Editor TLN
The railway case jump the borders from Spain. Christine Lagarde, president of the European Central Bank (ECB), has blamed the transfer of the construction company’s headquarters from Spain to the Netherlands on the lack of a single capital market in Europe, which would avoid competition between different European countries to attract investment.
“I don’t want to comment on this case because I don’t know it well enough. But this story convinces me even more than that we have to fight for a capital market union“, said the ECB president in an interview on the program Public mirrorof antenna 3.
Ferrovial’s march shook the business world on Tuesday afternoon and has provoked an energetic protest by the Government, which reached its climax with a phone call from Nadia Calviñoeconomic vice president, to the president of the construction company, raphael del pinoto ask for explanations.
The president of the ECB has warned that in Europe there is a “fragmented” capital market, with substantial differences between the markets of Madrid, Frankfurt and Paris, as some examples. At this point, she lamented that companies have to “speak several languages” and assume legal frameworks and different tax rules in each of the countries in which you wish to list. “We have progressed, but not as quickly as desirable,” she stressed.
For Lagarde, a single capital market in the Old Continent would provide a “guaranteed framework” to operate. And it would be The recipe to avoid more cases of transfers of venues like that of Ferrovial: “A harmonized capital market union will lead us to access a single market from anywhere in Europe. And if a company needs to access the US market, it can do so from anywhere.”
