In Spain, An Opportunity LostRudi Dornbusch
Poor Spain. It needed a Margaret Thatcher in this election and got a Spanish version of John Major. True, the Socialists were defeated by the conservative Popular Party, but the new government has three problems: It has no vision, it has no mandate, and it has no power. The victory was razor-thin, and the PP will be at the mercy of the ousted Socialists or like-minded regional parties. In what is likely to be a brief spell in office, Prime Minister Jose Maria Aznar will not have the clout to truly reform Spain's economy.
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