The euro has demonstrably been a catalyst for growth, affluence, and well-being among citizens. This is the assessment provided by the First Vice President and Minister of the Economy, Nadia Calviño, commemorating two decades since the single currency’s introduction.
Reflecting on the euro’s impact since its integration into Spanish society on January 1, 2002, Calviño emphasizes its status as “a key symbol of the European Union (EU), representing shared prosperity and a unified European identity.”
Spain, she asserts, is a staunchly pro-European nation, and its populace “strongly recognizes the value of the single currency. It facilitates commerce and tourism and fosters financial security and stability for businesses, citizens, and eurozone member states.”
The shared currency, she continues, has proven to be “a source of strength in navigating economic downturns.” The response to the post-2008 crisis, from which valuable lessons were learned, contrasts sharply with the approach taken during the coronavirus pandemic, a point Calviño has repeatedly highlighted. Indeed, Spain has emerged as a significant beneficiary of the eurozone’s pioneering experiment in collective debt management via the ‘Next Generation‘ European fund. Spain is set to receive €140 billion by 2026, €69 billion of which is non-reimbursable.
€10 billion
Further Developments
Following an initial allocation of €9 billion, Brussels recently disbursed a €10 billion tranche, contingent upon the fulfillment of objectives and reforms outlined in the recovery plan.