The winner of the 2025 Nobel Prize in Economics, Philippe Aghion, has championed from Barcelona the effects of artificial intelligence on the economy. According to the expert's calculations, AI can add more than one percentage point to total productivity over a decade. The new contributions, however, are conditional on countries' ability to "build the right institutions" to regulate and promote it. "AI has great potential, but we need to adapt our policies to take advantage of it," he argued at a conference held this Tuesday at the headquarters of the Cercle d'Economia.

Closing the three nuclear power plants in Catalonia (Ascó I, Ascó II, and Vandellòs II) would cost Catalan industry 280 million euros per year. This is the main conclusion of a study by the consultancy firm Deloitte, presented this Tuesday at the Cercle d'Economia in Barcelona. For the whole of Spain, which is less dependent on nuclear power than Catalonia, the cost would be around 1.4 billion euros. The report is based on the premise that energy costs represent 25% of industry's operating profit, and therefore, the more electricity saved, the more competitive industry will be.

The growth of the Catalan and Spanish economy is undeniable. And future estimates, despite a slowdown, confirm that we will continue to be the champions of GDP growth. The President of the Spanish Government, Pedro Sánchez, did not fail to mention this during his speech at the annual meeting of the Cercle d'Economia in Barcelona, where he surprised the audience by announcing the steps to present the State budgets for 2027, which sound more like an electoral program than a real possibility.

The President of the Spanish Government, Pedro Sánchez, has surprised both allies and adversaries at the Cercle d'Economia by announcing that this very week the order for the elaboration of the 2027 budgets will be published in the BOE. Needless to say, in the midst of a judicial storm against the PSOE and with the legislature about to enter its final year, the possibility of these accounts moving forward is almost non-existent. If it wasn't possible in 2024 and 2025, when there was still half a term left, it's even less so now. What, then, is behind this plot twist from the Spanish President?

There was great interest in seeing the surprise that Pedro Sánchez was preparing in his speech at the closing of the annual meeting of the Cercle d'Economia, that is, the rabbit he would pull out of the hat. At last year's edition, for example, he announced an unprecedented consultation on BBVA's takeover bid for Banco Sabadell, a merger that failed last October.

The Minister of Industry and Tourism of the Spanish government, Jordi Hereu, boasted about the capacity of Spanish industry. In his speech at the 41st Meeting of the Cercle d'Economia, Hereu celebrated that the state's productive sector "holds its ground", and survives the multiple geopolitical threats that surround it.

Spain is "better positioned" than others in the energy crisis due to the closure of the Strait of Hormuz, due to the war in Iran, but it will not be able to escape its effects. This was stated by the presidents of Repsol, Antoni Brufau, and Naturgy, Francisco Reynés, during a round table within the framework of the Annual Meeting of the Cercle d'Economia, held in Barcelona.

The leader of the PP, Alberto Núñez Feijóo, did not come willing to approach the Spanish government in his speech to the audience of businessmen at the annual meeting of the Cercle d'Economia, which is celebrating its second day. Despite the request from the president of the Cercle, Teresa Garcia-Milà, to reduce disputes while awaiting judicial rulings and to prioritize consensus on essential issues, from housing to the defense of Europe's strategic autonomy, the popular president went his own way. Of course, without painting as bleak a picture as he did a year ago at this same meeting, with a speech that some businessmen have described as "flat".

The Cercle d'Economia has the gift of opportunity. Its traditional annual meeting, which brings together the political and economic world for three days, usually coincides with unexpected events. In 2018, when it was still held in Sitges, under the presidency of Juan José Brugera (Colonial), the day was practically devoid of politicians due to the motion of no confidence that brought Pedro Sánchez to La Moncloa. Eight years later, in the current edition, the 41st, which began this Monday and lasts until Wednesday, under the presidency of Teresa Garcia-Milà, the one who arrived at La Moncloa then is the one who lives with his position questioned, in a pre-election atmosphere, be it via a motion of no confidence or an early call for elections. Sánchez will close the sessions on the last day and the leader of the PP, Alberto Núñez Feijóo, will precede him this Tuesday in the search to capture the interest of Catalan businesspeople.

With the budget agreement under its arm, Salvador Illa landed this Monday at the annual conferences of the Cercle d'Economia with the tranquility of presenting himself to the Catalan business fabric with an "stability" that the sector values – in the words of the Cercle's own president, Teresa Garcia-Milà. If the orbital railway line – which must connect cities in the second metropolitan ring, from Vilanova i la Geltrú to Mataró, without passing through Barcelona – was the key to the pact with ERC for the accounts, the President of the Generalitat has taken advantage of the platform that the Cercle has given him to put infrastructure back on the table and make an announcement: the Government will mobilize 3,300 million euros from public-private collaboration to "accelerate strategic infrastructures". "Now is the time to recover a system that has been stalled since 2010, a public-private model for infrastructure," Illa defended before the Catalan business community.

The Cercle d'Economia is approaching its annual conferences, increasingly focused on the health of the European project, with a touch of pessimism. In the opinion note prior to this year's meeting, which will be held between June 1 and 3 at the Palau de Congressos de Catalunya, the entity warns of the "fractures" and "divisions" that risk the Twenty-seven's ability to become autonomous in an increasingly disjointed world.

The President of the Spanish Government, Pedro Sánchez, and the leader of the PP, Alberto Núñez Feijóo, will attend the annual meeting of the Cercle d'Economia to be held from June 1 to 3 in Barcelona, the first meeting with Teresa Garcia-Milà as president of the institution. This year the central theme will be Europe's strategic autonomy in the context of the war in the Middle East, which adds to the Russian invasion of Ukraine, and the difficult relations of the Old Continent with the administration of Donald Trump in the United States.

