The great recession and the COVID-19 pandemic: comparing economic policies in the European Union with a focus on Spain

Abstract

This project focuses in analysing the last two devastating crises the European Union and Spain have suffered in the last fifteen years. On one hand, the financial recession back in 2010, which caused a new paradigm in the Spanish banking system, as well as it warned banks and investment funds worldwide, with a special impact in Europe. On the other hand, the pandemic originated in China by an unkown virus called COVID-19, expanded quickly towards west, reached Europe and Spain, and collapsed its health systems by the year 2020. This unprecedented situation forced national governments and health authorities to declare a total shutdown of all activity, which eventually caused an economic crisis. Once analysed both situations, the objective of this thesis is to compare the response European and Spanish authorities adopted in order to manage them, observe their differences (if any), and analyse the consequences derived from both managements. Finally, a conclusion is drawn and differences in the management of each crisis are highlighted, with a special emphasis in the evolution that took place between the first one and the second one, having the latter a more modern and social perspective, and eventually achieving its goals.