Spanish politicians have been quick to tap into the euphoria of victory in Euro 2008, its first big soccer win in 44 years. The celebrations provided a welcome distraction from the gloom of an economic downturn that poses tough questions for José Luis Rodríguez Zapatero, the prime minister. But the questions must be answered.

Spain’s membership of the European Union and eurozone has brought the country large benefits: the unemployment rate fell from 20 per cent in 1994 to 8 per cent in 2007; living standards have caught up with those of Italy; and Spanish banks appear very well capitalised, partly because the Bank of Spain steered them clear of the off-balance-sheet vehicles that damaged so many of their peers abroad.