Membership of the European Union brought distinct economic and political benefits for Spain. Each successive stage of European integration produced new opportunities and challenges for the country, raising expectations and at the same time exacerbating the burden of adjustment to the demands of membership. Many of the expectations of membership have been met, while an equal number remain as yet unfulfilled. The entry to monetary union was itself an important milestone in the evolution of Spain’s participation in European integration, marking the maturity of its political development both at home and abroad. The success in meeting the Maastricht Treaty’s convergence criteria proved in its own way an endorsement of the policies conducted over the previous decade, and a reflection of the Spanish authorities’ commitment to integration. Yet, the full extent of convergence with the European Union remains to be realised.
KeywordsForeign Direct Investment Monetary Union Common Agricultural Policy European Monetary Union European Average
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