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Discuss how the increase in the Spanish debt-to-income ratio between 2000 and 2008 (Exhibit D) and the negative current account before the 2008 Financial Crisis

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Discuss how the increase in the Spanish debt-to-income ratio between 2000 and 2008 (Exhibit D) and the negative current account before the 2008 Financial Crisis (Exhibit E) are related to the strong house price growth.

Exhibit D

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The current account is in surplus % of GDP 10 Germany 5 - Italy Spain France -5 UK -10 2006 07 08 09 10 11 12 13 14 15 16 17 forecast

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