-area. We focus on three badly affected states, Arizona, Spain and Latvia, to examine the working of relative adjustment … Spain. The locally focussed structure of banking amplified the crisis in Spain, whereas the role of out-of-state banks eased …

Spain's participation in European integration has strengthened its policymaking credibility and created an enviroment … conducive to sustainable economic growth. Over the last decade, Spain has seen improvements in inflation, output, employment … reviews Spain's past economic performance and sees good prospects for further rises in living standards …