Since the instauration of the parliamentary democracy in Spain in the second half of the seventies, the monarchy is an essential part of the system. As both the attitude and the behaviour of Juan Carlos I in the dramatic events of February 23th, 1981 and the Constitution as well, point out, the king has to watch attentively over public affairs and has to protect the basic values of the system. He is also the arbitrator who has to handle cleverly, inventively and carefully the marginal cases which the legislator cannot foresee. The king furthermore, is a symbol. Both the function of arbitrator and the symbolic function have to be taken into account to fully understand the monarchy in the Spanish parliamentary system.