The Chamber recently had the honor of hosting Spanish President José Luis Zapatero, who was in Washington in early February to join President Obama at the National Prayer Breakfast, where Zapatero delivered remarks.

During his presentation at the Chamber, President Zapatero made an eloquent case for the historic and ongoing importance of U.S. foreign direct investment as a force for Spain's economic and social modernization. He welcomed further integration of the Spanish and U.S. economies, which in the last 5-10 years has grown to include strong Spanish investment in the U.S., complementing the U.S.'s role as the number one investor in Spain. Zapatero would like to see growing links between the U.S. and Spain in biotechnology, energy (especially renewables), and finance.

He also spoke enthusiastically of the commonality of interests that Spain and the U.S. hold in Latin America, a region which he praised for the way it has resisted the economic crisis (the first time it has done so) and for its young, growing markets. Although Latin America holds much promise, Zapatero's view was that the most cutting-edge, innovative investments will be made in the U.S. and the EU. He outlined Spain's tough new plans to reduce spending in order to cut its budget deficit, but emphasized that Spain's investment in R&D must be preserved. He praised the U.S.-EU Innovation Dialogue recently launched by the Obama Administration as part of the Transatlantic Economic Council, the principal forum for official discussion between U.S. and EU policymakers and regulators.

President Zapatero's remarks serve as a useful reminder that - notwithstanding current troubles several eurozone economies are experiencing (including in the bond markets) - the European Union is the United States' only real economic peer. The deep integration between these two advanced markets continues to be the main driver of new ideas and technologies for global prosperity.

Peter S. Rashish has joined the U.S. Chamber as the Vice President for Europe and Eurasia. Before coming to the Chamber he was Senior Advisor for Europe at McLarty Associates, an international strategic advisory firm, which included six and a half years based in Vienna, Austria. Peter has also served as Executive Vice President of the European Institute, as a consultant to the World Bank, the German Marshall fund of the United States, and the Atlantic Council, and was on the Paris-based staff of the International Energy Agency. Peter has contributed commentaries on transatlantic issues to The New York Times, Financial Times, International Herald Tribune, Los Angeles Times, Foreign Policy and The National Interest, and has made television appearances on PBS, CNBC and CNN.