Anomalies of Spain's Economy and Economic Policy-making

Abstract

Spain's economic difficulties underscore the dangers inherent in the Eurozone's current austerity regime but despite the ways in which the larger context has conditioned and worsened Spanish difficulties, many of the country's problems are home-grown. Economic policy has suffered from an inability to identify and act on the country's genuine structural shortfalls and instead has repeatedly attempted to address chronically high unemployment through labour market deregulation. This strategy has not succeeded, but areas—such as the banking system, education and vocational training, research and development, and the work-life balance—needing policy attention have not been adequately addressed. The external imposition of budgetary austerity threatens to simultaneously worsen the country's cyclical and structural problems—which are considerable.

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