Spain: Euro
Spain is in a deficit, and they cannot fix that because their currency is the Euro, which is the only fixed currency in the world. Although there are advantages to this single currency, there are also disadvantages. When Spain first embraced the euro, the country grew economically and there was a large inflow of money. Yet, recently it has been holding Spain back from growing even more because how Spain’s economy acts depends on how this single currency appreciates and depreciates. Consequently, there is little competition in the market and cannot deal with the problems they have independently. As seen in the article, Spain is troubled with “internal devaluation”, and this could result in greater costs for consumers and producers. Having read this article, it does not seem favorable to stick to the Euro right now.
