Gain or more pain in Spain?

Spain is the eurozone's latest poster child for austerity and structural reforms. The country's economy is growing robustly on the back of strong employment growth, recovering real wages and a pick-up in business investment. Indeed, Spain is on course to be the fastest expanding big economy in the EU this year. •Spain’s return to growth is good news, but there is little evidence that it is the result of austerity and reforms. Moreover, the economy’s outlook is cloudier than the dominant narrative would suggest and the challenges facing the country remain formidable