After austerity: lessons from the Spanish experience

The Elcano Royal Institute is a think-tank for international and strategic studies that analyses world events and trends from a Spanish, European and global perspective.

The Elcano Royal Institute's Working Papers are longer documents of an academic nature - usually between 12,000 and 15,000 words long, with footnotes and bibliographies - on current international affairs of relevance to Spain or on different aspects of Spain's foreign policy and security.

The paper’s first section outlines the main features of Spain’s growth model and the challenges it faced. Section two describes the scale of the shock it underwent from 2008 onwards and analyses the treble crisis in the financial, fiscal and competitiveness spheres. It concludes with some lessons to be learnt from the Spanish experience.