Spain is the current superstar economy of the eurozone.

The country, which was bailed out by Europe after becoming embroiled in one of the worst banking and house price collapses in the euro just four years ago, is now proudly held up as the European Union's model economic pupil.

The secret of this success lies in the country's implementation of belt-tightening measures and structural reforms, as demanded by Brussels, so the story goes.

But the economic turnaround has attracted high-profile critics. The recently-departed chief economist of the IMF has rubbished any talk of a growth "miracle" in Spain.

In a new report, Simon Tilford at the Centre for European Reform also pours cold water over the dominant narrative of the Spanish recovery.

"There is no evidence that [growth numbers] are the result of austerity, and not much evidence that they are the product of structural reforms," writes Mr Tilford.

Instead, he paints a picture of a still fragile economy that has benefited from a number of positive external headwinds, but remains acutely at risk in the event of another global downturn.

bbabo.Net