Carlos Cuerpo and Mariana Mazzucato Collaborate on Economic Strategy

Spain’s First Vice President and Minister of Economy, Trade and Enterprise, Carlos Cuerpo, has announced a new initiative to establish a Global Council for Economic Innovation, co-led with renowned economist Mariana Mazzucato, aiming to reshape international economic policy through mission-oriented public investment and strategic state involvement in key sectors.

The proposal was unveiled during a joint appearance by Cuerpo and Mazzucato at a high-level forum on global economic governance held in Madrid on April 17, 2026. Cuerpo emphasized that the council would bring together policymakers, academic experts, and business leaders from across Europe, Asia, Africa, and the Americas to design coordinated responses to systemic challenges such as climate transition, technological sovereignty, and inclusive growth.

Mariana Mazzucato, professor at University College London and a leading advocate of entrepreneurial state theory, has long argued that governments should not merely correct market failures but actively shape and create markets through bold, long-term missions. Her framework has influenced economic policy in the European Union, South Korea, and Chile, particularly in areas like green energy, digital infrastructure, and biotechnology.

Cuerpo stated that the proposed Global Council would operate under the auspices of Spain’s Ministry of Economy but function as an independent, multilateral platform. It would produce annual reports, policy recommendations, and joint pilot programs focused on aligning public financing with strategic industrial goals, especially in sectors deemed critical for economic resilience and technological autonomy.

According to officials familiar with the planning, the council’s initial priorities would include advancing public-private cooperation in semiconductor manufacturing, scaling up renewable energy grids in developing economies, and establishing common standards for ethical AI deployment in public services. These areas were identified as having high spillover effects and requiring coordinated state action to overcome market fragmentation and underinvestment.

The initiative reflects a broader shift in Spanish economic policy under the current coalition government, which has increasingly emphasized strategic autonomy, industrial policy, and reducing dependence on external supply chains. In recent years, Spain has launched national semiconductor initiatives, expanded funding for green hydrogen projects, and created a sovereign wealth fund aimed at strengthening long-term economic resilience.

Cuerpo noted that the council would seek to avoid duplicating existing forums such as the G20, IMF, or World Bank, instead focusing on generating actionable policy experiments that could be scaled internationally. He described it as a “do tank” rather than a “talk tank,” with an emphasis on prototyping new models of public investment and sharing results across borders.

Reactions to the announcement have been mixed but generally constructive. European Commission officials welcomed the move as complementary to the EU’s own strategic autonomy agenda, particularly the Net-Zero Industry Act and the Chips Act. Meanwhile, some business associations cautioned that the success of such initiatives would depend on clear governance, transparency, and avoiding distortions in competition.

Mariana Mazzucato, speaking alongside Cuerpo, reiterated that the goal was not to expand state control but to enhance the state’s capacity to lead in times of uncertainty. “We need governments that are not just risk-averse regulators but bold, collaborative partners in innovation,” she said, adding that the council would help develop new metrics for evaluating public value beyond GDP growth.

As of April 19, 2026, the Spanish government has begun consultations with potential partner institutions, including the European Investment Bank, the United Nations Conference on Trade and Development (UNCTAD), and several national development banks. A founding summit for the Global Council is expected to take place in late 2026, with Spain offering to host the inaugural meeting.