[en] The economic crisis that began in 2008, highlighted the difficulties faced by those national economies working into a monetary area. Such is the case of Spain in the Euro zone. Such is the case of Spain as Euro-area member. In this situation, the possibilities of increasing the international competitiveness of the Spanish economy are severely depleted. This paper presents a theoretical and empirical analysis of the determinants fundamentals of real exchange rate and the factors influencing pricing, focusing on the degree of competition in the markets and the cost structure. It is undertaken through study of maximizing corporate profits, the formation of labor costs and the determinants of market structure; contextualized in a currency area. From the empirical pespective, it is analyzed the situation in Spain from the introduction of the euro until 2008. The reasons for the need for action to increase competitiveness, are also analyzed. Then the measures, especially those aimed at labor market (labor reform) and target of fiscal consolidation (debt reduction), besides the effectiveness of the policies adopted, that are analyzed through a review of the evolution of GDP in the period from 2009 to the present, and the comparison with the situation prior to the crisis. In order to deepening the effects of labor reform, a brief section is dedicated to exposing the theoretical proof of possible situations of falling demand and even from prices, compatible with increases in market power and thus business margin profits. Moreover, is stated the importance, in the Spanish case, each of the factors identified as determinants, through an econometric regression analysis. The findings clearly show the efficiency of the policies applied to the proposed objectives, nevertheless, the results show a clear loss of purchasing power of workers while corporate profits margin have grown.

[gl] A crise económica que comezou en 2008, puxo de manifesto as dificultades coas que se enfrontan as economías inmersas nun área Monetaria. Tal é o caso de España na Zona Euro. Ante esta situación, as posibilidades de aumentar a competitividade internacional da economía española quedan moi diminuídas. Neste traballo acométese una análise teórica dos fundamentos determinantes do tipo de cambio real, dos factores que inflúen na fixación de prezos, focalizando no o grao de competencia nos mercados e en la estrutura de custo, a formación dos custos salariais e dos factores que determinan a estrutura de mercado; contextualizado nun área monetaria. Dende unha orientación empírica, analízase a situación de España dende a entrada do euro ata 2008, ano que se considera como o de inicio da crise económica, e as razóns que motivan a necesidade de tomar medidas para aumentar a competitividade. A continuación analízanse ditas medidas, especialmente as dirixidas ao mercado de traballo (reforma laboral) e as focalizadas á consolidación fiscal (redución da débeda), é a efectividade das políticas aplicadas, mediante dunha revisión da evolución do PIB no período dende 2009 ata a actualidade, e a súa comparativa coa situación previa á crise. Para afondar nos efectos da reforma laboral, dedícase un breve apartado a expoñer os xustificantes teóricos de posibles situacións de caída de demanda, e mesmo de prezos, compatibles con aumentos do poder de mercado e, por ende, dos beneficios empresariais. Por outra parte, constátase, mediante unha análise econométrica de regresión, a importancia, no caso español, de cada un dos factores sinalados como determinantes. As conclusións mostran a eficacia das políticas aplicadas para os obxectivos propostos, conseguindo, sen embargo, provocar una clara perda de poder adquisitivo dos traballadores, mentres que os marxes beneficios empresariais aumentan lixeiramente.