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Chapter 4: Spain

GiancarloCorsetti, Michael Devereux (), JohnHassler, GillesSaint-Paul, Hans-WernerSinn, Jan-EgbertSturm and XavierVives
Authors registered in the RePEc Author Service: Gilles Saint-Paul (), Giancarlo Corsetti (), Xavier Vives (), Hans-Werner Sinn (), Jan-Egbert Sturm () and John Hassler ()

EEAG Report on the European Economy, 2011, 127-145

Abstract: Spain has suffered a lot from the current crisis and is the first large economy that may find itself in need of fiscal rescue. If this happens it may prove quite damaging to the euro. Yet, since the mid-1990s, Spain was a champion of growth and fiscal stability; its unemployment had fallen rapidly to the levels that prevailed in the rest of the European Union. This chapter discusses the reasons why such a virtuous initial situation deteriorated so sharply since the start of the crisis. Was this just bad luck or were the booming years just a mirage?

Date: 2011
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