Spain, Portugal and the Euro

Paper Summary:

This paper details the birth of the European Union, or EU, as an intergovernmental organization of European countries, considered the most powerful regional organization at present. The chief activity of the EU covers the establishment and administration of a common single market, which consists of a customs union, a single currency called the Euro, a common agricultural policy and a common fisheries policy. The writer of this paper delves into the economies of both Spain and Portugal while discussing the impact of the Euro on both of these countries. Portugal's economy is based on traditional industries, including textiles, clothing, footwear, cork and wood products, beverage, porcelain and earthenware, glass and glassware. This paper details Portugal's inclusion into the EU as well as its impressive showing in Europe's automotive sector and services, particularly tourism, which has played a significant role in reviving this once depressed economy. After joining the EU, the Spanish government continued with its programs of liberalization, privatization and deregulation of the economy as well as tax reforms. Following its membership in the EU in 1986, Spain experienced strong economic growth and trade expansion, which are clearly described in this paper. This paper also contains relevant statistics and data regarding both countries' economies before and after inclusion into the European Union.

Table of Contents:
Introduction
Changes in General Performance and Structural Economy
Portugal
Spain
Impact of the Euro on Portugal and Spain
Expectations
Conclusion
Bibliography

From the Paper:

"Poverty reduction is a major goal in Portuguese cooperation, which has yet to be sufficiently addressed. In tackling this goal, Portugal places top priority to education and health. Unfortunately, these allocations do not strictly target the poor and there has not been a focus on prominent sector-wide approaches. As to debt actions, Portugal has made higher payments at $126 million in 1999, which was 35% of the total ODA gross disbursements. The DAC average was only 4%. Most of its actions come from defaults on state guaranteed private export credits and loans. Its ICP's strategic role in coordination likewise remains insufficient in minimizing overlaps of aid programmes by the different ministries and other agencies. Operating tools and useful guidelines still have to be developed and evaluations undertaken in a comprehensive and effective way."

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