Membership of the Eurozone benefited the corporate and other institutional sectors of the Spanish economy in the form of lower interest rates that boosted a period of high corporate investment and growth. The financial crises interrupted the growth process and the Spanish economy has gone...

Spain's public finances have been under significant stress during the crisis, despite pre-crisis fiscal surpluses and low levels of public debt. The impact of the crisis and an initial phase of counter-cyclical activism exacerbated the existing (structural) fiscal vulnerabilities. To correct the...