If Spain were Florida...

In a very euroskeptic piece, that have called the attention of some nationalist here, Krugman mentioned how the Euro is responsibly for the slow and painful recover of Spain. The impossibility to devaluate make deflation and reallocation the only via crusis to find a way out. He compared the situation of Florida, that also was part of a real state bubble because the nice weather and cheap labour, with the difference that to be part of the USA protect a State from rampant inflation and gurantee protection from D.C.

Definitely a very good point. But... what would have been of Spain without the EU? No doubt all the incredible growth of the last 20 years before the crisis is related to the membership in the club and probably to 8 years of Euro...

And, by the way, Florida in fact was Spain 200 years ago...