Spain has experienced a housing bubble, a collapse of the savings banks, the renewable energy bubble and the bubble of the unnecessary infrastructure built with astronomical costs for the benefit of builders and to the detriment of taxpayers. Today there are huge problems of indebtedness in the Spanish economy and there has been a spate of restructuring of the banking sector amid the ongoing saga of the Euro crisis and bailout. This article by Ana Otero, Junior Economic Advisor at FEPS, charts the evolution of the situation from Spain’s economic situation to a nascent European banking union.
It looks at the options available at present as well as the mechanisms for dealing with the crisis adopted by other EU member states.It looks at how a banking union would be formed and the conditions that would accompany such an endeavour. Finally, the paper demands that such measures are accompanied by a growth agenda for Spain.
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