Daniel Dombey

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EU recovery fund: can Spain transform its economy?

It was as if events took place in reverse. In March, Spain’s prime minister Pedro Sánchez and King Felipe VI visited the carmaker Seat, near Barcelona, to mark their support for the electric vehicle project the country hopes will modernise and preserve its vital automobile industry.

The project is the showpiece of Spain’s plans to spend €70bn of grants from the EU’s coronavirus recovery fund. The visit felt like an inauguration. But it was only four months later that the government issued its formal approval for the scheme. Even now the rules for the consortium behind it have yet to be issued.…  Seguir leyendo »