Descripción
, JOSÉ MARÍN ARCAS.//GRUPO EDITORIAL CRCULO ROJO SL//
THIS BOOK OFFERS IN FOUR VOLUMES A DETAILEDNARRATIVE OF THE CRISIS IN SPAIN (2007-2014), FROM THE PERSPECTIVE OF SOMEONEWHO FOLLOWED IT CLOSELY AT THE EUROPEAN CENTRAL BANK: VOLUME I. FROM THE FINANCIAL CRISIS TO THE SOVEREIGN DEBT CRISIS (2007-APRIL 2010). VOLUME II. SPAIN DELAYS BEING RESCUED (MAY 2010-JULY 2011). VOLUME III. RESCUING SPAIN (AUGUST 2011-JULY 2012). VOLUME IV. OVERCOMING THE CRISIS (AUGUST 2012-2014).THE FINAL VOLUME OF THIS BOOK COVERS THE ECONOMIC RECOVERYAND THE SLOW DEVELOPMENT OF THE BANKING UNION. THERECOVERY OF THE SPANISH ECONOMY FOLLOWED AN UNPRECEDENTED PATTERN IN ITSHISTORY. PREVIOUS EPISODES HAD BEEN CHARACTERIZED BY CORRECTING THE EXTERNALIMBALANCE AND RESTORING COMPETITIVENESS THROUGH DEVALUATION, LEADING TO ANEXPORT LED REBOUND OF OUTPUT AND INTERNAL DEMAND THAT STARTED A NEW CYCLE OFRISING INDEBTEDNESS, CREDIT, WAGES AND INFLATION. WITHIN THE MONETARY UNION,THE RECOVERY WOULD BE LED BY EXPORTS, AS ON PAST OCCASIONS, BUT IN CONTRAST, ITWOULD BE DEBTLESS, WITH PRIVATE SECTOR DELEVERAGING, CREDIT-LESS, WITH ACONTINUOUS CONTRACTION OF CREDIT, AND PRICELESS, WITH A NEGATIVE INFLATIONDIFFERENTIAL WITH RESPECT TO THE EURO AREA.IN THEADJUSTMENT OF THE SPANISH ECONOMY, THE STRUCTURAL FAULT LINES EXISTING IN THE GOVERNMENT,IN MARKET REGULATIONS AND IN THE FINANCIAL SECTOR WERE ADDRESSED WITH UNEQUALRESULTS: RATHER POOR IN THE POLITICAL SPHERE AND GOVERNMENT PERFORMANCE, MIXEDIN THE ECONOMIC REFORMS, GOOD IN FINANCIAL RESTRUCTURING. CONCERNING THE EUROAREA FAULT LINES, THE FOUR PRESIDENTS REPORT HAD ADVISED IN 2012 THAT FOURBASIC ELEMENTS WOULD NEED TO BE IMPLEMENTED OVER THE NEXT DECADE TO PROVIDE ACOHERENT AND COMPREHENSIVE ARCHITECTURE FOR THE EUROZONE. THESE WERE INTEGRATEDFRAMEWORKS FOR FINANCIAL, FISCAL AND ECONOMIC POLICIES, AS WELL AS DEMOCRATICLEGITIMACY AND ACCOUNTABILITY IN DECISION-MAKING WITHIN THE MONETARY UNION.TWELVE YEARS LATER, VERY LITTLE PROGRESS HAD BEEN MADE ON ALL FOUR FRONTS.CRITIQUES:JOSE MARÍN HASPUBLISHED AN EXCELLENT BOOK WHICH REFLECTS HIS DEEP UNDERSTANDING OF THECOMPLEXITY OF EUROPEAN INTEGRATION. HIGHLY RECOMMENDED READING. OTMAR ISSING,FORMER EXECUTIVE BOARD MEMBER AND CHIEF ECONOMIST OF THE ECB.JOSÉ MARINS BOOK IS AN ESSENTIAL DOCUMENT TOUNDERSTAND THE THREEFOLD CRISES IN SPAIN AND OTHER EUROPEAN COUNTRIES: THEECONOMIC RECESSION,
