Abstract WP15-02

In recent decades Spain has experience a fast economic growth, although it stopped suddenly in 2008 when the economic crisis hit most western countries, specially South-European ones. Spain joined the European Monetary Union (EMU) starting in 2002, being the fourth major economy of the euro area after Germany, France and Italy. At the same time, the country is facing a strong and drastic aging process, probably one of the most important in Europe and even in the world. These economic and demographic changes are expected to have a great impact on evolution of Spanish public finances.

JEL Classification: E62, H55
Keywords: Generational Accounting, Demographic Ageing, Spain