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Account Deficit

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Account Deficit MY OPINION The current- account defi cit ith its current account whole situation on a lack of competitiveness (which running a defi cit of nearly certainly has something to do with it), because W8% GDP, Spain is in trouble. exports have grown at 5% annually, a decent fi gure. The US has a defi cit of 5.7% GDP, which it The problem is that we import too much. Imports fi nances with a massive infl ux of investment coming are growing at nearly 12%. The immediate solution largely from Asia. This fl ow of foreign fi nancing is to import less, that is, reduce the demand for keeps the dollar from falling lower, as it would foreign goods and services. We have no choice but necessarily fall if the law of gravity were functioning to apply the traditional remedy, painful as it may without friction. In Spain it is different. The capital be, which consisted of attacking foreign defi cit by account comes nowhere near compensating for a reduction in spending. Unless the price of oil the current-account defi cit. In 2007, both direct were to fall sharply, which is not too likely in the investment (from multinationals) and portfolio immediate future. But if this were not politically investment (purchase of real and fi nancial assets) viable, what other option do we have to deal with declined. In order to fi nance the foreign defi cit there the current-account defi cit? In the short term, there is no alternative other than external debt. is no alternative but to import less, a structural decrease in demand, which seems to be what is So far fi nancing the defi cit has been happening. In the mid term, productivity increases, price and quality competitiveness, new products easy because most of the payments and new companies. But all these improvements are in euros take time. So far fi nancing the defi cit has been easy because most of the payments are in euros. But But Spain subscribes to the Stability Pact: if we do not take structural measures, will we be public debt cannot exceed 60% of GDP (already able to continue in the Monetary Union much longer an excessive amount), nor can public defi cit go with a current-account defi cit that rises every year? beyond 3% of GDP. And we cannot blame the That’s just how bad it is. LUIS DE SEBASTIÁN [email protected] Honorary professor of the Economics Department. Master of Science in Economics from the London School of Economics and doctor in Political Science from the UHE, Geneva. Former economist for the Interamerican Development Bank in Washington. He has published several books, articles for economics journals and for the general press. 50 Esade_220x280mm_Maserati.fh11 29/5/08 12:03 P�gina 1 C M Y CM MY CY CMY K Composici�n LEGAL AREA An up-and-coming professional profi le The new role of the company lawyer NEARLY THREE HUNDRED ESADE ALUMNI, MAINLY FROM THE LAW PROGRAMS LIC&MD, DIN AND AGT, HOLD POSITIONS IN LEGAL COUNSEL INSIDE THE MOST IMPORTANT COMPANIES OF SPAIN. SOME OF THEM HAVE TOLD US THEIR PERCEPTION OF HOW THIS PROFESSIONAL PROFILE IS EVOLVING, AND OF THE ROLE THAT THEY FULFILL IN THEIR COMPANIES. n recent years there has Spain and Portugal for Solvay And so this professional been a signifi cant increase in Ibérica, considers that “the becomes practically omnipresent. I the number of in-house legal idea of the attorney closed up Marina Buxó (Lic&MD 99), counsel in Spanish companies, in an ivory tower, busy writing in-house attorney for Medgroup due to the increasing complexity hard-to-understand reports, or Inversiones, considers that of the legal environment, to perceived merely as a problem- the company lawyer should be international expansion, and fi xer, is being exchanged for the involved in company decision the organizational growth of fl exible, operational attorney making. Similarly, Joaquim many Spanish businesses. who accompanies the business Oliveras (EDIEF 00, MDEF 03 The fi rst clear result has been manager not only in the decision- and Corporate Finance 04), the progressive expansion of working process, but also in the attorney at Aguas de Barcelona, the traditional functions of the thinking process”. indicates that this professional company lawyer. Thus, José is being incorporated into the María Gascón (AGT 97 and MAF “decision-making circle, in risk 01), Corporate Tax Manager for assessment and in defense of making effective decisions and The following indivi- duals collaborated in this article: Sebastián Sastre (MBA 70), Legal Manager, La Caixa Antonio Navas (AGT 92), Legal Manager, Nissan Iberia Joaquín Valenzuela (DIN 02), Manager of Legal Counsel and Compliance, Allianz Seguros José María Gascón (AGT 97 and MAF 01), Corporate Tax Manager for Spain and Portugal, Solvay Ibérica Joaquim Oliveras (EDIEF 00, MDEF 03 and Corporate Finance 04), attorney, Aguas de Barcelona Marina Buxó (Lic&MD 99), in-house attorney, Medgroup Inversiones 52 LEGAL