Taking stock of the Euro on the Iberian Peninsula:
Change in 5-year real Spanish GDP, percent, since 1850
1850-1900: Tail end ofSpanish Empire;
unregulated, agrarian and closed economy
50% of 19th century Spain
Spain's economic decline in the context of the last 150 years
400/0
Spanishcurrency, banking sector and stock market
crisis; Impactof "Febre D'Or" equity speculation
bubble and collapse in France; "New World" grain
Invasion agrarian c ISIS
Revolution: overthrow and
exile of Queen Isabella II;
-20%
Railway boom collapses, half
of Spanish financial sector bankrupt
Pan-European banking
crisis: Baring Brothers
failure after Argentine
gov'tdefault; Phylloxera
epidem ic arrives in Spain
Spanish Civil War
-30%
1855
1867
1879
1891
1903
1915
1927
1939
1951
1963
1975
1987
Boom I bust
resulting from
Spain's entry into
the Eurozone
1999
2011
Sources: "Statistics on World Population, GDP and Per Capita GDP' ,LJniversity of Groningen; Standard & Poor's; Conference Board;
un iversidad Carlos Ill de Madrid , Dep aflamento de Hi storia Econömica e In stituciones
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