Two decades in the European Union - economic success of Spanish regions

Since accession to EU Spain has achieved high level of economic development. Integration has started a multifaceted process of adjustments. Entry to the European Union has also brought many economic advantages especially thanks to EU structural funds, which have been used to improve the physical infrastructure, labour forces and capital stock. The most important consequence of accession is a great reduction of economic and social disproportions between Spain and the rest of European countries. Spain’s economy has managed significant achievements in terms of growth and employment in the last twenty years. A combination of expansionary monetary policy, fiscal carefulness, beneficial structural reforms and the positive effects of the European structural funds has contributed to this performance. This success is noticeable not only on state but also on regional level. In the mid 80’s most of Spanish regions were considered as areas with traditional economy which was not adapted to market conditions. Nowadays analyzing Spanish regions’ situation we can say that integration with the European Union was an accurate step on the road to modem economy.