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The economic crisis and its management in Spain

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  • Andrea ÉLTETÕ

    (The Institute for World Economics of the Hungarian Academy of Sciences, Budapest, Hungary)

Abstract

The long pre-crisis period of growth and employment creation in Spain was based mainly on the construction sector. This, facilitated by cheap bank loans created jobs for the millions of immigrants arriving in the country. The crisis made the Spanish economy sink into a deep recession in 2008. The aim of this article is to describe the Spanish crisis-management in the past years. The extremely high unemployment rate and the indebtedness made policy-makers to adopt austerity measures and realise the necessity of profound reforms. The biggest transformation processes began among the savings banks and on the labour market. The article concludes that these reforms should continue while it is necessary to find a new model for long-term growth. Endowments like the excellent infrastructure and successful companies, stronger export activity, international presence and innovation can provide the bases for such a durable growth.

Suggested Citation

  • Andrea ÉLTETÕ, 2011. "The economic crisis and its management in Spain," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 2, pages 41-55, June.
    • Handle: RePEc:jes:journl:y:2011:v:2:p:41-55
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    File URL: http://www.ejes.uaic.ro/articles/EJES2011_0201_ELT.pdf
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    References listed on IDEAS

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    Cited by:

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    2. Juan M. Martín Álvarez & Alejandro Almeida & Aida Galiano & Antonio A. Golpe, 2020. "Asymmetric behavior of tobacco consumption in Spain across the business cycle: a long-term regional analysis," International Journal of Health Economics and Management, Springer, vol. 20(4), pages 391-421, December.
    3. Mercè Sala-Rios & Teresa Torres-Solé & Mariona Farré-Perdiguer, 2020. "Can a Multi-Criteria Methodology Fit with Non-Profit Institutions’ Decision-Making? An Application in a Spanish Non-Profit Association," International Review on Public and Nonprofit Marketing, Springer;International Association of Public and Non-Profit Marketing, vol. 17(3), pages 289-315, September.
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