IE Focus | By Francisco Lopez-Lubian, Professor at IE Business School We will not start to pull out of the current crisis until investors regain their confidence in banks. That means restructuring not just assets, but also senior management. The other day I was talking to a friend who knows I teach finance, and he…Details
IE Focus | By Patricia Gabaldon, Professor at IE Business School
The nanny state is telling its children it’s time they became more independent by creating their own companies and jobs.
It would appear that the Spanish state is forcing its “sons and daughters” out of the “family home”. The offspring in question actually quite like living at home and don’t mind contributing to the household budget if they know that the money will be used for the common good of the family, and they trust the system that has worked so far.
But now reality seems to be kicking in and it’s time to make their own way in life without the protection of a nanny state. Just like Tanguy in the French film of the same name, they are constantly receiving hints to ensure that they realize the Spanish state will not be there to catch them if they fall, and that they have to increasingly depend on themselves and their own means and actions. The hints are pretty clear – a medium-term reduction in unemployment benefits as from the sixth month, a reduction in civil servants’ salaries, less healthcare coverage, more restricted access to education… The Spanish welfare state is being watered down and the Spanish are gradually realizing that they cannot depend on a nanny state. The way in which these cuts will affect the Spanish labor market in the short and medium term is not yet clear, but what is clear is that working as a civil servant will no longer be an attractive career choice and that a proactive search will henceforth have to be even more proactive, if that is possible in these difficult times.Details
There are many ways to use your lunch break. Forbes recently published a list about it and I would like to benchmark it with the upcoming IE lunch events: 1. Make a plan – definitely! 2. Take a real break – yes! 3. Get up from your desk or work space – no doubt about…Details
Trichet of ECB, Suttle of IIF, Aziz of Pakistan – these names are like near-deities in the pantheon of international finance gods and the IE community was fortunate enough to welcome these guests during the IE Alumni Forum, held on 13-15 September 2012. The IE Alumni Forum is an annual gathering of the IE community where alumni, students, professors and boards get together to share knowledge, ideas and experiences.
Day Two was inaugurated by His Royal Highness Prince Felipe of Spain. Other high profile guests that day were invited to share their perspectives on key global political and economic challenges. Former European Central Bank Governor Jean-Claude Trichet for example shared his view on Europe’s economic outlook and how to improve Eurozone governance.
Perspectives on global challenges at times verged on the technical and esoteric level, but beyond the talk about liquidity injections and bank capitalization, the underlying theme was one that was clear and familiar to us all in the IE community: teamwork and leadership.
Self-determination versus collective sacrifices, harmonization versus fragmentation – these gradients are as relevant in a team context as they are in intergovernmental organizations like the EU. In any group effort, individuals – through an implicit social compact – give up some “sovereignty” over their personal time for the collective good. For students and alumni, the IE experience is characterized by intense group work such as those in our academic sections. Even students who have ever planned leisure or extracurricular activities – like section parties as well as the Football Club tourney, Oktoberfest weekend trip, Social Responsibility Forum, Asia Finance Trek and the Graduation Ball – become mini-decision making bodies.Details