Amidst the intense economic situation, I'd like to focus on a much-discussed issue that has recently fallen off the media radar: the deployment of European funds. We're in the final stretch, and in this final phase, the success or failure of many transformative projects for our region is at stake. The key is whether we can successfully complete this project or miss out on opportunities that were already within our grasp.

They ask us for a sustainable future, encouraging us to buy electric vehicles, install solar panels, aerothermal or geothermal systems, or whatever produces energy without emitting CO2 because the planet is going to hell. To get us to part with the money, they entice us with public aid that, in theory, makes investments profitable that otherwise wouldn't be. However, behind these promises lies a bureaucratic tangle that turns aid into deception and hope into frustration.

The European Next Generation funds, created to combat the covid crisis and promote a change in the productive model, could contribute five percentage points to Catalan GDP between 2021 and 2026, and create 60,000 jobs between this year and 2024. This is the conclusion of a study prepared by the Generalitat's Finance Department and the University of Barcelona.

The deterioration of the financial situation of companies and structural unemployment are two of the consequences of the covid-19 pandemic for the Catalan economy, according to the Nota d'Economia presented on Thursday by the Catalan Minister of Economy, Jaume Giró. This was a comprehensive review of the evolution of the economy in 2020, marked by the pandemic, from which we can also draw positive lessons.

The Generalitat de Catalunya will soon receive €893.3m from NextGeneration EU, the European Union's €750bn programme aimed at promoting the recovery of the bloc's economy after the pandemic. Thus, 13 months after the approval of the funds, Brussels will make the first direct payment to the Government - without going through the State - which will allocate the money to the adaptation and improvement of the health system to cope with covid-19 investments in digital infrastructure and public transport and sustainable mobility, and the conversion and construction of public service buildings, such as schools or hospitals, to make them more efficient, the Catalan Department of Economy has reported.

Despite the long shadow of the delta variant, the horizon for European economies is becoming clearer. On Wednesday, the European Commission improved its outlook for the Spanish economy's growth by three tenths of a percentage, after having already revised them upwards in its last estimate in May. Therefore, it now believes that the state's GDP will rebound by 6.2% in 2021, mainly thanks to the advancement of the health situation, the rapid progress of the vaccination campaign and the gradual lifting of restrictions. This is one of the largest rebound in the European Union, behind only Romania, Ireland and Hungary.

The date 15 June 2021 will probably not be etched in anyone's memory, but the history books will record that it was the day the European Commission made the first joint long-term debt issue to finance the recovery funds, known as Next Generation, which are due to start being distributed as early as August. Specifically, 20 billion in ten-year bonds have been raised, but demand has climbed to 142 billion, proof that Europe is considered a safe and profitable long-term investment. In a European Union often lacking in good news to boost its self-esteem, this is no small feat.

Only three countries in the European Union meet the limit of 3% of public deficit that was planned before the outbreak of the coronavirus pandemic, because all have focused on curbing the impact of the crisis with public aid. Spain, however, already dragged high levels of debt and deficit which have soared even higher, and that is why the European Commission warns that it needs to be "prudent" when it comes to continue spending from 2022 to underpin the recovery. Brussels thus recommends prioritising the use of European funds to avoid the risks associated with an even greater increase in public debt. Spain finished 2020 with a public debt of 120% of its GDP and the highest deficit in the EU (11%).

Will the European funds be the panacea to the economic crisis that some predict or, on the contrary, will they arrive too late? How many will reach the medium and small companies that make up the bulk of the Catalan business fabric and how many will be for large companies? In a debate held this week at the Ateneu Barcelonès and moderated by Antoni Bassas, the ARA brought together five expert voices on the subject: Joaquim Coello, member of Conext CAT-EU -the advisory committee on the funds of the Generalitat-; Ariadna Marín, CEO of the coatings company Coatresa; Jacint Soler, director of external relations of Pimec; Kilian Garcia, director of the international department of Foment del Treball, and Joana Artís, business consultant.

It's been almost a year since Angela Merkel and Emmanuel Macron revived the EU's Franco-German engine to propose a recovery fund against the coronavirus pandemic with common debt. But the energy generated from Berlin and Paris still circulates through the gears of the European Union without combustion. The money hasn't arrived, hasn't even begun to be issued, and meanwhile the United States already has a new president who has launched an unprecedented economic recovery plan. "We have to be clear, we were very efficient last year in adopting the European recovery plan and the decision to issue common debt. But since then, we have lost too much time, China has regained its growth and the United States is already bouncing back", French Finance Minister Bruno Le Maire acknowledged on Tuesday.

Important and difficult days lie ahead. I think it should not take much to agree on two things: that, without sparing any effort to combat the health crisis, we must step up the fight against the economic and social crisis; and that both will require a lot of effort and a lot of economic resources.

The Generalitat has presented a total of 27 public and private investment projects that are candidates to receive financing from European funds for economic reconstruction. The investments total €41bn and aim to modernise the Catalan economy, according to the spokesperson of the Government, Meritxell Budó.