Eurostat, the European Union's data compiler, in December published a dry table that revealed a remarkable fact: Spaniards had become richer per head than Italians.

Anyone who knew Spain in the 1970s - when it was a byword for backwardness and governed by an ageing dictator - can only marvel at its political and economic transformation. Along with Ireland, Spain has been one of the unequivocal success stories of the EU, which it joined in 1986. The new member states of central and eastern Europe regard Spain as their role model, for the skill with which it used EU funds to spearhead its development.