Abstract
In the context of protracted low levels of investment following the 2008 Great Recession and, with the launch of the European Commission’s “Investment Plan for Europe,” scholars have argued a new dimension of European integration may be emerging: a “hidden investment state.” Interlocking institutions through European-level policy making, and increased and innovative loans, are interpreted as a means of setting up a multilevel infrastructure for further investment. This chapter investigates how Spain and its state-owned bank, the Instituto de Crédito Oficial (ICO), has navigated—and responded to—this changing scenario. We map evolving networks, portray ICO’s institutional trajectory, compile financial information on borrowing and loans, and categorize the financial instruments deployed, in order to assess whether ICO is becoming part of this investment state. We find that, whilst the ICO reacted vigorously to the Great Recession, since then, its activities have largely returned to pre-crisis normality. We conclude that developments around a hidden investment state in Spain are modest to date.
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