Sanity and rapture at the Economic Circle

BarcelonaJaume Guardiola, president of the Círculo de Economía, could hardly have imagined that two of the three annual meetings under his tenure would be the subject of discussion about the future of the two banks that had shaped his professional and personal life until just five years ago. While last year's Círculo meeting—which fell right in the middle of the announcement of BBVA's takeover bid for Banc Sabadell—was a clear show of strength by both banks, with an overwhelming attendance of Sabadell executives who filled the auditorium; this year the discussion took to the podiums, where none of the speakers escaped answering the question "and the takeover bid, what about it?"

The undisputed protagonists of these days have been, on the one hand, Josep Oliu, who, accompanied by a crutch due to a hip operation and seated in the front row between Josep Creuheras and Joan Mas Cantí (one of the founders of the Circle), listened imperturbably as the future of the bank he presides was discussed; and on the other hand, Carlos Torres (BBVA) who, also in the front row, but on the other side of the room, was optimistic after Pedro Sánchez's announcement of making a popular consultation on the takeover bidEven the president of the Generalitat (Catalan government), Salvador Illa, has commented on the operation: "I would prefer the takeover bid not to go through."

During the snack breaks, this was the main topic of debate among those attending. Among the many opinions, those who stand out consider Sánchez's maneuver as "shirking his responsibilities" stand out, and among the most pessimistic regarding Sabadell, some said: "This is a done deal; they'll make it difficult for BBVA, but it's a done deal."

All in all, there was little criticism of the regional and national governments, and this evidenced a business community comfortable with the Socialists, despite some stinging from Salvador Illa—who, incidentally, celebrated his 59th birthday on the first day of the Meeting—whom Guardiola criticized for measures such as the Temporary Employment Regulation File (TIF): "I won't deny that we don't like some of their policies." Regarding the state president, a criticism was circulating in the corridors: "Sánchez has said practically nothing about funding for Catalonia," lamented a prominent Catalan businessman.

The 'seniority' of the Círculo

A sculpture by Jaume Plensa served as the backdrop for this 40th Annual Meeting. A backdrop filled with many things; sanity but also passion, as these three days have also provided many great anecdotes. The president of the People's Party (PP), Alberto Núñez Feijóo, took the stage and stated that the Círculo "is a space where you can still find the seni (a bad trick of the ny Catalan) that part of politics has lost." A sanity that perhaps the Minister of Economy, Carlos Cuerpo, did not have when he joked about the consultation for the takeover bid: "I know you like referendums, but that is not it." Or perhaps he did; joking can be evidence that we are in a another phase.

Pre-Barça nerves on Tuesday and a post-match hangover on Wednesday have been a constant source of excitement. "I'm not a Barça fan," Isla responded, to laughter from the crowd. Guardiola's presidency at the Cercle ends this year—a handover will probably take place in June—and he will no longer be the host of the 2026 meeting, where talk of a takeover bid will no longer be on the cards, but rather of just one bank or two.