There was a time when economic growth in the European periphery was most impressive. From 1960 to 1973, Portuguese and Greek GDP per capita increased at an annual rate of 7.3 percent, and Spain only slightly lower, at 6.2 percent (see Table 4.1 ). This very high rate was only comparable to the other “growth miracles” of the time (e.g., Korea and Singapore) and much higher than average European growth, which, while very signifi cant at the time, was 4.3 percent in the same period.