Spain has the capacity to be a second tier power player.  It has an impressive military capacity, including aircraft carriers (1 in operation, another coming online soon), which provides it the ability to project power where there is ocean.

And if they really wanted it, Spain could have operational nukes in less than a year due to the civilian nuclear industry.  Up until the late 1980's Spain had a passive nuclear weapons program.

In the absence of American hegemony, do you really think that Madrid is going to sit by while the global economic order is ripped to shreds by the rise of a nonliberal hegemon. (See China, see always Imperial Germany in the last century.)

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg