Finally, the trail to conquer the present financial crisis in Europe’s ultra-peripheral “Fortunate Islands” is similar to that of Spain as a whole, and even a few of the European project’s weakest nations: to engage in the profound change of this current fatigued and unsustainable model that is economic. This is a endeavour that is rather titanic but, in the midst of a money crisis that is pulling at the seams for the eurozone’s divergent economies.
The Canary Islands, though politically part of Spain, are just 67 kilometers through the coastline of Morocco on the African mainland. An archipelago composed of seven major islands, one island that is minor and a few small islets, most of volcanic beginning, they participate in the Macaronesia ecoregion, which also offers the islands of Azores, Madeira, and Cape Verde.
The autonomous community associated with the Canary Islands was established by the Statute of Autonomy of August 10, 1982. The status of money town is shared by the two metropolitan areas of Las Palmas de Gran Canaria and Santa Cruz de Tenerife.
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The boundary that is international of Canaries could be the subject of dispute between Spain and Morocco. Morocco does not agree totally that the rules regarding territorial limits enable Spain to claim for itself sea-bed boundaries based on the territory regarding the Canaries, as the Canary Islands are autonomous. In reality, the islands don’t enjoy any degree that is special of as all the Spanish regions, as autonomous communities, occur beneath the exact same regulations and criteria. The only islands not granted territorial waters or an Exclusive Economic Zone (EEZ) are those that are not fit for human habitation or do not have an economic life of their own, which is clearly not the case of the Canary Islands under the Law of the Sea.
The boundary is applicable for possible oil that is seabed along with other ocean resource exploitation. Morocco therefore doesn’t formally accept the territorial boundary; it rejected a 2002 unilateral designation of the median line through the Canary Islands. 
The Islands have 13 seats in the Spanish Senate. Of those, 11 seats are directly elected, three for Gran Canaria, three for Tenerife, one for every single other area; two seats are indirectly elected by the Autonomous that is regional Government.
The Islands that is canary economy based mainly on tourism, making up 32 per cent of the GDP. The Canaries receive about 10 million tourists each year. Construction makes up nearly 20 percent of the GDP and agriculture that is tropical primarily bananas and tobacco, are grown for export to Europe additionally the Americas. Ecologists are worried that resources, specially within the more arid islands, are increasingly being overexploited but there stay many agricultural resources like tomatoes, potatoes, onions, cochineal, sugarcane, grapes, vines, times, oranges, lemons, figs, wheat, barley, corn, apricots, peaches and almonds.
Gran Telescopio Canarias, 2006.
The economy is € 25 billion (2001 GDP numbers). The islands experienced continuous growth during a 20-year period through 2001, at a level of approximately five per cent yearly. This development was fueled mainly by a large amount of Foreign Direct Investment, mostly to develop tourism property (hotels and apartments), and European Funds (near 11 billion euro within the period from 2000 to 2007), because the Canary Islands are labeled as Region goal 1 (eligible for euro structural funds). Furthermore, the EU permits the Canary Island’s federal government to provide special income tax concessions for investors whom integrate beneath the Zona Especial Canaria (ZEC) regime and produce more than five jobs.