id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
cord-027960-qzg2jsz6	Royo, Sebastián	From Boom to Bust: The Economic Crisis in Spain 2008–2013	2020-06-28		.txt	text/plain	7531	325	54	Indeed, EMU membership (and the Stability Pact) provided the country with unprecedented stability because it forced successive governments to implement responsible economic policies, which led to greater credibility and the improvement of the ratings of Spain's public debt (and consequently to lower financing costs). The global liquidity freeze and the surge in commodities, food, and energy prices brought to the fore the unbalances in the Spanish economy: the record current account deficit, persisting inflation, low productivity growth, dwindling competitiveness, increasing unitary labor costs, excess consumption, and low savings, had all set the ground for the current devastating economic crisis (see Royo 2013) . During the years of euphoria following the launching of Europe's economic and monetary union and prior to the onset of the financial crisis, private capital flowed freely into Spain and, as a result as we have seen, the country ran current account deficits of close to 10% of GDP.	./cache/cord-027960-qzg2jsz6.txt	./txt/cord-027960-qzg2jsz6.txt