SPAIN

• 1833 - 1939  parliamentary system + constitution NO 1st+ 2nd Republic + Civil War

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
• Always monarchy: 1699  selected Juan Carles Borbon as successor
1975 Franco died so King Juan Carlos I
1977  1st elections
•Law industrialization  while Fnc, controlled through INI + in concentrated areas
Spain joined European Community + Monetary Union.

OIL CRISIS
• Politic motives  franco almost dead › NO SUBSDIZE  seed of Spanish problem aft Fc dead
• Inefficient industries  industrial reconversion (modern country)
How absorb the oil prices shock? Increase productivity, Innovation

ON TOP OF THAT

Reservados todos los derechos.

• strong energy dependance • Irruption of the Asian Tigers
with dictatorship  trade unions accepted (fought for improve salaries)
• Gov  attract foreign capital + ensure the pace of industry
 limit industry on crisis + reorient industry  tech modernization

INDUSTRIAL RECONVERSOON PLAN (1981)

• Redirect the economy to new sectors •Financial measures
• Tax mesures • Reforming INI
• Labor (early retirement) • Sectors involved (steel, textile, footwear
• Output (6DP) + Improved
• Increase unemployment in certain areas = riots + strikes
Btw 1982 -89  productivity increased 63%
1988  89% of cuts planned were done.

SPAIN JOINS THE EC (1986)

• Lower cost of products imported for the EC area
• Easier access to a large market
• A way to force Spain to improve + innovate to compete
That meant:
• Hamortization of taxes • Removal of monopolies
• Elimination of tares increased the trade • Homogenization of renovation policies
• Removal of subsides
2 Key elements to the next crisis  balance of trade + overheated economy

SPANISH CRISIS 1993

•Unstable economic situation
• Japan real state bubble burst in 1990  global crisis + increase price of oil (Golf War)
This effect arrived at Spain in 1993
• lot of money spent in major events  public debt
• restrictive monetary  increased the value of currency + major collapse
• unemployment in 1993:23,9%. 1994: 24,1%

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 MAASTRICH TEATRY (1992)
• Basis set of the European Monetary Union.
• ensure financial + price stability:
• inflation rate no + 1,5% than the 3 best members of EU.
• Gov. deficit y (GDP) no + 3% at end of fiscal year.
• Joined ERMII + EMS for 2yrs
• long term interest rates no + 2%.

GETTIN Of THE 1993 CRISIS

• Expenses of the care system were moved out  ensure the future of pension system

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
• socialist lost elections 1996  People's Party
• change economic policies
• decreasing public investment
• privatizing companies.

A LONG PERIOD OF GROUTH

+ financial stability ensured the entrance in the euro
• Based on construction
• European funds to increase gov. spending
• Increase in exports

Reservados todos los derechos.

DOWNSIDES:
• Poor education •Industry decreasing
• Low productivity • Trade balance deficit
• Nothing done on Real State Bubble • Poor unemployment policies

CRISIS OF 2007
• Housing values plunged • Financial crisis
• assets lower than debts • Construction sector collapsed
• Banks don’t sell houses • Consumption falling
• Gov stimulus program didn’t work • High unemployment
• Duality of contracts
 Cuts in public spending: will reduce the GDP + eliminate distributive effects of public spending.
No money + public system inefficient

SPAIN TODAY (PRE - COVID)

POSITIVE: NEGATIVE:
• strick control debt + deficit • lower disposable income
• market reforms  arranging working + more salary • Lower job security
• domestic demand is growing • Problems with education
• increase of consumer trust • Inequality
• Financial sector stabilized • Low productivity
• unemployment down • Labor contract duality

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 EUROPEAN UNION
started in 1957: EEC constitute by Belgium, Netherlands, Luxemburg, Italy, France, Germany
BENELUX  seed of EU
ESCS  customs union
• eliminate tariffs + quotas
• a common tariff to imports from 31rd countries
• control on production + sales

TEATRY OF ROME (1957)

• removal of tariffs + protection barriers btw member countries

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
• common tariff + trade policy with 3rd countries
• creation + adoption of Common Agricultural Policy (CAP)
• improve workers well-being
1986  the Single European ACT was signed  common market 1993
1979  EMS aimed reaching a exange rate stability
The ECB (European System of control Bants) oversees monetary policy + main goal  Keep purchasing
power of our currency + price stability

MAIN INSTITURONS OF THE EU

Are ruled by the diff. treaties + agreement of the EU  European Commission, council, parliament.
EUROPEAN PARLAMENT

Reservados todos los derechos.

Elected by European citizens  European elections (every 5 yrs.)
Functions:
• Approve European legislation.
• Exert democratic control over the European institutions
• Budget control w/ Council

EUROPEAN COUNCIL
• comprised by head members of state + president of council + commission  rotary precedence (6m)
• not formal power but influence in policy of UE.
• defines VE agenda + space for discussions/problem solving.
Responsibilities  • approve EU laws w/parliament
•coordinate general economic policies
• International agreements btw EU + other countries
• approves EU budget a/ parliament
• develop common forting + security policy

EUROPEAN COMISSION
independent of national government
GOAL  represent + defend the interests of EU
• they elaborate law proposals, and nave an executive function
DUTIES: • Propose legislation to council + parliament
• Mange + implement EU policies and budget
• Enforce European legislation
• Represent Eu international forum

OUTPUT
EU is now 1 of key players in global, political, and economic area  has an increasing power for
negotiation + influence.

