Madrid weaves his spider’s web. Slowly and inexorably, the community extends its network without compassion, attracting to itself everything it touches, and by distancing themselves from their competitors. Since 1980 your step has only been twisted on five occasions, compared to the six times that has receded to the national gross domestic product, a difference that made to recover the ground lost by the Great Recession a year before the rest of Spain, in 2015. From then on, the wealth generated by the capital region has stepped on the accelerator, and it has spread over the country as a whole, exceeding their growth between two-tenths and 1.3 points in each exercise.
And just turned another milestone: advance to Catalonia as the main economic locomotive Spanish, after the statistical revision of the data 2018 published this Friday by the National Statistics Institute. Just 2.112 billion euros separated for such leadership. The region accounts for 19% of GDP. And so it will continue in 2019, although the pace of activity slows. According to the forecasts of BBVA Research, Madrid will grow 2.6%, in contrast with the rise of 1.8% of the community presided over by Joaquim Torra and 1.9% of national average.
GDP
In million euros and annual variation.
2018
1.202.193
(+2,4%)
230.794
(+3,1%)
228.682
(+2.2 per cent)
Spain
Madrid
Catalonia
Source:INE
C. Ayuso / THE COUNTRY
GDP
In million euros and annual variation.
2018
1.202.193
(+2,4%)
230.794
(+3,1%)
228.682
(+2.2 per cent)
Spain
Madrid
Catalonia
Source:INE
C. Ayuso / THE COUNTRY
GDP
In million euros and annual variation.
2018
1.202.193
(+2,4%)
230.794
(+3,1%)
228.682
(+2.2 per cent)
Spain
Madrid
Catalonia
Source:INE
C. Ayuso / THE COUNTRY
The web is expanded without concessions, concentrating more and more wealth around, aupada the role of capital and economic policy, because Catalonia lost weight within the model, and by its own merits, of their rulers, discusses the economist César Molinas, that on the next line points that it earns Madrid do not necessarily lose Catalonia or elsewhere in Spain.
The author of What to do with Spain. Capitalism’s authentic to the new beginning of a country believes that, although “Madrid never should have been the Spanish capital because it is located in a rather aberrant”, to 667 meters above the sea level, something that does not occur even in the nations of the mountainous european; the conception centralist of Philip II he painted a country radial that has helped the city in its expansion; but, above all, has been its inclusive nature that has allowed the population and the businesses are grouped around.
Madrid is the Spanish community that most inhabitants wins since 2012: 79.500, in a country that is empty and where only 7 of the 17 regions recorded slight population increases (with the exception of Catalonia, which captures 29.000 citizens since then). Come in search of employment especially in the services sector, which he leads. “Labour mobility explains this growth. Regardless of where we want to live, reside, and work around the cities that concentrate the nuclei of activity, such as London, Paris, Frankfurt and also Madrid; where the opportunities are and where they are grouped people of great talent”, explains Candido Perez, the partner responsible for government KPMG. Although unemployment in the region remains at very high altitudes (10,3%), is almost three points below the national average in the third quarter of 2019.
As the majority of large capitals, or of the european cities that are home to the economic engine of their respective States, says Miguel Cardoso, chief economist for Spain at BBVA Research, with the economic recovery experienced by the metropolitan area of madrid since the Great Recession, focusing on the momentum of the services sector, Madrid has accumulated a good part of the human capital of high value-added coming from other areas. Only in 2018, 40.939 employees of other communities moved to it, compared to the 26.269 that were. The positive balance of more than 14,500 people is the highest of all of the autonomous regions. And companies have seen that can access this talent. The creation of employment in the region represents 23% of the 431.000 of jobs generated in the last year in Spain.
Population
In million
Spain
48
46
44
42
40
47,3
46,7
2012
2014
2016
2018
Madrid
7,0
6,5
6,0
5,5
5,0
6,6
6,5
citizens move
from the Spain emptied
finding opportunities
labor
2012
2014
2016
2018
foreign Investment in gross
received
In thousands of millions. 2018
45
40
35
30
25
20
15
10
5
0
Madrid 41,7
The money
left alone
in the capital
Catalonia 3
Basque Country 1
Rest
communities
Community of Madrid
41,7
17
12
11
9,3
2015
16
17
18
I and II T.
