First Vice President and Minister of Economy Nadia Calviño defended a policy of responsible and balanced economics during remarks in Barcelona. She pointed to a five-year track record that shows positive results, emphasizing a developing economy and above-average Social Security connections as new sectors in the digital economy expand. The comments came at the closing session of the 38th Cercle d’Economia Meeting in Barcelona.
Calviño supported the leadership of President Pedro Sánchez at the European level. She noted that next week the Government will present an annex to the recovery plan, a move aimed at satisfying milestones and targets to secure European Next Generation funding. The package would increase transfers by 10 billion compared to the prior 7 billion estimate and add 84 billion in soft loans. She added that the document reflects broad sector input and prioritizes strategic autonomy.
Elections and a Sense of Uncertainty
Calviño spoke after Cercle chairman Jaume Guardiola outlined concerns about Europe, warning that the current period risks stagnation in living standards. The commentary suggested that major parties contribute to polarization rather than building consensus. Guardiola highlighted the possibility of new elections and questioned the European presidency’s trajectory for the second term, setting a mood of doubt around July 23 and beyond.
Calviño highlighted a inflation rate near 3 percent and argued that elections represent a less confusing path for the moment. She acknowledged a difficult decade following the financial crisis and attributed much of the decline to the government’s policies since 2018. She asserted that growth has allowed a reduction in the cost of the pandemic’s financial impact, making it possible to meet deficit and debt targets this year and accelerate plans for 2024, according to the Government’s strategy.
Inflation and Tax Revenue
Calviño noted that inflation fell to 3.2 percent in May, the lowest in nearly two years. She tied a rise in tax revenue to a larger informal economy and argued for targeted tax relief measures and support for households and industries. She framed the Next Generation funds as central to a social democratic response that complements ongoing economic safeguards.
Leading Centers, Universities, and Innovation
The vice president underscored the importance of research hubs for Catalan economic vitality. She recalled international leading centers and a strong ecosystem for research and development, including the PERTE chip initiative. Catalonia’s university network and its small and medium sized enterprises, along with startups, were highlighted as crucial assets for sustained growth.
She indicated forthcoming changes in the annex to the improvement plan to enhance the digital toolkit for small firms and the self-employed, enabling broader use. Speaking to business leaders, she defended a policy stance that remains practical and balanced under the Sánchez administration. When questioned about differences in government policy, she described the query as a trick and suggested that the main opposition party has yet to present a clear alternative.
Calviño and the PSOE Lists
Before the speech, Guardiola noted that calls for early elections on 23-J have stirred some unease among business leaders who seek clarity about the European presidency in the second half of the year. The year promises significant issues for both Europe and Spain.
Medium and Long Term Outlook
Guardiola urged the Cercle to maintain its perspective beyond the immediate electoral cycle. In Catalonia, municipal campaigns appeared calmer, with Cercle-supported measures continuing to shape policy, even if some people struggle to understand the broader Spanish context. The ongoing questions include financing and investment levels, while growth remains positive and per capita income has edged up since joining the euro, with a sense of progress measured against euro-area peers.
Guardiola described productivity as a central challenge. Reconciliation across parties was presented as essential to reduce polarization. He warned about risks such as rising public debt, potential shocks to pension indexing tied to inflation, housing affordability, and a lack of cross-party consensus on reforms. The speech emphasized the need for steady policy to preserve social and economic stability as Europe evolves.
Notes attributed to the Cercle president linked political choices to real outcomes in Catalonia and across Spain. The emphasis remained on pragmatic measures that support sustainable growth, while recognizing the political backdrop and the importance of maintaining a calm, forward-looking economic agenda for both the short and long term.
In this context, the discussion highlighted how policy continuity, investment in innovation, and a balanced approach to fiscal targets could help mitigate uncertainty. Stakeholders were urged to keep focusing on productive reforms, the development of digital tools, and the support of universities and businesses that anchor Catalonia’s economy in a rapidly changing European landscape. The overarching message was clear: steady, responsible governance can shape a resilient economy with social protections at its core.