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 COMMON AGRICULTURAL POLICY (CAP)
• one of the most discussed policies because its implications for developing countries

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
• takes 1/2 of EU budget
• It is an integrated market for goods without barriers
• price support for agricultural products.
OBJECTIVES: • increase productivity
• ensure fair stand of living
• stabilize markets
• secure availability of supplies
• produce consumes food for reasonable price
Gou must buy surplus to Keep prices high  tax income

EUROPEAN REGIONAL DEVELOPMENT FUNDS (ERDE)

Key on evolution of the EU to promote regional development
3 main areas: • convergence; helping countries with less develop economy

Reservados todos los derechos.

• regional competitiveness + unemployment
• Territorial cooperation

EUROPEAN CRISIS
started in USA; bad investments from US  Europe couldn’t cope
Gov of different countries had to rescue the banks
If it’s a bankrupt in that case EU had to recure the country
banking crisis  severing debt crisis

WHAT FULED THE PROBLEM?

• lack of surveillance of competitiveness
• weak enforcement
• slow decision making

SOLUTIONS
• austerity • structural changes
• increase taxes • solving CCAA imbalances

THE NEW GENERARON PLAN

• economy recovery
• sustainability
• digitalization

USA
Is the 2nd largest country in America + 4th in the world
48 states + Alaska + Hawaii
englist 1st language; Spanish , 2nd
Population: 330 million p.

ECONOMIC RECATIONS WITH EU

EU + US s have largest bilateral trade + invest relationship
China  largest china import
US  largest EU trade + investment partner

a64b0469ff35958ef4ab887a898bd50bdfbbe91a-6353584
 Diplomatic relations:
• 1953 when 1st US observes were sent to  European Coal; Steel Community
• Us mission to ESC opened  1956 Luxembung; Now 1961 Brussels
Cooperation
1990  Transatlantic Declaration + NTA  1995
4 Objectives: •promoting peace + stability + democracy
• responding to global challenges
• contributing to expansion of world trade
• building bridges across the Atlantic
TEP  extension of NTA efforts; covers bilateral + multilateral trade barriers

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
AMERICAN MARKET
• federal constitutional republic + presidentialism system (Joe Biden)
• dollar official currency since 1792
• is the richest, most powerful + influential country
GDP: 2019 over $20,5 trillion  ¼ GDP world's
• world's largest industrial producer + trading country w/china

KEY ECONOMIC INDICATORS

• GDP  value of goods/services produced in a country X time. Measures size of an economy
2020: - 3,4% 2021: 7,4/

Reservados todos los derechos.

• Unemployment  high economy unable to create job opportunities
2020: 5,7% 2021: 4,8%
• Inflation overall increase in price level of an economy, products + expensive
2021: 5,4%%
• Gini  inequality of a country 0 to 1
2014: 0,414

GOLD STANDARD VS US DOLAR

Gold  monetary system; standard unit of currency is fixed amount of gold
• is freely convertible at home aboard  fixed amount of gold x unit
Dollar  exange system of rate management in other countries set exance rate of their
Currencies with the US dollar
2016/16 weakest  1.05 -1.09
2020 strongest  problems in economies from China + EU dollar invest were more attractive

CURRENCY
• As value - exports USA +
• more interest rates Iow business + consumers 2020: 0,25%
• CA. negative  import more than export

NEW CHALLENGES COVID -19

• the persistence of the health care crisis made to extend stimulus of 2 new fiscal packages:
• extend several businesses+ households support. 14% GDP
• extension of unemployment benefits
Biden added  fiscal stimulus plan
• major infrastructure; more public consumption + social transfers
• would entail tax increase on large companies + higher income in households

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 SPAIN + US
• us fundamental partner of Spain
• long excellent bilateral relationship
• Because its positions US is indispensable for Spain in matters of:
foreign policy, defense, security, eco + tech development
• share some democratic values + geostrategies interests.

BRICS
EMERGIN MKTS
• MSCI  launched in 1988 (10 countries); now (25)

No se permite la explotación económica ni la transformación de esta obra. Queda permitida la impresión en su totalidad.
• Designed to represent performance of the full opportunity set of large + midcap stocks across 23
developed + 25 emerging mkts.
•MSC, EM Index  designed to dynamically reflect the evolution of the emerging mks opportunity set +
help investors

BRICS; Brazil, Russia, India, china, South Arica

CHINA
• 31 provinces
• 1.400 million people  Beijin (21 million)  400 million a middle-class w/ high purchase power
•2nd global economy  biggest global mkt in the world Digitalization, 70% urban

Reservados todos los derechos.

Development: china as factory + bank of world + tech transfer from other countries to China
Current opportunities: • industry (removable energy)
•Tech applicable on infrastructures
• agriculture (quality food)
•1990 - 2012  old productive model / exports + intensive in workers + low value products
• 2012 new economic model
• Busines culture: medium/ long term strategy, negotiation skills HR investment, intellectual property.

RUSSIA
• Largest country in world  150 million ppl.
• no overall embargage tight fiscal/monetary policy up oil prices
• 2020 economy contracted by 3,1%, less than expected by IMF
• IMF projects 3,8% economic growth 2021
3 boards factors: • geopolitics
• markets dynamics
• rule of law
INDIA: 1.380 million ppl
BRAZIL: 211 million ppl

MINT; México, Indonesia, Nigeria, Turkey

• Have potential to realize rapid economy growth
• selected 2011 based on demographic, geographic + economic factors
• successors from BRICS suffer from  corruption
political instability
economic crises

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