UNIT 6 SPAIN

1. SPAIN SINCE 1975

- Prolonged recession that ended in 2014
- The main black point is the very high unemployment rate
- There is competitiveness in the government
- There are states that want the independence (Pais Vasco with ETA, Cataluña→ heated
issue)
- Divided into 17 comunidades autónomas → each one has a unicameral legislature (elected
by universal adult suffrage (sufragio universal)), and an executive (consisted of a president
and a Council of Government that are responsible to that legislature)
- There are municipal governments (ayuntamientos) → each one has a council, the
commission, and a mayor (alcalde) (elected as well by universal adult suffrage)
- The judicial system is independent of the legislative and executive branches of the
government.
- The Constitutional Court (Tribunal Constitucional) is responsible for interpreting the
constitution and the laws and for setting disputes between central and regional powers.
- Voting is open for all citizens above the age of 18

WITH FRANCO:
- Low rate of industrialization that were concentrated in specific areas (País Vasco, Cataluña)
- Industrialization was controlled by Franco so they were public monopolies → the market
hadn’t much to say → inefficiencies
- The OIL CRISIS(crisis del petroleo) (In the world was in 1973 and in Spain 1975) it came
later because since Franco was dying, he withheld it (se retuvo) (for political moves) so he
could die powerful. The government decided TO NOT SUBSIDIZE (su subvencionar) +
expansive fiscal policy to maintain demand → main cause of Spanish problems after Franco
died. The government was not able to absorb the oil prices shock.
Added to that:
● Strong dependence (Spain had no natural energy resources)
● Irruption of the Asian Tigers
● Trade unions legalized → fight to improve salaries → more costs + lower productivity

AFTER FRANCO:
- The government wanted to:
● attract foreign capital + ensure the pace of industry
● limit the industries on “crisis” + reorient the industry with technology and
diversification
● from Fordism to Post-fordism
- IDEA OF INDUSTRIAL RECONVERSION (to modernize the country + add value to the
industries)

↓
INDUSTRIAL RECONVERSION PLAN (1981)
- Financial measures
 - Tax measures
- Labor (early retirement)
- Redirect the economy to new sectors
- Privatize activities
- Reduce of restrictions of labor market → to cope with unemployment BUT it increased in
some areas
- Restrictive monetary and fiscal policies → to contain inflation
- GDP and Productivity ↑

3. SPAIN JOINS THE EC + CUSTOMS UNION in 1986

(a lot of funds from EU came to Spain for all sectors)
● ↓ cost of products imported from the EC area
● Easier access to larger markets (like European)
● The need for spanish companies to improve and innovate on those markets
That meant:
- Harmonization of taxes (VAT) and product regulations
- Elimination of tariffs → balance deficit
- Removal of monopolies
- Homogenization of reconversion policies

SPAIN → grew BUT 2 problems:

1. balance deficit of trade
2. economy was overheating (high public spending and uncontrolled high inflation)

↓
4. SPANISH 1993 CRISIS
The crisis came later because the government could:
1. Devalue the currency (since we didn't have the euro) so the exports were more competitives
= more money.
2. Además planificó los grandes proyectos: la exposición de Sevilla y las Olimpiadas en
Barcelona.
Esto permitió que pudiéramos evitar la crisis 3 años
The international economic situation = unstable
Japan real estate bubble (burbuja inmobiliaria) burst (explotó) → global crisis that was fueled by
rising prices of oil.

When the crisis arrived in Spain 3 years later they couldn't face it since they had accumulated a lot
of public debt.
The restrictive monetary policy made it worse by increasing the value of the currency → COLLAPSE
(unemployment 23,9% in 1993)

5. MAASTRICH 1992
Spain + other members of EC signed Maastrich treaty to set the basis of the European Monetary
Union. They agreed to do some aspects to ensure the financial and price stability of the area:
 - inflation rate: no more than 1.5% higher than the average of the member states of the EU
with the lowest inflation
- Government deficit: max 3%
- Government debt: max 60%
- Long-term interest rates: max 2% higher than the member states with the lowest inflation

6. GETTING OUT OF 1993 CRISIS

1. PACTOS DE TOLEDO → The expenses of the healthcare system were moved out of the
fund in order to ensure the future of the pension system. Se comprometen a garantizar las
pensiones.
Is affecting companies because companies need to take the money from the nominas.

