We will never know for sure whether Ferrovial’s decision to move its headquarters to Amsterdam was a matter of economics or politics. Knowing this would depend on the answer to a hypothetical question: would the decision have been the same if the Spanish Government had been conservative? In any case, if it is the economy, the issue is more serious than if it is politics. Political conflicts can be negotiated. But the economy has a lot of inertia and underlying problems are less tractable in the short term. My opinion is that it has been predominantly the economy and I continue under this hypothesis.
Ferrovial, let’s be clear, does not go to Amsterdam. It had been installed there for a long time. The decision will not represent any obstacle in the operation of the company. It is not the first time that a company acquires a global scale, that overflows the global positioning of its country of origin and that this leads its core to operate from the outside. Sometimes, reaching the limit of a formal change of seat.
Throughout the 20th century in Catalonia, for example, we generated two multinationals that flew to France: Hispano-Suiza and Danone. The decision of Ferrovial’s board of directors shows that Amsterdam has become a world-class economic and financial centre. In particular, it is one of the cities most benefited by Brexit. Remember that he won the game in Barcelona to attract the European Medicines Agency.
It would be a mistake on the part of the Spanish Government to obsess over implementing measures intended to prevent this type of movement. It is because they would fail and because it confuses the symptoms with the underlying problem.
Regarding the taxation of multinationals, the right way is to go towards forms of taxation that depend more on the activity in each country and less on the volume of profits declared in each country. It is a path that has possibilities at European level. On the other hand, there are few fiscal incentives of a sufficient magnitude to be effective in the face of realities as consolidated as that of Amsterdam. They will run into European restrictions on state aid. It is true, these can be made more flexible, as we have seen in the case of the Next Generation funds, but they will not be if what we are talking about is putting Amsterdam in the target and limiting it by regulation. The best Europe seeks balanced and acceptable results for all. They are not based on putting limits on anyone’s development, but on opening up possibilities for everyone: the Netherlands has its financial center and Spain, its European funds.
What should a Spanish Government do, left-wing or right-wing? Well, don’t get excited about symbolic aspects and concentrate on strengthening the economy. That a variety of small impediments aimed at nullifying consequences, but not at transforming an economy with low levels of productivity and where talent also migrates to Amsterdam, does not pass as good policy.
I repeat: what is significant is that Ferrovial’s activity was already in Amsterdam, not its official address. Substance, not form, is what should focus attention. The goal must be an economy advanced enough that the railways of the future will not be attracted to locating central services in Amsterdam, even if they have the freedom to do so.
