El desequilibrio exterior de la economía española en las dos décadas de vida de la UEM: algunas lecciones de política económica

In the two decades since the launch of EMU the behavior of the Spanish external balance has shown very different features from those existing before the introduction of the euro. The size and persistence of the external deficit, the speed of its correction or the subsequent long period of surplus are clearly differentiating facts with respect to previous historical periods and that can hardly be understood without considering the belonging of our economy to the EMU. The variations registered by this external balance are mainly explained by the behavior of the non-financial private sector. However, it cannot be concluded that this behavior sector cannot lead to macroeconomic imbalances that endanger the stability of the country.