Economics

Spain’s Covid Slump Could Have Been Far Worse Without the ECB

Shoppers on Calle Mayor in Cartagena, Spain, on Jan. 28. — Shoppers on Calle Mayor in Cartagena, Spain, on Jan. 28.
Photographer: Angel Garcia/Bloomberg

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By Alonso Soto

February 15, 2022 at 11:52 AM UTC

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Spain suffered the euro zone’s worst slump after the Covid-19 pandemic erupted -- but it would have been much worse without speedy action from the European Central Bank, according to a new study.