2. Political change: PP now is in the government → change in the economic policies, less public
investment and privatization of companies. The focus was on construction → encouraged
indebtedness and real estate speculation

7. A LONG PERIOD OF GROWTH

GOOD BAD

-Growth and financial stability → entrance to -Poor education

the EURO
-Low productivity
-Economy based on construction (construction
boom, low interest rates…) -Real Estate Bubble (burbuja inmobiliaria)

-Increase in the exports -Industry decreasing

-EU funds -Trade balance deficit

-No innovation

-Poor unemployment policies

8. THE CRISIS (2007/2008)

- Spain didn’t start the crisis but it had the perfect environment to fall on it: large debts, weak
economy…

- The debts were basically mortgages (hipotecas) that were warranted by the house value.
When the house value plunged the people were unable to cope with the debts so the bank
ended up with houses that they couldn’t sell.

- The whole construction sector collapsed.

The government tried to fix it with a stimulus program, but it didn’t work, it was not enough to fight
back the falling demand and consumer confidence.
 - The consumption was falling as a cause of the crisis → investments decreased → more
unemployment → increase of public debt (since there are less tax collection and more
unemployment insurances to pay) → creating a downwards spiral.

- Since the crisis was everywhere in the world, the exports were not as good → internal
devaluation.

- There was still the traditional rigidities in the labor market (la rigidez tradicional del mercado
laboral).

- The duality of contracts created more jobs in the expansive cycle but destroyed them in
recessions.

There was a need of labor market reform but they didn’t do it good, they just reduced the protection
for workers and the cost of dismissal (despidos)

CONSEQUENCES:
- Large cuts in public spendings
- Reduce of GDP

9. SPAIN IN THE PRE-COVID SCENARIO (2016-2020)

Spain is doing good from an economic perspective

POSITIVE SIDE NEGATIVE SIDE

-Strict control over the debt and deficit, and a -Lower disposable income (ingreso disponible)
sustained debt of 100% (and predicted to keep
the same) -Lower job security

-Labor market reforms have facilitated the -Still serious problems with education
flexibility of companies in arranging working
forces and moderating wage growth. BUT -Inequality
long-term unemployment has increased
-Still low productivity
-Domestic demand is growing + consumer trust
is increasing = ensured growth -Labor contract duality

-Financial sector has been stabilized through

the European Stability Mechanism

-Unemployment is finally decreasing

10. SPAIN TODAY

- GDP: grow 5.5% in 2022 and 3.8% in 2023 supported by fiscal and monetary policy
- Domestic demand will be the main driver of the economic growth → improving labor market
conditions, favorable financing conditions, and the Next Generation EU funds will boost
private consumptions and investments.
- The inflation will remain high in 2022
- Core inflation will remain at moderate levels
RESUMEN TEMA 6 (hecho por mi)
UNIT 7- EUROPEAN UNION

1. HISTORY OF THE EUROPEAN UNION

The ideal of a united Europe was not very popular, before it became a political project and turned
into a long-term objective in government policies of countries. Europe often witnessed violent wars
(France and Germany fought 3 wars 1870-1945). As a result of these disasters, the only way to
maintain peace was for countries to unify economically as well as politically. The formation of an
organization capable of resolving national problems in Europe arose from resistance movements
fighting totalitarian regimes during World War II.

Schuman Plan

In 1950 Robert Schuman proposed to European states to transfer the decisions on coal and steel
production to an independent institution.

The Schuman Plan had the objective to calm the contest between France and Germany in order to
establish peace in Europe. In order to achieve that the solution was to assure the collective
production of coal and steel under the institution and to keep this organization accessible for all
European states.

European Coal and Steel Community (ECSC)

As a result of the Schuman Plan, Belgium, Federal Germany, Luxembourg, France, Italy and
Netherlands founded the European Coal and Steel Community (ECSC) in 1951.

