Publication

This paper looks at Spain’s economic growth model and the challenges it has faced since the early 2000s. The author also describes the scale of the country's economic crisis from 2008 on, especially in the financial, fiscal and competitiveness spheres. He concludes with lessons learned from the Spanish experience, including that a country that is part of a monetary union only has control over its fiscal policies and relative labor costs and and therefore needs to develop an appropriate adjustment strategy to succeed.