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Spain Remains Crucial to the EU and Europe Despite Its Crisis

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Spain Remains Crucial to the EU and Europe Despite Its Crisis

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5 min read
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What's inside?

What is Spain’s standing in Europe? Are its economic woes putting its relationship with the European Union at risk.

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Editorial Rating

6

Qualities

  • Analytical
  • Well Structured
  • Overview

Recommendation

Edmund Burke, an 18th-century philosopher, once described Spain as “a whale stranded on the coast of Europe.” Now that the nation is embroiled in the European sovereign-debt crisis, what will become of this beached giant? getAbstract recommends Jaime Pinto’s article to policy makers, investors and followers of European politics. Pinto, a historian and political writer, clearly outlines the difficulties facing the Spanish government and the implications for the euro zone. Pinto presents well-structured opinions on the importance of Spain to the European Union.

Summary

Spain is the fourth-largest economy in the euro zone. Its sovereign-debt crisis could jeopardize economic security in the European Union (EU) and the future of the euro. Between 1994 and 2007, Spain enjoyed an average yearly growth rate of 3.63% and earned a reputation as a “model for democracy and EU membership.” But in 2008, Spain’s property bubble burst and the economy took a nose dive. The cost of borrowing has risen, the nation has amassed public deficits and bankruptcies have skyrocketed. In 2012, unemployment climbed to 26%, with youth unemployment at 55%, though these figures may be inflated...

About the Author

Jaime Pinto is a historian and political writer. His works include books on Portuguese history, political science and African affairs.

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