The first president was Jean Monnet, who provided the inspiration for this idea of the Schuman Plan.
With this, coal and steel became tools for peace and states started to transfer some part of their
power to a supranational institution by their own will.

Treaty of Rome and European Economic Community (EEC)

In 1957, was decided to establish an economic community based on the free movement of workers,
goods and services. As a consequence, in 1957, after the Treaty of Rome was signed, European
Economic Community (EEC) was founded in order to establish economic unity. It’s goal was to set a
common market where there is a free movement of goods, workers, services and capital, and finally
reach political integration.

European Atomic Energy Community (EURATOM)

The European Atomic Energy Community (EURATOM) was established by the Treaty of Rome in
1958. The aim of the community was to coordinate the research programs of member states to
ensure that the use of nuclear energy is safe and limited with peaceful purposes.

Merger Treaty and European Communities

In 1967, the Merger Treaty combined three communities (ECSC, EEC, and EURATOM) and set out
single Council and single Commission for all. Since then, these communities were named as
European Communities.
Customs Union

Custom duties on manufactured goods were abolished in 1968. Common policies, like agricultural
and trade policies, had fallen into place in the late 1960s.

The First Enlargement

After the success of the Community, the UK, Denmark and Ireland applied for Community
membership. After a tough period of negotiation where France, exercised veto power twice in 1963
and 1967 against British membership, these three countries became members in 1973.

1980s: the Community was expanding towards the South

With the participation of Greece in 1981, Spain and Portugal in 1986, the Community expanded
towards the south. The number of members was 12.

Single European Act

In the early 1980s, the global recession and local tensions over financial burden sharing fueled
"European pessimism”. However, in 1984 there were hopeful expectations for revival of the
Community.

Based on the White Paper produced by the Commission during the Presidency of Jacques Delors in
1985, the Community wanted to establish a single market by 1993. Germany, Belgium, France, the
Netherlands, the United Kingdom, Ireland, Spain, Luxembourg, and Portugal signed the Single
European Act on July 17, 1986, while Denmark, Italy, and Greece signed on February 28, 1986.

The European Single Act, which went into effect in 1987, as well as the Treaties founding the
European Communities, were heavily revised.

Maastricht Treaty and the European Union

German reunification on 3 October 1990 following the collapse of the Berlin Wall, the end of Soviet
authority over Central and Eastern European countries and their liberalization, and the disintegration
of the Soviet Union in December 1991 all altered Europe's political structure.

Member states started a new Treaty whose key features were determined at the EU Council in
Maastricht on December 1991.

The Maastricht Treaty, entered into force on 1 November 1993. By this treaty it was decided to:

● complete the monetary union by 1999

● start European citizenship
● to cooperate on common foreign and security policy and on justice and home affairs.

The Maastricht Treaty established a three-pillar European Union structure. The first pillar of this
structure was the European Communities, the second pillar was "Common Foreign and Security
Policy" and the third pillar was "Cooperation in Justice and Home Affairs".

A New Expansion: Austria, Finland, Sweden

In 1995, Austria, Finland and Sweden entered the European Union

Economic and Monetary Union

The Euro got into circulation on 1 January 2002 and began to be used in 12 countries.

The Last Enlargements

In 2004, Czech Republic, Estonia, Greek Administration of Southern Cyprus, Latvia, Lithuania,
Hungary, Malta, Poland, Slovakia and Slovenia joined to the European Union. In 2013, there were 28
members with the participation of Croatia.

The Treaty of Lisbon

The Lisbon Treaty, was signed in 2007 and went into force in 2009, was the final significant step in
the European Union's deepening process.

The main goals of this pact were to minimize restrictions in EU decision-making mechanisms and to
make the Union more democratic and effectively functioning. In accordance with this purpose, the
Treaty establishing the European Community was renamed as the “Treaty on the Functioning of the
European Union”.

The Global Financial Crisis of 2008 and the European Union

The EU countries affected by the global crisis in 2008, faced economic and financial problems such
as rising public deficit, decreasing competitiveness, increasing unemployment and low economic
growth.

