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What does it mean to reign without ruling, to be head of state but have no executive capacity? This book explores the role of Felipe VI in a Spain that demands neutrality, responsibility and, above all, exemplary institutions. With an incisive and critical eye, the author analyzes the challenges faced by the parliamentary monarchy from the approval of the 1978 Constitution to the present day, in a context of political polarization and democratic disenchantment. Felipe VI becomes the symbol of a complex and moderating role, in which the monarch is called to unite and not to divide, to represent the people from a neutral position, far from the ups and downs of politics. Through a journey through the recent history of Spain, this essay shows how the monarchy adapts and sustains itself in a democratic system that demands compromise. Without falling into hagiography or superficial praise, the author examines the place of Felipe VI in a monarchy that seeks to remain relevant and respected in times of change. Beyond the analysis, this work raises essential questions about the value of neutrality and continuity in a country where the debate about power and historical memory are still alive.