A few months before the elections, tension in Spain touched the realm of big multinational corporations. Ferrovial, long considered one of the crown jewels of the national economy, became a focal point of government scrutiny. The leadership in Moncloa interpreted the company’s moves as a personal affront to the presidency and as an attempt to sway the electoral outcome. Despite deploying a substantial budget, perhaps unmatched in Spanish democracy’s recent history, challenges mounted forPedro Sánchez. Whether a new legislative term would begin with his party in power remained uncertain, yet the broad sense that the political cycle was nearing its end started to settle in, a perception already noted by coalition partners. Beyond the political theater, criticisms labeled as unpatriotic underscored a perceived weakness in government strategy. A country with a vibrant, resilient economy that attracts international investment would not appear destabilized by a single corporate exit. Ferrovial’s departure, rather than signaling opposition to leadership, could be seen as a reflection of the pressures to compete globally from a nation that faced two decades of economic strain and significant household impoverishment since the 2008 debt crisis.
The nation was not built on a creed of demagoguery but on creating real conditions for businesses of all sizes to thrive in international markets. Europe represented a horizon Spaniards had long envisioned; the question now is whether the expectations of Europe can extend beyond aid and handouts and translate into concrete opportunities. If a company owes money, it owes it to its shareholders and stakeholders, but responsible governance must prevent favoritism and nepotism from eroding public trust. One of politics’ gravest risks is the temptation to center decisions on personalities rather than on sustainable economic fundamentals. That temptation is harmful when it becomes a habit.
Ferrovial is departing, and there is a possibility that other Spanish firms may follow in the wake of better access to global finance and more favorable market conditions in their primary listing venues. This is not merely a corporate retreat; it raises questions about the policy framework that will shape the country’s appeal to investors in the near term. What measures will current and future governments adopt to close the gap between domestic and international financing? How will they build a macroeconomic, legal, and financial ecosystem that supports steady growth for the broader economy? And how can unemployment move back toward healthier levels without eroding public confidence in the economic project?
In the broader European context, demonizing business sends a chilling message that can resonate beyond national borders. Spain has built a reputation as a strong player in infrastructure execution and service delivery, with Ferrovial deriving a substantial portion of its revenue from abroad. That global footprint should be perceived as a lever for growth rather than a target for political contention. The focus should be on sustaining a climate where international investment feels secure and where large and small companies alike can contribute to a robust, competitive economy. By aligning policy with practical needs and avoiding polarizing rhetoric, the country can maintain credibility in Europe and beyond, fostering a climate in which business and public purpose reinforce one another rather than pull apart. Citation: International economic analysis, contemporary governance assessments