The EU and the Eurozone economy shrank by 4.1% in 2009 which was the biggest depression in its
history. The global crisis affected the financial structures of EU countries, resulting in major
increases in public deficits and debt stocks, as well as affecting the viability of public finance in
several member countries.

The debt crisis that broke out in Greece in 2010 affected other Eurozone countries and the global
crisis turned into a debt and economic crisis in the EU.

In order to overcome the effects of global crisis, mechanisms such as European 2020 Strategy,
European Financial Stability Mechanism (EFSM), European Financial Stability Facility (EFSF), the
European Semester, Euro Pact, Six Pack, European Stability Mechanism (ESM), and the Banking
Union were established.

Besides these, the European External Action Service was founded on 2010. Its goal was to assist
the European Union's High Representative for Foreign Affairs and Security Policy in the
implementation of the European Union's Common Foreign and Security Policy. This Service is made
up of officers from the relevant departments of the Council, the Secretary-General of the European
Commission, and staff assigned by member states' diplomatic units.

In 2012, the EU was awarded the Nobel Peace Prize for its contribution to the promotion of peace,
reconciliation, democracy and human rights in Europe.

Multiple Crises of the European Union

The EU has faced many challenges such as irregular migration crisis, Brexit, rise of far right and
populist movements.
The irregular migration crisis in 2015 led to the questioning of the functioning of the Schengen Area,
and also revealed disagreements among member states. The EU reached an agreement with
Turkey to overcome the crisis of irregular migration.

The UK's decision to leave the EU was an important test for the EU. In a referendum held on 23
June 2016, the United Kingdom decided to leave the EU (Brexit) by 52 percent. On 29 March 2017,
Prime Minister Theresa May submitted a letter with the official notification of the UK's departure from
the EU to the European Council. On 25 November 2018, the political declaration on Brexit was
approved by the EU member states. However, at the EU Summit of 10 April 2019, Brexit was
postponed until 31 October 2019 due to the lack of consensus on withdrawal conditions in the UK
parliament.

The fact that far-right and populist parties have increased their support and even become coalition
partners in prominent European countries in recent years has called into question the EU's values.

2. EUROPEAN MARKET

Single market and standards

The European single market has fuelled economic growth and made the everyday life of European
businesses and consumers easier.

Standardisation

Standards promote market competition and the interoperability of complementary products and
services. They lower costs, improve safety, and boost competition. Standards are vital to the public
because they safeguard health, safety, security, and the environment. The EU maintains an active
standardization program that promotes standards as a means of improving regulation and increasing
European industry's competitiveness.

General framework of European standardization policy

Regulation provides a legal basis to use European standards for products and services, identify ICT
technical specifications, and finance the European standardization process.

International activities
International standards help remove trade barriers, support regulatory convergence at international
level and avoid the emergence of protectionist measures. They can bring businesses the possibility
to establish worldwide partnerships and sell their products or services globally.

Benefits of standards

Standards help manufacturers reduce costs, anticipate technical requirements, and increase
productive and innovative efficiency.

The European institutions and their roles.

The European Union is a political and economic union of 28 Member States, covering over 4 million
km2 and with 503 million inhabitants. To coordinate any joint initiative, it needed a structure.
The decisions are taken through a mixed of ‘’supranational’’ institutions (institutions to whom
Member States have delegated their powers) and ‘’intergovernmental’’ negotiations (which concern
areas in which Member States have not delegated their power, but make decisions together).

The main European Institutions are:

EUROPEAN PARLIAMENT

Elected by European citizensEuropean elections (every 5 yrs.)

Functions:

• Approve European legislation.

• Exert democratic control over the European institutions

• Budget control with 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 EU agenda + space for discussions/problem solving.
● Responsibilities—-> approve EU laws with parliament

•coordinate general economic policies

• International agreements between EU + other countries

• approves EU budget a/ parliament

• develop common forting + security policy

EUROPEAN COMMISSION

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
● Make + implement EU policies and budget
● Enforce European legislation
Represent Eu international forum

Other institutions: the Court of Justice of the European Union, the European Central Bank, the
European Economic and Social Committee, the Committee of the Regions and the European Court
of Auditors.
 3. EURO ZONE

The eurozone is a geographic and economic region that contains all the European Union countries
that have fully incorporated the euro as their national currency.

