Geographical areas

Execution of the Next Generation EU (NGEU) funds through the Recovery and Resilience Plan continues to gain traction, although the schedule is tight and the final stretch will require increased efforts. Indeed, by the deadline of 31 August, all investments funded with grants and loans need to have been allocated through the resolution of the relevant calls and tenders, and compliance with all milestones must be demonstrated to the European Commission. Also, Spain must submit payment requests before 30 September, while the Commission will have a deadline of 31 December to make the disbursements, as it will only have until then to certify the investments, that is, to verify that the money has been allocated to the committed projects.

Global supply chains have been shaken once again following the joint US and Israeli attack on Iran and the subsequent spread of the conflict to other countries in the Middle East. Subject to uncertainty over the shock’s severity and duration, this episode is shaping up to be the greatest disruption to international trade since COVID-19.