Spain after the fiesta

Article Abstract:

Spain is being faced with the challenge of refining its economic policy after experiencing tremendous economic changes since it took membership in the European Community (EC) in 1986. Funding from the EC for local infrastructure programs and the influx of foreign investment have contributed to a significant transformation of the Spanish economy. EC funding paved the way for the construction of airports, railroads and motorways, companies like Volkswagen, Yamaha and Nissan became well established in Spain, and the Spanish banking industry thrived with the help of foreign investors. This transformation, however, has resulted in inflation. An effective fiscal policy, the privatization of state-owned corporations and the alleviation of labor market restrictions serve as some of the means for controlling inflation in Spain.

Economic policy

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As Spain enters EEC, business mood gets a lift

Article Abstract:

The economic conditions in Spain on the eve of its entry into the European Common Market in 1986 are discussed. Spain underwent a period of rapid social and political change in the ten years following the death of Francisco Franco, but economic growth stagnated due to a loose fiscal policy and high labor costs. Austerity measures introduced by Socialist Prime Minister Felipe Gonzales helped bring inflation down to eight percent, but unemployment remains around 21 percent. Spanish industry is badly under-capitalized because of weak domestic investment, but foreign investment increased by 60 percent in 1985. Spain's exports to Latin America have decreased due to the debt crisis, but trade with Arab markets is increasing.

Economic aspects

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Parliament prepares for power

Article Abstract:

Several European Community (EC) member nations are pushing for the widening of powers of the EC's only democratically elected body, the European Parliament. The Parliament has been granted three main powers by the Treaty of Rome and some additional rights under the Single European Act of 1987. A group of nations headed by Germany is proposing that the Parliament be given broader powers. These include the right to decide on legislative matters jointly with the EC Council of Ministers. With more influence, the European Parliament may be able to remedy its image problem and prove itself as an effective body.

International affairs, Europe, Laws, regulations and rules, Powers and duties, European Union. European Parliament

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