Brexit apart, Spain’s political uncertainty is a microcosm of the euro zone’s deepening troubles

Political parties in Spain will enter campaign mode this week after Prime Minister Pedro Sánchez on Friday called for an early general election, the third such ballot in as many years. However, far from being an exception, the latest political uncertainty in the euro zone’s fourth-largest economy comes as there are mounting signs of political instability and stagnating growth in other large European economies like Germany, France and Italy.

With the euro zone “celebrating” its 20th anniversary this year, the single currency area stands on the brink of yet another downturn. This is even before the possibility next month of a no-deal Brexit which could be a significant economic shock across the continent.

The call for a general election in Spain, to be held on April 28, comes only eight months after Sánchez was sworn in as the nation’s prime minister. The political instability in the country is mirrored in France, where President Emmanuel Macron remains under severe pressure from the “yellow vest” protests, in Germany, where Chancellor Angela Merkel’s long period in power is in its twilight, and in Italy, where Prime Minister Giuseppe Conte was forced last week to dismiss speculation that reported tension between coalition partners the Five Star Movement and the League could cause it to collapse.