Real Instituto Elcano

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Real Instituto Elcano

Real Instituto Elcano

@rielcano

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

Madrid, Spain Katılım Mayıs 2011
850 Takip Edilen64.9K Takipçiler
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María Solanas
María Solanas@Maria_SolanasC·
No se pierdan este Comentario de mi colega @angelbadillo, nuestro investigador principal de lengua y cultura. #poderblando #diplomaciapública #España
Real Instituto Elcano@rielcano

La victoria de la @SEFutbol consolida al #fútbol como principal generador de imagen exterior de #España. Como coanfitrión del Mundial 2030, 🇪🇸 debe partir de ese capital de #poderblando para una estrategia duradera de proyección global. ✍️ @angelbadillo realinstitutoelcano.org/comentarios/mu…

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Judith Arnal
Judith Arnal@judith_arnal·
It will be an honour to serve as a Member to the Advisory Council of the @ADBInstitute for the term 2026-2028, starting on 11 September 2026. Thank you so much for the trust, dear President @ADBPresident Masato Kanda. I am committed to bringing my experience, engaging in open and evidence-based dialogue, and supporting ADBI’s important work in addressing the region’s most pressing economic and policy challenges.
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Real Instituto Elcano
🇪🇸⚽️ "El Barómetro de la Imagen de España (BIE) del Real Instituto Elcano arroja un dato contundente: el deporte es el principal vector de asociación positiva que los extranjeros tienen sobre España". @abc_es abc.es/opinion/juan-l…
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Real Instituto Elcano
🇪🇸🇦🇷 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. realinstitutoelcano.org/analisis/la-co…
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Judith Arnal
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: academic.oup.com/cmlj/article-a…
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