There was anticipation this Thursday at the Círculo de Economía (Circle of Economy) to hear from the Minister of Inclusion, Social Security and Migration and spokesperson for the Spanish government, Elma Saiz, as she was to speak on a topic that generates political and demagogic controversy: immigration. This very forum, chaired by Teresa Garcia-Milà, issued an opinion piece a few days ago calling for a moderation of the arrival of immigrants and its alignment with a new economic model based on greater productivity. It also demanded a "genuine immigration policy." Saiz, accustomed to touting the achievements of Pedro Sánchez's government (she even conveniently used this to conclude her statements to journalists before entering with a Not in war), he didn't completely satisfy when questioned.

The Minister of Inclusion, Social Security, and Migration and spokesperson for the Spanish government, Elma Saiz, vehemently defended the extraordinary regularization program announced by the Executive. In a conversation with the president of the Círculo de Economía (Circle of Economy), Teresa Garcia-Milà, she stated that "orderly and integrated immigration is the key to sustaining economic prosperity in the coming decades." In response to questions from Garcia-Milà, she applauded the fact that some autonomous communities, such as Catalonia, are demanding powers regarding immigration within the constitutional framework. She acknowledged that there are issues, such as healthcare and others, that require local management. Saiz participated in the Cercle after the organization published an opinion piece a few days ago calling for the regulation of migration flows and their adaptation to an economic model based on improving productivity. The minister, who congratulated the Catalan organization for opening the debate on the issue, noted that the people who will be eligible for regularization "are already here" and rejected claims by some political groups that the new arrivals will overwhelm public services. The data, she added, shows that they do not overwhelm public services, but rather "contribute to sustaining them." It is, in any case, the responsibility of public administrations to size public services according to the population, the Spanish government spokesperson said. She asserted that "when immigration is managed well, it is not a threat but an opportunity for growth and for strengthening democratic society."

Today marks one month since the Gelida accident in which a trainee train driver died, which definitively plunged Cercanías into chaos, courtesy of Renfe, Adif and the Ministry of Transport (and which, by the way, significantly affected the AP-7).

The first opinion piece of Teresa Garcia-Milà's term as head of the Círculo de Economía (Circle of Economy) focuses on immigration, a phenomenon that all political parties, regardless of their political leanings, use more as an electoral tool and a means of conflict than as a means of finding solutions. A calm and in-depth debate is necessary to address this issue, as it is a structural one. In recent years, both Catalonia and Spain have experienced a surge in newcomers, which, while not the sole factor, has contributed to rising housing prices, as supply has failed to meet the accelerated demand, also putting pressure on public services. In a short time, compared to other countries, our numbers have grown significantly. Therefore, this prestigious forum, whose members represent a broad range of ideologies, has chosen to dedicate its opinion piece—the document through which it establishes its position on major issues—to a subject that is often treated demagogically by politicians. There are no magic formulas or easy solutions to a complex issue with many facets, from economic and labor issues to social ones, which has fallen too heavily into the hands of populist rhetoric.

The Circle of Economy has decided to address a central issue that sparks debate and even poisons politics: immigration. In an opinion piece, a document through which this organization expresses its views on essential matters, the Circle calls on the PSOE and the PP to reach an agreement to regulate immigration, which, it argues, requires treatment as a matter of national policy. The document, titled The need for a migration policy: production model, integration and social welfareThe Circle criticizes the lack of a "genuine immigration policy" in Catalonia and Spain and the application of "a succession of reactive and fragmented responses," such as the regularization announced by the Spanish government, which it sees as necessary but also as "an acknowledgment of failure, which should not perpetuate past mistakes." One of the Circle's recommendations is to review the "arraigo" (rooting) policy, which is rarely used in other countries and, although conceived as an exception, has become the most common way to obtain residency and employment. Furthermore, it contributes to the precariousness of the labor market, fosters a low-wage economic model in which per capita income does not grow sufficiently, and generates a pull factor that increases irregular immigration. Without specifying how, the Circle advocates "modulating" the entry of immigrants and aligning it with the objective of shifting towards a more productive and less labor-intensive economic model based on low wages.

For years, the arrival of tourists has steadily increased. This constant influx of visitors has significant economic implications. Tourism has become a strategic sector, representing around 11% of Catalonia's GDP, primarily due to... more than 20 million foreign tourists that were registered last year, a figure that has more than doubled in just 25 years. This unprecedented growth has also had consequences for residents, with the overcrowding of city centers and the loss of local identity, as well as the disappearance of thousands of apartments from the housing market due to their conversion into tourist apartments, which are much more profitable than conventional rentals.

"From an economic standpoint, it's certainly not a good agreement, but it's more or less tolerable. The political cost is another matter." With these words, he described the trade agreement between Brussels and Washington Ignacio García Bercero, analyst at the think tank Bruegel and for 35 years EU trade negotiator. At an event this Thursday at the Círculo de Economía (Circle of Economy) on the impact of tariffs, García Bercero lamented the European Commission's strategy in the face of the aggressive trade offensive by the US government under Donald Trump: "It has given a certain image of weakness to the EU," he opined, since the EU has ended up signing an agreement that is "just an agreement."

One outstanding issue for Catalonia is improving technology transfer, that is, the process of transforming knowledge from scientific and technological research into practical solutions or applications for the market. It is an essential element of innovation and, by extension, improving productivity, the variable that ensures long-term progress. The Basque Country in Spain and Flanders in Belgium are two benchmarks that Catalonia looks to, characterized by having innovative ecosystems focused on industry.