“Economic security is the word of the year.”
Last week, Georgetown’s BMW Center for Germany and European Studies hosted a conversation with Carlos Cuerpo, Spain’s Minister of Economy, Trade, and Business. He addressed Europe’s role in an increasingly complex global economy, and discussed Europe’s strategies for achieving economic resilience and leadership in key industries.
Cuerpo began by emphasizing the broader scope of economic security, which he described as a multidimensional goal influenced by geopolitical factors and national policies. He called for the European Union (EU) to secure its own distinct stance in this area, saying, “My point is that the EU should have its own perspective. We need to enter or to try to get this leadership with an EU seal…with our EU DNA.”
To build this secure economic future, Cuerpo outlined three tactics. The first is a multilateral and open approach, including funding for vulnerable countries, led by Spain’s own initiatives to enhance cooperation. The second priority involves decarbonization, where Cuerpo highlighted the need for green policies that boost competitiveness and attract investment. The third priority is protecting Europe’s social welfare state amid challenges of political division, noting that “there is an element of trust…that we need to renew from our citizens in their institutions.”
Addressing both immediate and long-term challenges, Cuerpo also highlighted two areas in need of urgent improvement: financing for economic security objectives and governance. He stressed the need for rapid responses during crises but also emphasized that sustained progress requires addressing medium and long-term issues. He highlighted Spain’s role here through initiatives like the “competitiveness lab,” which countries can enter into with a pilot project of various integration initiatives.
Cuerpo mentioned that the EU is often regarded as an herbivorous power in a world of carnivores. “We should not try to become straight carnivores,” Cuerpo remarked, underscoring Spain and Europe’s need to “stay with our own values and assets…so that in the end we are flexible omnivores that can adapt easily to changing circumstances.”
Following his prepared remarks, Cuerpo engaged in a short Q & A with Dr. Federico Steinberg, and answered student questions on a range of topics, including Spain’s multilateral approach to economic security, the impact of migration on Spain’s housing crisis, structural and youth unemployment, and his views on EU leadership. In discussing migration, Cuerpo emphasized the economic benefits, noting, “The impact of migration is extraordinarily positive in economic terms,” but acknowledged a gap between citizens’ perceptions and migration’s actual economic contributions.
In his closing comments, Cuerpo emphasized the need for Europe to balance competitiveness with social responsibility, a combination he believes will enable Europe to continue as a leader in the coming decades.
