Spain and the United States - Real Instituto Elcano

PREFACE
Once again, our long-time collaborator, William Chislett, has published a
marvellously informative and insightful book with the Elcano Royal Institute
for International and Strategic Studies. As with Mr. Chislett’s previous
Elcano books (The Internationalization of the Spanish Economy, and Spanish
Direct Investment in Latin America), he has tackled an important and timely
theme in the broad panorama of Spanish interests – relations between Spain
and the United States – in his Spain and the United States: The Quest for
Mutual Rediscovery.
Spanish relations with the United States have been increasingly important
for decades now, and all signs point to their continuing significance. The
United States remains the most significant economic, political and cultural
presence in an international arena in which Spain has also rapidly become an
important player.
The Spanish-US relationship has come a long way since the days of the
Pact of Madrid in 1953, which set up military bases. Today the bilateral
economic relationship is finally beginning to break into more mature terrain, as
an increasing number of Spanish enterprises are operating in more significant
ways in the US economy, while the US continues to be one of the principal
sources of foreign direct investment in Spain.
Indeed, while the Spanish-US economic relationship is one of the most
important bilateral relationships for Spain (the US is often characterized,
depending on the year, as the number one national investor in this country), it
is also the source of significant untapped potential. In our recently published
Elcano Index of Strategic Risks and Opportunities for the Spanish Economy,
the United States is ranked in many years as one of Spain’s essential economic
partners, alongside the UK, France and Germany. Nevertheless, this
importance of the US for Spain’s economy is grounded almost exclusively
upon the strength of inward investment from the US. While increased activity
across the board has been noted in recent years – as Chislett meticulously
details in this book – so much potential remains to be tapped in other aspects
of the relationship (including Spanish investment in the US, bilateral trade in