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
Population
In million
Spain
48
46
44
42
40
47,3
46,7
2012
2014
2016
2018
Madrid
7,0
6,5
6,0
5,5
5,0
6,6
6,5
the citizens move
from the Spain emptied
finding opportunities
labor
2012
2014
2016
2018
foreign Investment in gross
received
In thousands of millions. 2018
45
40
35
30
25
20
15
10
5
0
Madrid 41,7
The money
left alone
in the capital
Catalonia 3
Basque Country 1
Rest
communities
In the Community of Madrid
41,7
17
12
11
9,3
2015
16
17
18
I and II T.
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
foreign Investment in gross
received
Population
In million
In thousands of millions. 2018
Spain
48
46
44
42
40
45
40
35
30
25
20
15
10
5
0
47,3
46,7
Madrid 41,7
The money
left alone
in the capital
2012
2014
2016
2018
Madrid
Catalonia 3
7,0
6,5
6,0
5,5
5,0
Basque Country 1
Rest
communities
6,6
6,5
Community of Madrid
citizens move
from the Spain emptied
finding opportunities
labor
41,7
17
12
11
9,3
2015
16
17
18
I and II T.
2012
2014
2016
2018
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
Is the metropolization of the economy, a global process that, according to the Organization of United Nations (UN), take that in 2050, nearly 7 out of every 10 inhabitants of the world live in cities, in contrast with 5 out of every 10 current. In Spain, pointing Cardoso, 70% of the population gathers around the cities, compared with 55% european. The municipality of Madrid represents 14% of this concentration.
Because activity a calls activity. The companies are organized around the poles of power, close to the Administrations that can speed up your business, close the rest of the companies that depend on or take and close the communication nodes which reducing the logistics and the rest of the displacement. In the first half of 2019, the Community of Madrid brings together 66% of the foreign direct investment received by Spain: more than 9,000 million euros, five times more than Catalonia, the second region in attraction of foreign capital, although very touched from that in 2017 the process pro-sovereignty is flared up. In 2018, Madrid accounted for 85% of that investment, and in 2017, 63%.
And something similar happens with the Spanish companies. The data of Axesor show how from January last year until November of 2019 over 6,900 companies have installed their headquarters in Madrid; almost half (3.100) from Catalonia. Angels Chacón, minister of Enterprise of the Catalan government, argues, however, that of 620,000 societies that exist in the community have barely moved 0.59 per cent and that this transfer was mainly due to the application of article 155 of the Constitution by the Government of Mariano Rajoy. “The production plants have not been moved and Catalonia leading the industrial investment, with 30% of the total,” says Chacón, who himself admitted that the region was going to lose in 2019, his leadership as a generator of wealth, as opposed to Madrid before it was known the data of the INE.
Although it is an open secret that “the crisis of Catalan has been harmed and has made Madrid grow even more, lacerando especially to the two Castile, where depopulation is increasing”, warns Ximo Puig, president of the Valencian Community.
Crisis Catalan
unemployment Rate
In %. Third quarter of 2019
Andalusia
Canary islands
Extremadura
Cas. – La Mancha
Asturias
Murcia
SPAIN
Com. Valenciana
Galicia
Castile and León
Catalonia
Madrid
Aragon
Basque Country
La Rioja
Cantabria
Navarra
Balearic islands
13,92
10,26
0
10
20
employment Rate
In %. Third quarter of 2019
Balearic islands
Madrid
Catalonia
Navarra
Aragon
La Rioja
Murcia
Basque Country
SPAIN
Cantabria
Com. Valenciana
Castile and León
Cas. – La Mancha
Galicia
Canary islands
Extremadura
Andalusia
Asturias
55,97
50,54
0
20
40
60
Transfers of corporate headquarters
Community of Madrid
number of companies
With origin in Catalonia
