The monetary integration in the European Union has been the most important economic processes in the last years. In this sense, countries like Spain have lived strong changes in order to adapt themselves to other economic and financial framework. In this paper, we deal with the impact of the European financial integration in Spain towards the unification of exchange rates and the economic convergence process with a first approach based on the application of the Taylor Rule. Beyond that, we analyze the saving distribution and non-covered interest rate parity between Spain and Germany (Direct financial flows and TARGET2). To sum up, we expose a new vision of the impact of the European monetary integration in Spain with non-parametric shocks on Taylor rule (the elasticity of the equilibrium real interest rate or a more general definition of inflation including housing and financial asset prices)

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