AREA agreements within the business activity”. The changing role is matched by a corresponding shift upward in the Legal Manager’s place in company hierarchy. Joaquín Valenzuela (DIN 02), Manager of Legal Counsel and Compliance for Allianz Seguros, feels that the more the in-house lawyer interrelates with the entire organization, and has global visibility, the better his or her position for advising the company. According to Valenzuela, in-house legal counsel should seek to become “constructive counsel which participates from the fi rst moment in strategic decisions, in order to recommend to the rest of the executives what paths to take”. In the opinion of Sebastián Sastre (MBA 70), Legal Manager of La Caixa, “corporate governance, corporate On the other hand, according of the in-house lawyer. Gascón social responsibility and legal to Joaquín Valenzuela, “the observes “a channeling of compliance are functions that increase in preventive functions talented persons from the star deserve special attention from has provoked positive evolution legal fi rms to businesses, which the company lawyer and from in the perception of in-house combined with bottlenecks that counsel”. Sebastián Sastre exist in many of these fi rms, The more the in-house lawyer believes that expanding functions leads them to look for motivation interrelates with the entire have led the managerial as in-house counsel”. José M. and structural hierarchy of Gascón indicates that “we are organization, and has global the company to perceive seeing a leap in quality and in visibility, the better his or her the company lawyer as a very qualifi ed experience, more position for advising the company “compliance offi cer”. than an increase in the total number of headcount. At Solvay, the Legal Manager in particular, IMPROVING THE for example, our internal network since they assume a close PROFESSIONAL PROFILE of tax advisers (as distinguished relationship with the company’s This change is the result of from corporate legal counsel) managerial team”. This changing improvement in the professional is made up of 30 persons role is not always accompanied profi le and technical preparation with a high level of experience by a change in perception from the rest of the organization, and a constant effort is required to Agreement between the ESADE demonstrate the value added by legal counsel. Along these Alumni Law Club and the lines, Antonio Navas (AGT 92), Association of Corporate Counsel Legal Manager of Nissan Iberia, The Law Club, in order to meet the needs of alumni who are company considers that “the historical lawyers, has reached an agreement with the Association of Corporate view of the Legal department Counsel (ACC, www.acc.com), an international association formed as responsible for cutting off exclusively of company lawyers and which has more than 23,000 members initiatives or raising objections to worldwide. Resulting from this collaboration, the Law Club was able to offer ESADE Alumni members the opportunity and special conditions for attending projects from other areas has not the annual meeting of the European group of this association, which was been entirely overcome”, and it held June 1-3 in Madrid. The ACC was also an institutional partner in the is necessary to “take part with 2nd Aptissimi Awards for Business Law, which were presented on July 3rd in other areas in the responsibility Llotja del Mar (www.aptissimi.org). The ACC assigned the fourth category for design and execution of of the awards to the best corporate legal department. In addition, the ACC, ESADE Business School and ESADE Law School will organize an Executive projects and initiatives, getting Refresher course in 2008 on management skills for legal managers and other past the function of staff or purely in-house counsel executives. advisory.” 53 LEGAL AREA acquired in large international decline in the internal credibility The company lawyer requires a fi rms. So, in addition to the of legal counsel. He supports new competency profi le where respective domestic tax issues, therefore the existence of a small management skills have specifi c competencies such as M&A, internal team, but big enough to importance. It is necessary to Transfer Pricing and International address the normal level of work, understand business reality in Planning are covered using without excluding occasional order to identify the needs of internal resources”. support from specialized outside business counsel. All those In-housing through capturing counsel which is very-high interviewed agree as to the external talent is prompted by quality and fl exible. Joaquín importance of being trained the advantages of the internal Valenzuela considers that the and keeping up to date in the resource over the external. debate between in-housing and area of management in order The main advantage, in the outsourcing is a “classic topic perspective of Joaquim Oliveras, of opportunity/cost.
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