With origin in the rest of Spain
700
600
500
400
300
200
100
0
The crisis Catalan
spurs to Madrid
E
M
M
J
S
N
E
M
M
J
S
N
E
M
M
J
S
N
2017
2018
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
unemployment Rate
In %. Third quarter of 2019
Andalusia
Canary islands
Extremadura
Cas. – La Mancha
Asturias
Murcia
SPAIN
Com. Valenciana
Galicia
Castile and León
Catalonia
Madrid
Aragon
Basque Country
La Rioja
Cantabria
Navarra
Balearic islands
13,92
10,26
0
10
20
employment Rate
In %. Third quarter of 2019
Balearic islands
Madrid
Catalonia
Navarra
Aragon
La Rioja
Murcia
Basque Country
SPAIN
Cantabria
Com. Valenciana
Castile and León
Cas. – La Mancha
Galicia
Canary islands
Extremadura
Andalusia
Asturias
55,97
50,54
0
20
40
60
Transfers of corporate headquarters
Community of Madrid
number of companies
With origin in Catalonia
With origin in the rest of Spain
700
600
500
400
300
200
100
0
The crisis Catalan
spurs to Madrid
E
M
M
J
S
N
And
M
M
J
S
N
E
M
M
J
S
N
2017
2018
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
unemployment Rate
employment Rate
In %. Third quarter of 2019
In %. Third quarter of 2019
Andalusia
Canary islands
Extremadura
Cas. – La Mancha
Asturias
Murcia
SPAIN
Com. Valenciana
Galicia
Castile and León
Catalonia
Madrid
Aragon
Basque Country
La Rioja
Cantabria
Navarra
Balearic islands
Balearic islands
Madrid
Catalonia
Navarra
Aragon
La Rioja
Murcia
Basque Country
SPAIN
Cantabria
Com. Valenciana
Castile and León
Cas. – La Mancha
Galicia
Canary islands
Extremadura
Andalusia
Asturias
55,97
13,92
50,54
10,26
0
20
40
60
0
10
20
Transfers of corporate headquarters in the Community of Madrid
number of companies
With origin in Catalonia
With origin in the rest of Spain
700
600
500
400
300
200
100
0
The crisis Catalan
spurs to Madrid
E
M
M
J
S
N
E
M
M
J
S
N
E
M
M
J
S
N
2017
2018
2019
Source: INE, Ministry of Industry and Axesor
C. Ayuso / THE COUNTRY
And it is that, despite the fact that there are no economic calculations about the benefits that has been able to obtain the region of madrid by César Molinas called demerits, typical of Catalonia, BBVA Research estimates that the community mediterranean has ceased to create between 25,000 and 30,000 jobs since September of 2017, “jobs that have been move on all in Madrid and Valencia”, appreciates Cardoso.
The last index of regional competitiveness developed by the Council General of Economists points to a stagnation in Catalonia. “We sense that this is justified by the socio-political context in the community, and Madrid [the first in the ranking] could have benefited from it,” says José Carlos Sánchez de la Vega, technical director of the report.
The own councillor of Economy and Employment of the Community of Madrid, Manuel Giménez, recognizes the positive impact and incuantificado that has had on the region that “Catalonia has decided to stop being the economic engine of Spain”. And blamed the increasing concentration of wealth around the autonomy against “the institutions strongly dedicated to the company, which includes ensuring legal certainty; a taxation reasonable, and a number of contributing factors, such as the leading universities, the health of first level services, the quality of life and, above all, the inclusive culture of the society madrileña”. “The fact that Madrid is the political capital of the country has not automatically converted into economic capital. In fact, 20 years ago this was not so,” argues Giménez.
Clear that other regions do not share this vision that has been reported almost 3,000 million euros of tax benefits in 2019. Starting from Catalonia: “Madrid generates unfair competition for its lower taxes and enjoys some advantages that are not distributed equitably by the rest of Spain. The concept radial rail policy has led to a resistance endemic to connect the airport with the BIRD, for example. There are many elements that hurt us,” says Chacón.
