The CEOs of Santander and Telefónica demand at the National Congress of Family Businesses a regulatory framework that incentivises investment and allows for the creation of European champions. Santander estimates a financing gap of €30 trillion by 2030.
The CEOs of Grupo Santander, Héctor Grisi, and Telefónica, Emilio Gayo, have agreed in calling on Brussels for a regulatory change that incentivises business investment and allows European companies to gain scale. They made this request during their speech at the 29th edition of the National Congress of Family Businesses, as reported by larazon.es.
Grisi warned that the global economy is entering a phase where efficiency alone is no longer sufficient. Companies will need to combine efficiency with resilience and security to adapt to a scenario marked by geopolitics, an aging population, energy transition, and technological revolution.
The Santander executive estimated the value of global trade affected by new restrictive measures at €2.5 trillion, three times more than before. Additionally, by the middle of the next decade, there will be around 265 million people over 80 years old, more than children under one year old. In Spain, nearly half a million people will retire each year, which will increase pressure on the labour market and make automation even more necessary.
Artificial intelligence emerges as another engine of change. Major tech groups expect to invest over $700 billion by 2026, while the expansion of this technology requires new networks, data centres, and energy. "We are still in an initial phase. We are building the infrastructure and accelerating adoption, but productivity is yet to come. That’s where the great opportunity lies," Grisi pointed out.
"We need to invest more to grow more"
The CEO of Santander emphasised that the resilience of the global economy comes at a cost: lower growth and less margin to face a new crisis. Global public debt could approach 100% of GDP in five years. Therefore, recovering growth requires increasing investment. Santander estimates that the world will need around €50 trillion in investment between 2026 and 2030, with a financing gap close to €30 trillion. Only digitalisation and artificial intelligence could demand about €10 trillion.
Grisi also called for regulation that preserves stability but allows for growth, innovation, and capital mobilisation. Banking will play a central role: European entities maintain an exposure close to €2.6 trillion to SMEs, which largely depend on bank financing.
Regarding housing, he stated that limiting demand is not the solution. He advocates for increasing supply through more construction, land release, less bureaucracy, and public policies that incentivise both buying and renting. Spain, despite its recent good economic performance, maintains a level of business investment lower than that of other European countries.
For his part, Emilio Gayo focused on digital sovereignty, that is, Europe’s ability to use its own technology. He deemed it necessary to ask to what extent a change of technology provider is possible and called for regulation that favours investment and allows for greater business scale.
To achieve true technological independence, the regulatory framework must incentivise investment and favour scale. Gayo asserted that until now, EU competition regulations have hindered the growth of companies, limiting their financial capacity to innovate and develop their own technology. Once the rules allow for the creation of European players of the appropriate size, it will be up to the companies to execute that transformation.
In light of this scenario, he urged Brussels to evolve regulation and do so quickly to promote greater investment. "In the end, I would almost ask Brussels to think like family businesses in the long term," he stated. Gayo also emphasised that artificial intelligence should not be approached solely from a technological perspective, but requires a comprehensive approach.
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