The takeover bid and the invisible hand

You'd have to cover your ears very tightly to avoid hearing the clamor: BBVA's takeover bid for Banco Sabadell has been rejected by the majority of Catalan parties, business leaders, and unions (including Spanish ones), and this Thursday, a not insignificant voice was added, given the circumstances: that of Vice President Yolanda D., who told TVE that the government of which she is a part must "stand by the common good."

We're out in the cold, then: most of the voices speaking for Catalan politics and the economy don't want to lose Banc Sabadell, and everyone has their compelling reasons: layoffs, branch closures, excessive concentration, difficulty obtaining credit, and the disappearance of a Catalan brand to complete the dismantling of savings banks, alienating traditional customers, while younger customers prefer the app in the branch.

Among the opinions in favor is the argument that blatant interference by the Moncloa would affect Spain's international image as a destination with legal security for the financial sector. Some of these voices are the same ones who still want us to believe that the course of the economy is solely determined by the invisible hand of the market, and, at the same time, they tend to be the same ones who, when they don't like how the market is doing, pick up the phone and call governments for a helping hand—also invisible, if possible. There is no major economic movement that isn't also played out at the political table, and given the panorama and his political interests, Sánchez will be clear about what he must do.