Understanding The Economic Crisis In Spain.The Vicious Cycle of the Single Currency and the Lack of an Efficient Productive Model

Abstract

To characterize the Spanish economic crisis, it is necessary to analyse both the constraints involved, and the consequences of the Economic Union membership and monetary, that is, the euro area, on the one hand, with the restrictions that introduces to deal with the problems of the short-term funding. And on the other the characteristics of the Spanish economy that take root in past decades and more particularly on the characteristics of the productive system that put manifest lack of competitive resources to exit the crisis in which it is immersed. Along with this, the article also considers the broad lines of economic policy developed in the course of the crisis, with serious deficiencies that have deepened in the own depression without paying attention to the Spanish economy structural weaknesses