Re: Re: Spain: the new crisis in Euroland


I think the unemployment rate was caused by the failure of the construction industry, rather than their membership of the Eurozone.

Rocker, I don’t know if you have read the 2006 Guardian article that I linked to above, but it does explain the situation then and what we are now seeing with regards to euro membership rather well.

The collapse of the construction industry is without question a significant factor in the, now very high, unemployment rate. That said, it in turn has come as a result of the earlier boom that was, in good part, fed by imbalances caused by the creation of the Eurozone. IMO you simply can’t say it was one or the other. They are both linked.