Juan María Nin, a prominent figure in Spanish finance and former CEO of Caixabank and Banco Sabadell, recently visited Brussels as part of his role as president of the Círculo de Empresarios.

This think tank, established in 1977, aims to enhance the European economic landscape amidst ongoing global challenges.

Nin's agenda included meetings with key European Commission personnel, including Vice President Teresa Ribera, as he emphasized the importance of a unified European block in the face of technological and geopolitical transformations.

During his visit, Nin articulated a pressing message regarding the evolution of the global economic structure, which he described as being divided into major power and trade blocs.

He stated, "There is no future outside the major blocs, and Europe must complete its political union to be competitive globally.

This requires ceding some national sovereignty."

Nin’s comments reflect an ongoing dialogue within Europe regarding the need for deeper integration, including discussions about a common European budget and mutualizing debt.

He expressed concern that the urgency for these changes is not being adequately communicated to European institutions, highlighting a potential disconnect between ambitious proposals and institutional responsiveness.

The conversation around flexibility in competition rules, as presented in a recent report by Mario Draghi on European competitiveness, was noted as particularly significant.

Nin indicated that while some countries might fear that relaxed regulations would favor larger German and French companies, this flexibility is essential for creating powerful European entities capable of competing on a global scale.

He underscored that without strong corporate actors, Europe risks falling behind economically.

Nin addressed the ongoing consolidation efforts within the banking sector, particularly referencing the recent bid by BBVA for Banco Sabadell.

He stated that the processes in place should lead to a natural market outcome where companies find value in consolidation for increased competitiveness.

He expressed confidence in the regulatory capacity of both the European Central Bank and Spain's national financial authorities to oversee this transformation.

The potential implications of cross-border mergers in Europe were explored, with Nin acknowledging the existing legislative and emotional hurdles hindering such initiatives.

He pointed out that intrinsic national interests and the related challenges of national debt ownership complicate these transactions.

Furthermore, Nin spoke on the necessity of establishing a robust European capital market that could rival those of the US and China, arguing that Europe currently lacks the institutional framework to support large-scale funding for homegrown companies.

He reiterated that a consolidated banking landscape is vital for facilitating these investments.

As discussions about the broader implications of global economic competition continue, Nin highlighted the importance of maintaining Europe's liberal economic values while striving for competitiveness.

He asserted that European nations must prepare themselves to navigate the complexities of global markets without sacrificing the foundational principles of freedom and democracy.

In closing, Nin's reflections encapsulate both the challenges and opportunities facing Europe as it grapples with the realities of a rapidly evolving global economic landscape aimed at fostering a forward-thinking, integrated European economy.