In the first years of the Global Financial Crisis, Spanish financial institutions were not as severely affected as those of other countries. However, their apparent success was short-lived. As the crisis intensified, Spain’s banking sector could not escape its dramatic effects. Our analysis of the Spanish crisis confirms a long-standing tenet: financial systems collapse when they take on too much risk and when they do not have sufficient capital in reserve to absorb the losses of their risky investments and loans.
This report examines the Spanish banking crisis and uses it to extract valuable lessons for the construction of the European Banking Union (EBU), which is a complex process that resembles in some respects the variety of actors and preferences encountered in the Spanish case.
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Miguel Otero Iglesias es investigador principal del Real Instituto Elcano, profesor de la IE School of Politics, Economics and Global Affairs y director de investigación en el Center for the Governance of Change en la IE University. Fundador y coordinador del European Think Tank Network on China (ETNC), también es investigador asociado en el Instituto para [...]
Federico Steinberg es catedrático Príncipe de Asturias en la Universidad de Georgetown e investigador principal del Real Instituto Elcano. Es profesor del Departamento de Análisis Económico de la Universidad Autónoma de Madrid (en excedencia) e investigador visitante del Programa Europa, Rusia y Eurasia del Center for Strategic and International Studies (CSIS). Entre 2019 y 2024, fue [...]
Sebastián Royo es investigador sénior no residente del Real Instituto Elcano y Catedrático de Ciencia Política en el Departamento de Ciencia Política de Clark University. Está afiliado en el Minda de Gunzburg Center for European Studies (CES) de la Universidad de Harvard, y es Comisionado de la New England Commission of Higher Education (NECHE).