Nowadays, the eurozone consists of 19 countries in the European Union: Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta,
Netherlands, Portugal, Slovakia, Slovenia, and Spain.

Approximately 340 million people live in the eurozone area.

KEY TAKEAWAYS

•In 1992, the Maastricht Treaty created the EU and helped the formation of a common economic and
monetary union consisting of a central banking system, a common currency, and a common
economic region, the eurozone.

•The eurozone consists of 19 countries

•Not all European Union nations participate in the eurozone; some opt to use their own currency and
maintain their financial independence.

•European Union nations that decide to participate in the eurozone must meet requirements
regarding price stability, sound public finances, the durability of convergence, and exchange rate
stability.

4. MAIN PROGRAMS

European Agenda 2030

In September 2015, the UN General Assembly approved the 2030 Agenda for Sustainable
Development including 17 Sustainable Development Goals (SDGs). It was adopted by all Member
States of the United Nations, and guides countries towards sustainable prosperity, social inclusion
and equality while at the same time preserving our planet and leaving no one behind.

All countries share the responsibility to contribute, within the limits of their capacity. They all
implement different strategies for achieving goals and objectives.

Sustainable Development Goals in Europe

A European Union Strategy for Sustainable Development had been running since 2001. The EU
presented its response in November 2016 and initiated a sustainable development package, which
reflects the priorities set up by Member Countries. In 2017, a multi-stakeholder platform composed
by high-level experts and policymakers in sustainability problems from all EU countries was
established to support and advise the European Commission on SDG implementation at the EU
level.

CAP (Common Agricultural Policy)

It’s objectives are:

 ● to increase productivity, by promoting technical progress and ensuring the optimum use of
the factors of production, in particular labour.
● to ensure a fair standard of living for the agricultural Community
● to stabilize markets
● to secure availability of supplies
● to provide consumers with food at reasonable prices

ERDF

The European Regional Development Funds is key to the evolution of the EU to promote regional
development. 3 main areas:

● Convergence; helping countries with less developed economy

● Regional competitiveness + unemployment; Invest in projects that promote innovation and
the information economy, environmental protection, and transportation and
telecommunications access.
● Territorial cooperation

5. CURRENT CHALLENGES

The current challenges are: pandemic, economy, climate change and cohesion.

The priority is economic recovery, which will be encouraged by accelerating the twin green and
digital transitions, as well as the transformation of the European economy, industry, and society.

Objective: to allow the European to build a sustainable, fair and more resilient Europe and
consolidate the global leadership in human-centered innovation and sustainable solutions.

Next Generation EU

Next Generation EU has the intention to launch a chance to emerge stronger from the pandemic,
transform our economies, create opportunities and jobs. They have agreed to invest together €806.9
billion.

3 objectives of the EU:

- economic recovery
- digitalisation
- sustainability

BRI (BELT AND ROAD INITIATIVE): RECOVER THE SILK ROUTE TRYING TO CONNECT AS
MUCH AS POSSIBLE ASIA AND EUROPE
UNIT 8- UNITED STATES

United States is made up of 48 contiguous states, plus Alaska, in

the northwest, and the Hawaiian Islands, in the Pacific.
- 330 million people.
- its border with Mexico and Cuba. As a consequence, these states are very influenced by
Hispanic heritage and therefore have strong Spanish-speaking communities.
- around 60 million Hispanic and Latino Americans living in the U.S., making for an 18% of the
whole U.S. Population.

8.1. Economic Relations with the European Union

The European Union and the United States have the largest bilateral trade and
investment relationship and enjoy the most integrated economic relationship in the
world. Although China in 2021 was the largest EU import source for goods,
the US remains the EU's largest trade and investment partner by far.

