This generation, the next or the next after that, sooner or later I dont see any of the european monarchies to remain, Spain might be among the first to go.
This is an ending that has been predicted ever since the end of the First World War; yet a century later all of the monarchies that survived the post-WWI period are still in place, precisely because of their ability to re-invent themselves, and successfully respond to those very tasks which you question they will be able to in the coming generation.. In fact, the peculiar thing about the crisis that European economies and societies are currently undergoing, is that while it has enhanced questioning of the role of politicians elected with popular vote, it has rather led large majorities in the monarchical states to esteem stability in these societies as represented by their monarchies (I was reading a good analysis about this on the web a few weeks ago which unfortunately I can't find right now..) In no monarchical country -other than Spain- in Europe today is the monarchy weeker than what it was 10 years ago -and that includes not only the 'comeback' of the British RF's popularity, but also the way that the Swedish one has come through its own problems, or even the esteem that the institution continues to enjoy in otherwise rapidly-disintegrating Belgium..
As for Spain, I agree it is a whole different case -where the monarchy was restituted while the monarchical culture had eclipsed, and has been solely based ever since on the popularity of its members, rather than on the roots of the institution in Spanish society and history or anything such..
Yet I still don't see what causes such alarm -yes, the King has had a bad year (for most of which he only has himself to blame), but what tangible sign has there been that there is a strong and vibrant republican movement or agenda in Spanish politics at the moment? (In fact I feel that until the hunting affair, they were handling even his son in law's scandal quite descently in the eyes of the public..) Don't mix it with separatism -this has been there for much longer and is not primarily targeting the monarchy, but the Spanish state per se..
Of course I am not from Spain and I have a very selective picture of what is going on here; so I wish to ask those who feel otherwise to substantiate it.