The last fifteen years or so have witnessed a major transformation of Spanish businesses. After decades of protectionism and isolation, virtually all of them are now exposed to the winds of international competition; nearly a thousand have invested abroad in order to exploit the opportunities inherent in operating across borders. As a result, Spain has become one of the ten largest foreign direct investors in the world, with key consequences for the country's economy, financial system, diplomacy, image and society, as well as for Europe.