This paper delves into the recent events that led to the formation of the housing bubble in Spain and the resulting … with different equilibria descriptive of the labor markets in Spain and France, where the unemployment rates went from the … unemployment rate in Spain has jumped to much higher levels while switching between equilibria or, what is the same, because of …

the ECB since 1999 with Spanish macrofundamentals. We find that in the 1990s Spain implemented successfully a monetary … sub-optimal monetary policy. Spain's experience suggests a cautious approach with regards to the timing of further EMU … enlargement. -- Spain ; ECB ; monetary policy ; domestic fundamentals ; compatibility …