In the Spanish government, there was great joy and relief over the success of the European double summit in Granada last week. The logistical challenge of hosting around 40 heads of state and government in a city of just 230,000 inhabitants had been met. The images of the powerful leaders in the enchanting Alhambra Palace once again showcased Spain's Prime Minister Pedro Sánchez as a host with a flair for effective staging, similar to last year's NATO summit in Madrid, where the guests' images at the Prado Museum captivated audiences worldwide. On the eve of the European Political Community and European Union summit in Granada, Sánchez received the surprising news that Spain, along with neighbors Portugal and Morocco, had been awarded the hosting rights for the 2030 FIFA World Cup. However, according to FIFA's plans, a few matches will also be held in South America, which dampened the excitement only marginally.

In Madrid, attention now turns to the next major international competition. Spain's capital is bidding to become the headquarters of the new European Anti-Money Laundering Authority. Alongside Frankfurt and Paris, Madrid is among the favorites from a dozen applicants. The new Anti-Money Laundering Authority (AMLA) is set to commence operations in 2024. Spain is banking on the size of the five-million-strong metropolis and its accompanying infrastructure and transportation connections, an advantage that competitors like Luxembourg, Vilnius, or Dublin find hard to match. As expected, the application also emphasizes a well-known advantage of the Spanish location: high quality of life at lower costs compared to the European average.

Representatives from other European supervisory authorities had the opportunity to experience these conditions firsthand on Monday. The tenth edition of the Consumer Protection Day organized by the supervisory authorities for banking (EBA), insurance (EIOPA), and markets (ESMA) took place at the Prado Museum. After intensive panels on topics such as cross-selling, cryptocurrencies, and greenwashing, delegates could relax and admire masterpieces by Velázquez, Goya, or Rubens right next door. The Chairman of the EBA, Spaniard José Manuel Campa, expressed his deep affection for Madrid. Nevertheless, he declined to comment on the city's chances for hosting the AMLA when asked about it. After Brexit, Madrid itself aspired to host the relocation of EBA from London but had to step back due to Barcelona's simultaneous candidacy for the European Medicines Agency (EMA).

With the Anti-Money Laundering Authority, Spain aims to strengthen the financial hub of Madrid in comparison to Frankfurt, Paris, or Milan. The city even has a building ready: the Torre de Cristal, standing at 249 meters with 50 floors, the tallest building in the country. In addition to the facilities, Spain's candidacy for the AMLA relies on its experience in combating money laundering and terrorist financing, which is internationally recognized by organizations like the Financial Action Task Force of the OECD. Nonetheless, there is currently a sense of disappointment. According to media reports, there are concerns about a potential trade-off between Berlin and Paris, especially after Bundesbank Vice President Claudia Buch secured the race for the chief position at the ECB banking supervision with French support, surpassing her counterpart from the Banco de España, Margarita Delgado.

While AMLA's fate remains indeterminate, Madrid is certain to host matches of the 2030 FIFA World Cup. Initially, it was widely assumed that the final would take place in the newly renovated Estadio Santiago Bernabéu, which will soon be officially inaugurated. However, Moroccans are now asserting their claims, and suggest to hold the final in a newly built stadium in Casablanca. Perhaps, Sánchez should consider inviting FIFA officials to the Alhambra for discussions.