ABSTRACT
Europe has been the driving force of economic policy in Spain over the last four decades and the key factor behind the modernization and globalization of the Spanish Economy. The accession to the EEC in 1986 was a crucial step in the process of economic and political integration. The process, however, began much earlier, with the implementation of measures (increased competition, privatization of public enterprises, industrial restructuring, deregulation) aimed at modernizing and improving the efficiency of the Spanish economy. These changes, which made possible the accession of Spain to the EU, initially, and made it possible for Spain to become a founding member of the European Monetary Union (EMU), later, were not without cost. Spain’s real convergence with Europe ceased for a decade while the reforms were implemented.
