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 a Sustainable and Inclusive Economy, developed in collaboration with renowned economist Mariana Mazzucato. The proposal, unveiled during a public forum in Madrid in early April 2024, aims to bring together policymakers, academics, and business leaders to redefine economic growth models centered on public value, innovation, and ecological transition. Cuerpo emphasized that the council would operate independently but in close coordination with Spanish governmental institutions, particularly the Ministry of Economy, to ensure policy alignment with national and European Union objectives.
The initiative draws directly from Mazzucato’s influential work on mission-oriented innovation and the role of the state in shaping markets, particularly as outlined in her books The Entrepreneurial State and Mission Economy. Her advocacy for redirecting public investment toward solving grand societal challenges—such as climate change, inequality, and digital transformation—has gained traction among progressive policymakers across Europe. Cuerpo confirmed that the council’s founding principles would reflect these ideas, advocating for a shift from GDP-centric metrics to broader indicators of well-being, sustainability, and inclusive prosperity.
According to official statements from the Spanish Ministry of Economy, the Global Council will hold its inaugural summit later in 2024, with participation expected from international institutions including the Organisation for Economic Co-operation and Development (OECD), the United Nations Development Programme (UNDP), and the European Investment Bank (EIB). The council will operate as a multistakeholder platform, issuing annual reports and policy recommendations aimed at guiding national recovery and resilience plans, particularly those tied to the EU’s NextGenerationEU funding mechanism.
Mazzucato, who holds a professorship in the Economics of Innovation and Public Value at University College London (UCL), has long advised governments on innovation policy. Her recent work with the Scottish Government on establishing a Mission-Oriented Innovation Network and her role as a special advisor to the European Commission on industrial strategy lend credibility to the council’s intended scope. In a 2023 interview with the Financial Times, she argued that “the state must not just fix market failures but actively shape and create markets that serve the public good,” a philosophy that appears central to the new council’s mission.
Cuerpo, a member of Spain’s Socialist Workers’ Party (PSOE), has positioned economic modernization as a cornerstone of his tenure since joining the government in 2021. His prior initiatives include pushing for digital taxation reforms, supporting strategic autonomy in critical technologies, and advocating for a just transition in energy-intensive industries. The Global Council represents an expansion of this agenda onto the international stage, seeking to position Spain as a thought leader in reimagining capitalism for the 21st century.
Defining the Council’s Objectives and Structure
The proposed Global Council for a Sustainable and Inclusive Economy will focus on four core pillars: redefining economic value beyond GDP, advancing mission-oriented public investment, strengthening democratic oversight of innovation processes, and ensuring equitable distribution of the gains from technological change. These pillars align closely with the framework Mazzucato introduced in her 2021 report to the European Commission, Mission-Oriented Research & Innovation in the European Union, which called for a shift from indirect subsidies to direct public engagement in setting strategic goals.
Unlike traditional advisory bodies, the council intends to operate with a rotating secretariat hosted periodically by different partner institutions to ensure geographic and institutional diversity. Initial discussions suggest that the first secretariat may be based at UCL’s Institute for Innovation and Public Purpose (IIPP), where Mazzucato serves as director. The IIPP has previously collaborated with governments in South Africa, Finland, and Chile on similar mission-oriented approaches, providing a tested model for implementation.
Membership will include Nobel laureates, central bankers, civil society representatives, and tech industry leaders, though specific names have not yet been disclosed. The ministry emphasized that geographic balance—particularly inclusion of voices from the Global South—would be a priority. This reflects growing criticism of Western-dominated economic forums and aligns with calls for a more pluralistic approach to global economic governance, as seen in initiatives like the UN’s High-Level Advisory Board on Effective Multilateralism.
Funding for the council’s initial phase will approach from a combination of Spanish government allocations and contributions from partner organizations. While exact figures have not been published, Cuerpo indicated in a press briefing that the first-year budget would be modest, covering administrative costs, research output, and the organization of the inaugural summit. Additional support is expected from philanthropic foundations focused on economic reform, such as the Open Society Foundations and the Ford Foundation, both of which have previously funded Mazzucato-related initiatives.
