L'Espagne de Zapatero : rupture ou continuité ?
Succeeding the conservative José Maria Aznar, the socialist Luis Rodriguez Zapatero became Prime Minister in March 2004. Economics’ growth was strong with an important reduction of unemployment and a public deficit close to zero, but many imbalances were pointed out (low productivity, high inflation, a fall of competitiveness, overvalued house prices, precariousness on labour market and low social security benefits). As the end of his term approaches, this article aims at analyzing his economic policies. Zapatero undertook many reforms (on labour market, pensions...), resulting from a delicate trade-off between the social promises and the will to preserve a budget surplus. But these reforms haven’t been ambitious enough to deeply modify the Spanish economy. Finally, Zapatero’s economic policies seem very similar to those of Aznar, with the exception of social ones and investment. JEL classification: E2, E62, O52.
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