GDP per capita
Madrid has
professionals
highest qualification
and highest incomes
In euros. 2018
Madrid
Basque Country
Navarra
EU-28
Catalonia
Aragon
Balearic islands
La Rioja
SPAIN
Castile and León
Cantabria
Galicia
Asturias
Com. Valenciana
Murcia
Canary islands
Cas.-The Spot
Andalusia
Extremadura
35.041
30.960
25.727
0
10.000
30.000
Inequality of the distribution
income
Ratio S80/S20. Relationship between the 20%
of population with the income higher, and the
20% of the lowest-income
Madrid
The gap is widening
8
7,7
7
6
Spain
6,6
5
5,6
4
3
2
1
0
2008
2010
2012
2014
2016
2017
Source: INE and CCOO
C. Ayuso / THE COUNTRY
GDP per capita
Madrid has
professionals
highest qualification
and highest incomes
In euros. 2018
Madrid
Basque Country
Navarra
EU-28
Catalonia
Aragon
Balearic islands
La Rioja
SPAIN
Castile and León
Cantabria
Galicia
Asturias
Com. Valenciana
Murcia
Canary islands
Cas.-The Spot
Andalusia
Extremadura
35.041
30.960
25.727
0
10.000
30.000
Inequality of the distribution
income
Ratio S80/S20. Relationship between 20% of the
population with income highest and the 20% income
lower
The gap is widening
Madrid
8
7,7
7
6
Spain
6,6
5
5,6
4
3
2
1
0
2008
2010
2012
2014
2016
2017
Source: INE and CCOO
C. Ayuso / THE COUNTRY
GDP per capita
Inequality of the distribution
income
In euros. 2018
Madrid has
professionals
highest qualification
and highest incomes
Ratio S80/S20. Relationship between the 20%
of population with the income higher, and the
20% of the lowest-income
Madrid
Basque Country
Navarra
EU-28
Catalonia
Aragon
Balearic islands
La Rioja
SPAIN
Castile and León
Cantabria
Galicia
Asturias
Com. Valenciana
Murcia
Canary islands
Cas.-The Spot
Andalusia
Extremadura
35.041
The gap is widening
Madrid
8
7,7
30.960
7
6
Spain
6,6
5
5,6
25.727
4
3
2
1
0
2008
2010
2012
2014
2016
2017
0
10.000
30.000
Source: INE and CCOO
C. Ayuso / THE COUNTRY
The president of the Generalitat Valenciana goes even further. Believes that the centralist model of the State, concentrated around the capital, the infrastructure and the civil service —“only the General Administration of the State is more affiliated to the Social Security that the province of Castellón”, expose—, gives Madrid an important competitive advantage. “Give more resources and, if we add the political choice of what the rulers in madrid llaman fiscal relief, are leading to fiscal dumping with the rest of the communities, especially the boundary,” he says. Puig considers that this affects the equality between the spaniards and for this reason he is a supporter of the future system of financing autonomous communities “to consider the effect of capital as an income to deduct”.
it is Not the only one to accuse Madrid of fiscal dumping. The darts come from a variety of fronts, and one of the most combative is that of the Finance minister on functions, María Jesús Montero. A couple of months ago, pointed the finger towards the capital, proposing to standardise the tax of successions and heritage, competence of the autonomous communities.
The region not only is the only account with a bonus of 100% of the tax on the heritage: its rates of personal income TAX are low, the tax of successions and donations between parents and children is almost non-existent and the tax on patrimonial transfers is among the lowest in Spain. “On the whole, it is the place where less taxes are paid,” says Rubén Gimeno, director of the Studies Service of the Registry of Economists, Tax Advisors (REAF). A candy for high net worth individuals.
“Madrid opted to reduce taxes on the citizens and is a model that is going pretty well,” he adds. “The rebate is an attractive not so much for businesses, which pay the same in all sites, but for the directors of large multinationals, which prefer to reside in the capital, where they end up buying houses, pay TAX, make investments… What is cut by one side is won by the other”, explains Gimeno.
Inequalities
Price of free housing
In euros/m2 .
2015
2019
4.000
San Sebastián
3.888
3.500
Barcelona
3.412
3.137
3.000
Madrid
3.227
2.500
2.521
2.466
The concentration
makes it prohibitive
buy a home
2.000
Source: IMinisterio Building
C. Ayuso / THE COUNTRY
Price of free housing
In euros/m2 .
2015
2019
4.000
San Sebastián
3.888
3.500
Barcelona
3.412
3.137
3.000
Madrid
3.227
2.500
2.521
2.466
The concentration
makes it prohibitive
buy a home
2.000
Source: IMinisterio Building
C. Ayuso / THE COUNTRY
Price of free housing
In euros/m2 .
2015
2019
4.000
San Sebastián
3.888
3.500
Barcelona
3.412
Madrid
3.227
3.137
3.000
2.521
2.500
The concentration
makes it prohibitive
buy a home
2.466
2.000
Source: IMinisterio Building
C. Ayuso / THE COUNTRY
“We have to find equity between the citizens and the policies of the PP of the last few years, although there have been differential with respect to other european capitals, have high inequality. We want you to have a harmonization in tax to be able to provide the same services to all spaniards”, claims the president of valencia, who asks to isolate the discussion of regional finances for the political confrontation to agree the welfare State that needs to Spain.
