Similar to other Spanish regions, in the last years the Canary Islands enjoyed the economic windfall that included millions in structural and cohesion funds from the EU and also the flood of cheap money that flowed after the nation joined the European single currency. Mainly due to their nearly dependency that is absolute tourism and construction, growth has never been linear in the Canaries additionally the rush for the Spanish real-estate bubble has shattered the region’s labour marketplace for a long time. This kind of dependency on tourism and construction ended up being heightened by the region’s geographic individuality, not enough sustainable power sources, lack of innovation, and many years of its entrenched political leaders’ longterm relationships with each other and with the main government.
As Santana, the sociologist that is emigrant explains: “as neighborhood and international experts show, tourism in the Canaries, whilst not the main reason for the crisis, undoubtedly is still outstanding source of political corruption, social indolence, and ecological and heritage destruction.”
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Eventually, the trail to overcome the current overall economy in Europe’s ultra-peripheral “Fortunate Islands” is comparable to that of Spain in general, and also a number of the European project’s weakest nations: to take part in the profound transformation associated with the current fatigued and unsustainable model that is economic. This is a instead titanic endeavour, nonetheless, in the midst of a money crisis that is pulling at the seams for the eurozone’s divergent economies.
The Canary Islands, though politically part of Spain, are only 67 miles through the shore of Morocco on the African mainland. An archipelago composed of seven major islands, one minor island, and a few tiny islets, every one of volcanic beginning, they participate in the Macaronesia ecoregion, that also provides the islands of Azores, Madeira, and Cape Verde.
The autonomous community associated with the Canary Islands had been established by the Statute of Autonomy of August 10, 1982. The status of money city is provided by the 2 urban centers of Las Palmas de Gran Canaria and Santa Cruz de Tenerife.