ECB action and the Spanish economy during the first fifteen years of the euro

The euro now has fifteen years of history. Spain’s participation in the most advanced European integration project has been one of the most important determinants of its recent economic trajectory. To mark the anniversary, this article analyses the influence of ECB action on the Spanish economy during its fifteen years of existence, a period that saw the euro area itself transition from a prolonged initial stage of growth and stability to a farreaching crisis that has thrown into relief its fragilities and inefficiencies and even called into question the viability of the project, as initially conceived. The Spanish economy was among those that benefited most from the expansionary effects of the creation of the euro, but also among those that suffered most severely from the imbalances that built up. Eventually finding itself facing the necessity of making significant adjustments in a markedly adverse situation, Spain belongs to the group of countries that have suffered the greatest tensions and costs as a result of the crisis of the common currency. When analysing the influence of ECB action on the Spanish economy, it is therefore logical to distinguish between what happened in the period before the crisis and the events that have marked the development of the crisis. The structure of this article reflects this distinction.