acts (with enhanced impact assessments), the ESAs' Level-3 instruments, and supervisory practice at both ECB/SSM and national level. Never a licence to relax prudential standards: a calibration principle disciplining discretion at the margin, backed by annual KPI reporting, benchmarking and independent reviews.

The article is not open access, but just drop me a message and I will share it bilaterally.

Link: https://t.co/PKqlAm9ywI

[Real Instituto Elcano @rielcano]

Consensos y discrepancias en torno a la #cooperación para el desarrollo a lo largo y ancho del arco parlamentario español.
✍️ @iolivie @msantillanoshea
https://t.co/hkFw1YgOMh

[Real Instituto Elcano @rielcano]

To solve its scaling problem, the EU must focus not only on capital and growth prospects, but also on the shared root causes, such as fragmentation and institutional risk aversion.
✍️ Christos Tsoukalis
https://t.co/CmIg2kwrAL

[Judith Arnal @judith_arnal]

Very happy to see 2️⃣ of my publications made it to the July Think Tank review list of the @EUCouncil 👇

1️⃣ 𝗗𝗼 𝗻𝗼𝘁 𝗯𝗹𝗮𝗺𝗲 𝗕𝗮𝘀𝗲𝗹: 𝘁𝗵𝗲 𝗢𝘂𝘁𝗽𝘂𝘁 𝗙𝗹𝗼𝗼𝗿 𝗮𝗻𝗱 𝗘𝘂𝗿𝗼𝗽𝗲’𝘀 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲𝗻𝗲𝘀𝘀 𝗱𝗲𝗯𝗮𝘁𝗲 with @karel_lannoo for @CEPS_thinktank. This is an especially timely issue taking into account the forthcoming publication by the Commission of the Report on the competitiveness of the Banking sector. Link: https://t.co/bS7WnWSb1v

2️⃣ ¿𝗘𝘀𝘁𝗮́𝗻 𝗰𝗼𝘁𝗶𝘇𝗮𝗻𝗱𝗼 𝗹𝗼𝘀 𝗺𝗲𝗿𝗰𝗮𝗱𝗼𝘀 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗲𝗿𝗼𝘀 𝗲𝗹 𝗿𝗶𝗲𝘀𝗴𝗼 𝗴𝗲𝗼𝗽𝗼𝗹𝗶́𝘁𝗶𝗰𝗼? for @rielcano. This is also a timely paper in view of the geopolitical turbulence and doubts about whether financial markets can keep up with relatively low levels of volatility. Link: https://t.co/JEckfdrKhI

Let’s keep up the work 💪

Link to think tank review list: https://t.co/MI62SIACHm

[Daniel Fiott @DanielFiott]

¡Qué alegría ver que 1️⃣0️⃣ publicaciones del @rielcano han sido incluidas en la "Think Tank Review" del @EUCouncil! ¡Un aplauso para @miotei @judith_arnal @Lucia_FdezR @MiraMilosevich1 y más!

https://t.co/pKJ92u81lo

[María Solanas @Maria_SolanasC]

No sé pierdan este Comentario de @TiradoSarti, nuestra investigadora experta en agua.

[Real Instituto Elcano @rielcano]

“Esa interdependencia entre seguridad hídrica y energética es la clave de la vulnerabilidad regional: el agua ya no depende de la lluvia, sino del funcionamiento ininterrumpido de un sistema mucho más complejo y expuesto”.
✍️ @TiradoSarti
https://t.co/pBBTZfsNGM

[ÖGfE @oegfe]

Talks aimed at creating the digital euro are entering their final stage. @_PaulSchmidt and @miotei write that its introduction has the potential to significantly boost EU integration. https://t.co/T5gn9tqkMG @LSEEuroppblog @AuroreLalucq @Evelyn_Regner @oegfe @rielcano

[Real Instituto Elcano @rielcano]

.@zeitonline entrevista a nuestro compañero @Jorge_Tamames para analizar el nuevo estatus de Gibraltar tras el acuerdo entre la UE y Reino Unido. #EquipoElcano
https://t.co/xgnsKAreAs

[Real Instituto Elcano @rielcano]

La dependencia de países como Arabia Saudí, Emiratos Árabes Unidos o Kuwait de la desalación para el abastecimiento de #agua ha convertido a estas infraestructuras en activos críticos cuya amenaza puede comprometer su seguridad nacional.
✍️ @TiradoSarti
https://t.co/pBBTZfsfRe

[Real Instituto Elcano @rielcano]

.@el_pais aborda la nueva etapa de las relaciones entre España y el Reino Unido, con la opinión de nuestro compañero Ignacio Molina. #EquipoElcano
https://t.co/KpTW7zbIoi

[Real Instituto Elcano @rielcano]

The EU–UK treaty on the post-Brexit status of #Gibraltar comes into effect today, effectively dismantling checks at the land border with Spain.
https://t.co/Hn3WSCTHav

[Real Instituto Elcano @rielcano]

🇪🇸🇫🇷 España-Francia más allá del terreno de juego: apreciaciones mutuas y valoraciones del país vecino. @DialogoEsFr https://t.co/0CZnw5wdRD