Because, in the end, although currently, all the Spanish autonomous communities have plans to attract investments and businesses and provide incentives, according to Candido Perez, of KPMG, the concentration of wealth creates inequality. Not only interregional. Also intra-regional. Madrid is the biggest example of this. Between 2015 and 2017, the poverty rate rose one tenth, up to 20.6%, and by 4.6 points if one considers its evolution since 2007, notes a report of Workers ‘ Commissions (CC OO).
The index of inequality has also increased. And the difference with respect to the Spanish average, this time in the negative, it is substantial. In Madrid has gone from 7.2 to 7.7 points between 2016 and 2017 and in Spain has remained at 6.6. “The inequality in the region occurs, especially in the last two years and coinciding with the alleged economic recovery, which comes to confirm that the wealth created is distributed in a totally unbalanced and unfair,” says CC OO.
And is that the concentrations are bad, writes the chief economist for Spain at BBVA Research. “The ideal would be that we had not only one tractor but many. Something we are not doing well in Spain, where the centralization around the cities, and especially around Madrid, is superior to that of other european countries”, he warns.
the negative effects of metropolization of the economy are abundant. And not repeated, as they are common to most of the metropolises, that are less relevant. Manuel Giménez lists: the rising price of housing, the deterioration of the quality of the air, the pollution, the increase of the time spent on journeys… In short, the deterioration of the quality of life.
The wealth per capita has grown in Madrid. Yes, more than 3% annually from 2015, in order to close on 35.041 euros per inhabitant in 2018; in contrast with the 25.721 euros of the average of Spain. But housing has become a good priceless that is pushing citizens farther and farther from the capital, and even of the community. Between 2015 and 2019, the pricI have shot 33% while the national average climbed nearly 11%.
All of these negative factors, says Giménez, require a contribution of the innovation that makes a difference, as well as partnerships interregional yet to develop with the surrounding community and which are via of step and share the problems of Madrid. “The community is in need of investment, structuring the social and that interaction inter-regional; it requires a commitment from everyone,” says the counselor of Economy and Employment of the Community of Madrid, which is defended from the accusation of fiscal dumping on the grounds that the other regions can decide to be as efficient as Madrid. “Of 78,000 million euros in taxes that generates Madrid, 61.000 million are redistributed in the system,” he says.
Meanwhile, the president of the region, Isabel Diaz Ayuso, has promised the greatest lowering of taxes in the history autonomic. Something that experts doubt whether it will be possible with a weakened public accounts (although better than the rest of communities). “Reducing taxes has a cost in the collection autonomic. There is a part that is recovered by the higher growth [for example, from 2011 to 2017 the average net declared has increased by 40%, up to 9.6 million], but the final balance is negative”, warns Cardoso. Even though it is in Madrid and its spider’s web.
A model that increases inequality
Victor Sainz
there is No turning back. The concentration of economic activity in large cities in general and capital in particular, he does not refer. Nor in Spain, nor in the rest of Europe. The crisis, instead of slowing it down, has propelled this trend that has, in many cases, more lights than shadows.
Just read the title of the latest report of the regional competitiveness of the European Commission (EC): Capitals take it all (the capitals is they take everything). Except for the rare cases of Germany, Italy and the Netherlands, this study that has been made since 2010 every three years, reflected always the same picture: the capitals are the territories that best stand out.
Spain fits perfectly into this pattern: Madrid and the Basque Country are the only communities that achieve a score above the average, but only the territory of the capital is part of the list of the 100 most competitive regions of Europe, in the position 98 on a total of 268. A ranking led, in this third edition, by Stockholm, London and Utrecht tied in second place.
Paola Annoni, author of the report, confirms that the crisis has strengthened the polarization and does not hide the great concern that this trend raises. “The politics of cohesion [of the EU] try to reduce the differences, but ultimately it is each State which has to invest in areas that are more peripheral. That’s why we designed this tool to monitor whether the gap is narrowing or widening,” he explains. A conclusion is not easy. As I said Leo Tolstoy in his famous work Anna Karénina: “All happy families are alike, the unhappy thing is each one to his own way”.
