“The common currency contributed greatly to Spain’s delusional economy by giving it an unrealistic purchasing power and is making it doubly tough to overcome the recession by not allowing it, as the Nordic economies did when they ran into trouble in the late 20th century, to devalue the exchange rate. But the real cause of what is happening is that the nation mistook easy credit, subsidies and social protection for real wealth.”
Also: Low European Birth Rates In The NY Times: No Babies?
