Spain may soon be faced with two options, says upf's Mr Mas-Colell: a permanent slump or economic reform. "A third option, exit from the euro, is not a possibility. Spain won't leave because it is very pro-Europe. To leave would be seen as a national failure rather than a liberation." Euro membership is a symbol of Spain's progress as a democracy as well as its economic development. For some, it is an insurance against a return to dictatorship and autarky. "Our experience is that when we went for being more European, the results were positive," says Elena Pi-sonero, a former vice-minister for commerce, now at the Madrid office of kpmg, a consultancy. "In the past [during the dictatorship of Francisco Franco, which end-rned in 1975] we were closed off. Opening up our borders brought huge benefits."
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