Claudia Canals and Oriol Carreras Baquer (Caixabank)| Given the importance of investment in intangibles for boosting the digital transition, we wonder what impact NGEU will have on this type of investment. To answer this question, first we estimate the average increase in the relative weight of investment in intangibles as a proportion of GDP in Spain between 1995 and 2017. We then measure the impact that NGEU will have on investment in intangibles, considering in the calculation the carry-over effect that this programme could have on private investment.