The Spanish experience in EU accession

José Luis Malo de Molina

Economic Bulletin, 2003, issue JAN, No 5, 89-100

Abstract: Spanish accession to the European Union and progressive external openness have been the driving forces behind the modernisation of the Spanish economy in recent decades. The Spanish economy was relatively closed and the process of integration has seen a rapid opening-up, manifest in a growing intensity of trade and capital flows. External openness has prompted significant changes. In particular, it has spurred the essential measures of macroeconomic and financial discipline needed to enable Spain to be included among the founding members of Economic and Monetary Union and to position it appropriately in the new globalised economy.

Date: 2003
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