José María AznarJosé Maria Aznar

Spain faces its worst political crisis and a critical economic situation, writes Aznar. Now at the center of Europe’s financial turmoil, just six years ago Spain was creating six out of 10 new euro-zone jobs, its government accounts were in surplus, and public debt was decreasing swiftly. Yet today investors are assigning the highest default risks to the Spanish government’s debt since it entered the euro zone. In the social sphere, the situation is distressing. Aznar explains that Spain’s crisis is rooted in decisions to encourage regional divisions and to abandon successful market-based policies. He concludes that with a new national political project and the implementation of the appropriate policies, Spain can recover confidence in itself.

Aznar is the former prime minister of Spain (1996-2004).

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