“Europa pierde competitividad y crece menos que los EE.UU” [ .. ] “El euro no ha estado acompañado de reformas estructurales” [ .. ] “Las dificultades de España son una prueba para el futuro de Eurolandia”.

[ .. ]

Europe’s monetary union has produced “predominately favourable” economic effects but has shielded countries from painful yet necessary structural adjustments and reforms, according to the European Commission.
[ .. ] The single currency was widely expected to bring positive benefits, but with significant risks – especially as European workers were reluctant to move to seek jobs and national governments would retain control over fiscal policy.
In terms of economic growth, little has changed. The eurozone has expanded by about 2 per cent a year, roughly the same rate as in the decade before the euro’s launch. But eurozone inflation and interest rates have remained low and the increase in employment has been impressive, the report argues – with 16m jobs created since 1999.
“On a per capita basis, job growth has by far outpaced that in other mature economies with generally more favourable demographics, including the US.”
[ .. ]However, eurozone productivity growth has slowed significantly since 1999 – in contrast with the improvement in the US. Nevertheless, the Commission argues productivity would have been even worse without the euro.
[ .. ] Where the euro has failed more clearly is in spurring governments to undertake structural reforms. “Particularly problematic” was the lack of progress in the cross-border integration of services, the Commission notes.
The report goes further, however, suggesting that the way economies have reacted to the loss of control over interest and exchange rates has led to “overshooting”.
[ .. ]
The Commission does not comment on future prospects, but the difficulties faced by Spain and other previously fast-growing eurozone economies – such as Ireland and Greece – will be an important test of the region’s long-term resilience. [Financial Times, 8 abril 08. Ralph Atkins, Mixed reviews greet 10th anniversary].

• Economía en este Infierno.