ECONOMY_ Why Italy Is Flirting with Euro Exit and Spain Isn’t

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ECONOMY - THE OUTLOOK

Why Italy Is Flirting with Euro Exit and Spain Isn’t

Spain suffered far more than Italy during the euro crisis, but the major Spanish parties are committed to staying in the common currency

Spain’s new Prime Minister Pedro Sanchez shakes hands with former Prime Minister Mariano Rajoy, right. Mr. Sanchez has promised to keep Mr. Rajoy’s budget. Photo: Pool/Getty Images


By Greg Ip
June 3, 2018 11:42 a.m. ET
16 COMMENTS

Italy and Spain got new governments last week. But while Italy’s change of leadership led markets on a roller coaster, Spain’s was met with a yawn. The reason: Their economies have followed different paths, and so have their attitudes to the euro. The populists who make up Italy’s new government have toyed with exiting the common currency, whereas all of Spain’s major parties are committed to staying in.

This isn’t what you would have predicted six years ago; Spain suffered far more than Italy during the euro crisis. But it also reformed its economy much more and has enjoyed a much stronger recovery; gross domestic product is now above its precrisis peak. By contrast, Italy’s economic problems long predate the euro, and its failure to fix them has left GDP 5% below its prior peak and voters receptive to radical economic prescriptions.

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READ MORE: https://www.wsj.com/articles/why-italy-is-flirting-with-euro-exit-and-spain-isnt-1528040526

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