The era of globalisation has ended. Long gone are the proclamations political leaders used to make with the arrival of the internet and smartphones – that everyone would work together, and that now friends could meet through a screen, a new age of connectivity would dawn. The United States and China have long been looking out for themselves; “they have traded the benefits of globalisation for power and security,” asserts Antoni Brufau, chairman of Repsol.
Europe is lagging behind, burdened by a fragmented market and limited strategic sovereignty. Brufau stresses that a change of model must be imminent, given the exponential growth achieved by neighbouring superpowers and the resulting sense of vulnerability across Europe. He also takes time to discuss Catalonia and how the country has the capacity to play a decisive role, though he warns that “without change in Europe, Catalonia will not be able to change either.”
The Barcelona Economists' Forum, which on 13 November convened leading economists at the Hotel InterContinental Barcelona under the banner New global order: the Catalan economy at stake, served as a space for reflection on Europe's competitiveness, its position on the global chessboard of security and autonomy, and how Catalonia can act as a vital instrument for European transformation. Experts, economists, and institutional officials took to the lectern throughout the event, united in the conviction that the time has come to act. “We need an economic model that is sustainable over time,” stated Carles Puig de Travy, dean of the Col·legi d'Economistes de Catalunya, which organised the gathering.
Global reality is complex. “World disorder,” in the words of the Minister for Economy and Finance, Alícia Romero, has left Europe exposed. A conservative approach to corporate investment, the modest scale of local companies, and an ongoing reliance on products from other nations that have moved faster, innovated more, or injected greater capital into their ideas rank among the weaknesses identified across Europe.
Brufau is unequivocal: in his view, the threat is imminent, and he cites the report by the revered economist Mario Draghi, former president of the European Central Bank: “Europe faces an existential challenge; either it changes, or it will no longer be able to sustain its welfare state.” At the same time, the Repsol chairman acknowledges that in this imperative to push harder and smarter for European sovereignty, Catalonia could play a pivotal role.
The panel discussion preceding Brufau's remarks exemplified the vision the Repsol chairman holds for Catalonia: four prominent experts and business leaders who are building companies in strategic industries across the country – ventures that could one day serve as the primary engines of domestic wealth and autonomy. “Europe needs to carry out the energy transition because we cannot depend on fossil fuels we do not possess,” stated Rafael Ruiz, chairman of Ebro Motors Group. In this regard, his company marked the first step towards Catalan energy sovereignty, through a public-private investment that enabled the reindustrialisation of the former Nissan plant. Even so, Ruiz argued that continued building and effort are required to secure genuine energy independence.
The same holds true for food production, another cornerstone of Catalan sovereignty. Andrés Martín Pérez, managing director of Elian Barcelona, noted that food products are not always the first thing that comes to mind when discussing autonomy, yet they play a crucial role. “In 2008 there was also a food crisis that drove prices up,” the executive pointed out. Amid recurring geopolitical crises, food is easily the first essential to become more expensive. Martín Pérez argued that the country must avoid relying on foreign nations, warning that if Europe is already dependent, “Catalonia is even more so.”
Catalonia also boasts a cutting-edge sector in semiconductors. However, this industry still trails far behind advances in China, keeping Catalonia off the top spots in innovation rankings. Nevertheless, it can serve as a key asset within Europe. Still, Eduard Puig Martí, CEO of Ideaded, noted that “we suffer from heavy dependence because there is no local manufacturing base here, as we structurally lack visibility.”
More investment and talent
Undoubtedly, one of the concepts raised most frequently during the experts' deliberations was investment. Countries like the United States and China pour staggering, near-trillion-dollar sums into corporate innovation. By contrast, Carme Hortalà Vallvé, managing director of Corporate Development and Internationalisation at Grupo GVC Gaesco, explained that Europe does not. “Here we still operate with a model geared around short-term profitability,” the specialist observed, noting that major European investors do not approach risk in the same way as their global rivals. “If we want to win this race, we cannot do it with a last-century financing model,” Hortalà stressed.
Where every panellist agreed, however, is on Europe's clear advantage in human capital – particularly in Catalonia. If there is one thing not lacking “in this small country,” said Puig Martí, it is talent. The Ideaded CEO praised the quality of local universities, the capacity to launch new ventures, and a highly diverse industrial fabric that is especially well positioned to capitalise on the opportunities of artificial intelligence.
Elian Barcelona's managing director likewise singled out talent as one of the factors that made Barcelona a strategic location for the company, alongside its port and proximity to competitors, while underscoring the importance of public sector backing. For his part, the chairman of Ebro Motors Group emphasised that Catalonia is fortunate to command talent across every sector. Ultimately, Catalonia holds the recipe to become a cornerstone of sovereignty – both its own and Europe's. Yet, as Brufau concluded: “We will not grow as we would like to unless Europe changes.”