The report of the Commission draws a welter of variables that have been changing slightly with the passage of the years. In France, for example, shows a slight convergence between the region of Paris (Île de France) and the three territories that come immediately after with respect to the previous edition of the study, because the index of regional competitiveness the first has deteriorated while that of the second has improved. In Romania, the distance between Bucharest and the other regions remains high, while in Spain the situation is stable: Madrid is still at the head, and his note recedes slightly, like almost all the other autonomous regions.
“The crisis has not changed the trend because the activities that most rely on the knowledge, concentrated in Madrid, are less likely to have been affected,” says Francisco Pérez, Research director at the Valencian Economic Research Institute (Ivie). According to the latest report prepared by the agency, and Cotec, Madrid leads the investment of intangible assets. “The gap is not closed during the crisis or during the recovery”, he regrets. Xavier Ferrás, professor of ESADE, confirms that the fierce international competition for the attraction of investments is being waged in the large cities.
But this model has another face of the currency, a perverse and ever more apparent: it enlarges the inequalities and slows down the social elevator, creating fertile ground for populism and movements exclusive. “It is the anger that is expressed in areas ninguneadas by the metropolis. From an economic point of view, large cities generate economies of scale, they are places of increased productivity, where wealth tends to accumulate, and where tend to be the winners of globalization… But if this goes too far or not considering compensatory mechanisms, we may find ourselves with a bankruptcy of the social contract,” says Federico Steinberg, main researcher at the Elcano Royal Institute.
The Brexit is an eloquent example of this geography of discontent. The vote in favor of the exit of the Uk from the EU are concentrated in the peripheral areas, with lower per capita income, older age and lower educational levels than the large urban centres, with the exceptions of Scotland and Northern Ireland. On the contrary, in London, won the stay. In the city where is situated the territory with per capita income-highest in Europe —the west of the metropolitan area of London, with 168.700 euro per capita in 2017, according to Eurostat—, working-class areas such as Havering or Barking, barns traditional vote labour, supported the departure.
“In Spain, there are increasingly more areas that are susceptible to vote for parties that express anger,” says Steiner. “The solution is complicated, but you have to do something because it’s going to more. To ensure that there was equality of opportunity, for example, by improving the public investment so that there are no areas that are left behind”.
In the EU, 20% of the richer population was in 2016, a middle-income 5.2 times greater than the 20% of the poorest population. In Spain or Italy, the gap is even higher: the more affluent earn six times more. Soo-Jin Kim, chief of the division of urban policies of the OECD, explains that the tendency to agglomeration of economic activity in the major urban centers have their pros and cons, and adds that the concentration in Madrid is lower than in the average of the countries that are part of the agency, according to its last report, Regions and Cities at a Glance.
Kim mentions that in the capital, creating virtuous circles thanks to the attraction of talent, actefforts of highly skilled and high investments. These positive effects end up benefiting the adjacent areas, up to 200 or 300 kilometres away. “But there are also challenges: inequalities are very high, not only between the capital and the rest of each country; the largest differences occur within the same cities”. The analyst adds, however, that all depends on the type of management that is chosen. Are the policies, ensures, that define the success or failure of a model.
“cities attract qualified talent, with higher wages, and that increases inequality,” says Miguel Cardoso, chief economist for Spain at BBVA Research. “In Spain all communities have had the ability to grow, but converge is more complicated,” warns Perez. And while there is no convergence, the inequality will increase.
Villa y corte
Despite the fact that with the State of the autonomies capitalism clientelar has been democratized so much, in the opinion of the economist, and consultant César Molinas, what is certain is that Madrid is the villa y corte, on the whole court. “It is the only city of the court, where are located the companies in the Ibex 35 share many things, such as the commissioner Villarejo”. And that capitalism clientelar is quantified, indicates. Assume a surcharge of 20% on public procurement. “The success story of Madrid is due in good measure to the court,” he says.
it is Not easy to quantify the economic effect of the capital, but it is a clear advantage, appreciate, Xavier Ferrás, professor of ESADE: “foreign investors are attracted by the proximity to the centres of decision-making, especially in sectors that depend on regulations, competitions or public procurement,” he says.
The swiss pharmaceutical Roche has installed in the capital, its Center of Excellence in Computer world, attracted by its facilities, dynamism and highly qualified professionals.
