The euro, the migration magnet that transformed Spain
From a country of emigrants to a destination for 10 million: the euro and remittances transformed Spain. Was the single currency the key factor?
English · Original discussion in Spanish · Published
The euro, the migration magnet that transformed Spain
Spain went from being a country of emigrants to receiving millions of immigrants in just a few decades. The key, it is argued, lies not only in economic development but in a monetary factor: the euro. With the peseta, sending remittances home barely made up for the effort of emigrating. The single currency changed the math.
The arrival of the euro in 2002 meant that Spain, without being a leading economy, offered a strong currency that allowed immigrants to send money that multiplied in value in their countries of origin. Added to this were regularization policies and social benefits that, for some, acted as an additional draw.
On the other hand, there is the argument of structural transformation: the end of Francoism and integration into the EU turned Spain into an attractive destination for migrants who previously chose France, Germany or the United States. But the fact is that the migratory volume surged just as the peseta disappeared.
The question that remains is whether the euro acted as a catalyst for a phenomenon the country was not prepared to manage, and whether a return to a currency of its own – as some demand – would alter the flows. The data show an unstoppable shift in trend, but the causes are still under debate.
Spain went from being a country of emigrants to receiving millions of immigrants in just a few decades. The key, it is argued, lies not only in economic development but in a monetary factor: the euro. With the peseta, sending remittances home barely made up for the effort of emigrating. The single currency changed the math.
The arrival of the euro in 2002 meant that Spain, without being a leading economy, offered a strong currency that allowed immigrants to send money that multiplied in value in their countries of origin. Added to this were regularization policies and social benefits that, for some, acted as an additional draw.
On the other hand, there is the argument of structural transformation: the end of Francoism and integration into the EU turned Spain into an attractive destination for migrants who previously chose France, Germany or the United States. But the fact is that the migratory volume surged just as the peseta disappeared.
The question that remains is whether the euro acted as a catalyst for a phenomenon the country was not prepared to manage, and whether a return to a currency of its own – as some demand – would alter the flows. The data show an unstoppable shift in trend, but the causes are still under debate.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (11 replies).
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