Spain was not in an enviable position. The rapid deterioration of fiscal position after the crisis made any substantial countercyclical response impossible, while regulatory constraints limited the economy’s structural flexibility.
西班牙的日子可不好过。危机后财政状况的迅速恶化导致切实的反周期政策回应无法实现，而监管方面的种种限制又遏制了经济结构灵活性的发挥。