, Columnist
Coronavirus Exposes Spain's Failings Once Again
After the euro-zone crisis, Spain emerged as a model for the weaker nations of the bloc. The pandemic risks undermining this progress.
Too soon to party.
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After the euro-zone crisis, Spain emerged as a sort of model for how the monetary union’s more fragile nations might prosper. The economy expanded steadily as tight labor laws were loosened, and investors flocked to Madrid, pushing its government bond yields well below Italy’s.
Subsequently, Spain strengthened its political clout in the European Union, challenging Italy’s position as the third-most influential member state after France and Germany. As Rome’s fortunes waned, Madrid’s waxed.