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Abstract:
The aim of this paper is to analyse the determinants behind the crisis in Spain that made it deeper and longer than in the previous instances and which reflected some significant obstacles to emerging from the recession. The experience of over the past four years allows some lessons to be drawn on the external sector, the real estate market, fiscal policy and the labour market. These lessons point in particular to the need to avoid complacency in economic policy management in boom periods and urgent adapting the structure of goods and factor markets and the behaviour of economic agents in Spain to the requirements imposed by participation in the Monetary Union.
