Abstract

CUEVAS AHUMADA, Víctor M.. Genesis and development of the Spanish crisis. Argumentos (Méx.) [online]. 2012, vol.25, n.70, pp.79-104. ISSN 0187-5795.

This paper analyses the origins and recent evolution of the Spanish economic crisis and formulates macroeconomic policy and structural reform recommendations in order to recover production growth on solid and sustainable bases. The underlying causes of the crisis relate not only to the flaws and omissions of the Spanish economic strategy, but also to the vulnerabilities generated by the Eurozone's institutional framework. Becoming a member of the Eurozone brought about an international competitiveness' gap that continued to widen over the years. To counteract its deficient export performance, Spain chose to replicate the U.S. pattern of over-indebtedness of households, businesses and financial institutions, on the one hand, and flourishing real state sector, on the other. The failure of such an economic growth model sank Spain into an unprecedented crisis, mainly because the Eurozone's intrinsic architecture has now become the main obstacle to confront it.

Keywords : Spain; eurozone; economic crisis.

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