Abstract
This paper examines the structural macroeconomic challenges confronting the Mediterranean member states of the European Union, focusing on the persistent coexistence of high public debt and a weak industrial base. Using a comparative analysis of Greece, Italy, Spain, and Portugal, it highlights the central role of manufacturing capacity in shaping economic resilience, growth sustainability, and external balance within a monetary union. The analysis demonstrates that Greece represents an extreme case of deindustrialization combined with excessive reliance on tourism and services, resulting in heightened vulnerability to external shocks and chronic dependence on external financing. Italy, by contrast, illustrates how a strong and diversified industrial base can mitigate the destabilizing effects of high public debt, albeit without fully resolving long-term stagnation. Spain and Portugal occupy an intermediate position, combining moderate industrial capacity with rising dependence on tourism and services. This paper argues that the structural divergence between the industrial core of Northern Europe and the service-oriented economies of the South constitutes a fundamental threat to the cohesion and sustainability of the euro area. In the absence of exchange rate adjustment mechanisms, internal devaluation strategies have proven socially costly and economically insufficient to restore competitiveness. The findings underscore that a durable growth model for the Mediterranean cannot be built on services alone and that industrial capacity remains a key determinant of productivity growth, export performance, and technological upgrading. The study concludes that an industrial renaissance in the European South is not merely a regional development objective but a systemic necessity for the European Union. However, such a transformation cannot be achieved through financial instruments alone. It requires deep institutional reforms at the European level, including closer coordination of monetary and fiscal policy, the strengthening of collective economic sovereignty, and the explicit recognition of the structural North-South dependency embedded in the current architecture of the Economic and Monetary Union.
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