Spain [stet] accession to the EMU: a long and hilly road

摘要: Europe has been the driving force of economic policy in Spain over last four decades and key factor behind modernisation globalisation Spanish Economy. Being a founding member Economic Monetary Union (EMU) marked achievement one goals process European integration. This was carried out several stages. First, trade openness, which bolstered by accession to EEC 1986 single market 1992, foreign direct investment abroad portfolio investment, grew exponentially run-up Euro membership. Second, nominal convergence, allowed more stable macroeconomic framework. Lower inflation fiscal consolidation have resulted higher sustainable growth. However, real integration could even successful. Spain’s income per capita still lies at 84 cent average. The slow pace reform, particular labour market, with high costs leading persistent unemployment, an inappropriate policy-mix late 1980s prevented from reaping full benefits EMU. Achieving convergence is challenge facing economy future will remain focal point this venture.