Economic Context and Policy Relevance
The launch of the Global Council comes at a time of intense debate over the future of economic policy in Europe, and beyond. With inflationary pressures easing in 2024 but growth remaining sluggish across the eurozone, policymakers are searching for new frameworks to stimulate investment without reigniting price pressures. Spain’s economy, which grew by 2.5% in 2023 according to the National Statistics Institute (INE), has outperformed many of its peers, driven by strong tourism, renewable energy investment, and public spending tied to EU recovery funds.
Cuerpo has argued that traditional stimulus measures are insufficient to address structural challenges such as regional inequality, labor market duality, and the climate transition. In a speech at the Madrid forum, he stated that “we need an economic model that doesn’t just grow, but grows well—where innovation serves people, not the other way around.” This sentiment echoes Mazzucato’s critique of trickle-down economics and her call for entrepreneurial states that lead, rather than follow, market dynamics.
The council’s emphasis on mission-oriented policy could influence ongoing debates about the reform of the EU’s Stability and Growth Pact, the direction of Horizon Europe funding, and the design of future cohesion policies. By advocating for predefined public missions—such as achieving carbon neutrality by 2050 or reducing health inequities—the council aims to shift the focus from input-based budgeting to outcome-driven accountability.
Stakeholder Reactions and International Outlook
Initial responses to the announcement have been cautiously optimistic among progressive economic thinkers. Representatives from the Spanish Confederation of Business Organizations (CEOE) noted that while they welcome dialogue on innovation, they cautioned against policies that could undermine business confidence or increase regulatory uncertainty. Meanwhile, labor unions such as CCOO and UGT have expressed support for the council’s focus on inclusive growth, particularly if it leads to stronger worker participation in innovation governance.
Internationally, the initiative has drawn interest from similar efforts in New Zealand, where the Treasury has been experimenting with a “Wellbeing Budget” since 2019, and Wales, which enacted the Well-being of Future Generations Act in 2015. These precedents suggest a growing transnational movement toward redefining economic success beyond traditional metrics. The Global Council could serve as a platform to consolidate and amplify such experiments, offering peer learning and joint advocacy opportunities.
Observers note that the council’s success will depend on its ability to translate ideas into concrete policy influence. Unlike purely academic forums, its proximity to the Spanish government offers a potential pathway for impact—provided it maintains independence while accessing decision-making channels. Mazzucato has previously warned against “mission-washing,” where governments adopt the language of mission-oriented policy without substantive change. To avoid this, the council plans to publish annual scorecards assessing progress against its stated goals, a practice inspired by the UNDP’s Human Development Reports.
What Comes Next
The next confirmed step is the convening of the Global Council’s founding assembly, scheduled for October 15–16, 2024, at the Palacio de Villahermosa in Madrid. The event will be co-hosted by the Spanish Ministry of Economy and UCL’s IIPP, with live streaming available via the ministry’s official website. Invitations have been extended to over 150 participants from 40 countries, including finance ministers, central bank governors, and leaders from the World Bank and International Monetary Fund (IMF).
Following the summit, the council will release a foundational charter outlining its governance structure, mission principles, and work plan for 2025–2027. A public consultation process is expected to commence in early 2025 to gather input on proposed indicators of inclusive wealth and sustainable innovation. All official documents, meeting transcripts, and policy briefs will be archived on a dedicated portal hosted by the IIPP, ensuring transparency and accessibility for researchers and civil society.
For readers interested in tracking the council’s developments, the Spanish Ministry of Economy publishes regular updates on its official website, while Mariana Mazzucato’s latest writings and lectures are available through the Institute for Innovation and Public Purpose at UCL. These sources provide authoritative, primary information on the initiative’s evolution.
As global economies grapple with the twin imperatives of sustainability and equity, initiatives like this council represent an attempt to move beyond critique toward constructive redesign. Whether it will succeed in shifting the paradigm remains to be seen—but the conversation, at least, has begun.
We invite our readers to share their perspectives on this emerging effort to redefine economic progress. What role should the state play in shaping innovation? How can growth be made truly inclusive? Join the conversation in the comments below and share this article with others interested in the future of global economic policy.