U.S. Relations with the European Union

U.S. cooperation with the EU is based on the Transatlantic Declaration of 1990 and the
New Transatlantic Agenda (NTA), adopted in 1995.(takes place on many levels and includes summit
meetings at the level of heads of state and government)

Diplomatic Relations
- Initiated in 1953 when the first U.S. observers were sent to the European Coal and Steel
Community.
- The U.S. Mission to the ECSC formally opened in Luxembourg in 1956.
- The Delegation of the European Commission to the United States in Washington, D.C. was
established in 1954, and the United States Mission to the European Communities, now the
United States Mission to the European Union, was established in 1961 in Brussels.

Cooperation
In 1990, the relations of the U.S. with the European Community were formalized by the
adoption of the Transatlantic Declaration. A regular political dialogue between the
U.S. and the EC
The New Transatlantic Agenda (NTA), which was launched at the Madrid summit in
1995,: promoting peace and stability, democracy and development around
the world; responding to global challenges; contributing to the expansion of world trade
and closer economic relations; and building bridges Across the Atlantic.
As an extension of the NTA efforts, agreement was reached at the 1998 London summit to intensify
cooperation in the area of trade, which resulted in the Transatlantic Economic Partnership (TEP).
TEP-> focus is on further liberalization of trade within the WTO in order to strengthen world trade

8.2. American Market

USA is a federal Constitutional Republic with a presidential system. The current
president is Joe Biden, who took office on January 20, 2021.
Talking about economics:
 - the dollar ($) has been the official currency of the country since 1792.
- The United States is the richest, most powerful, and most influential
country on Earth.
- Its nominal GDP, estimated at more than $ 20.5 trillion in July 2019, which represents
approximately 1/4 of the world's nominal GDP.
- The GDP in the US purchasing power parity represents 1/5 of world PPP GDP.
- GDP per capita (PPP) of about $ 53,042, the seventh highest in the world,
- it is the world's largest industrial producer, and the world's largest trading country, with China
as its main trading partners, together with Canada and Mexico (Sheet,
2020).

8.3. Key economic indicators

8.3.1. Gross Domestic Product

8.3.2. Unemployment rate

8.3.4. Inflation

In 2021 inflation increased to 5,4% and this high U.S. rate is going to stick around for a
while.All products become much more expensive
- This sudden increase in price has led to companies not being able to obtain enough
materials to keep production running and even when the supplies are available, they are
paying sharply higher prices.

8.4. Other economic indicators of the US (Gini Index), some other economic
systems (Gold standard versus Dollar Standard), the currency, interest rates,
current account, new challenges.
USA has a huge gap between the rich and the poor.
GDP is not able to show us the inequalities of a country, as US has a 15% of poor people.

Gini coefficient
Gold Standard versus Dollar Standard
Gold standard, monetary system in which the standard unit of currency is a fixed quantity of gold or
is kept at the value of a fixed quantity of gold.
Dollar standard is a system of exchange rate management in which other countries
peg the exchange rates of their currencies with the US dollar, and hold their foreign
exchange reserves mainly in the form of US dollars.
It was argued that the Bretton Woods exchange rate system operating in the 1950s and 1960s was
effectively a dollar standard.
More recently the decline of the dominant position of the United States in the
world economy has made the adoption of a dollar standard less likely

The currency.
- In general, the dollar is quite stable.
- In 2015 and 2016 the dollar was the weakest, being between 1,05 and 1,09. The U.S. dollar
fell against many other currencies, including the Japanese yen, the Mexican peso and the
Swedish krona. Even the pound, which plummeted after the Brexit vote, has regained some
strength against the dollar in recent months. As the dollar value decreased, exports of U.S.
increased.
- in 2017 U.S. dollar started strong, as China's manufacturing sector shrank. This led to a
slight increase in imports, Imports increased $182.5 billion or 6.7 percent compared with last
year.
- dollar became weaker. Until 2020, when the dollar was at its strongest in many years.
- Why did the dollar become richer, stronger in 2020 and 2021? Mainly it was due to problems
in economies from China to Europe, which made investments in dollars more attractive

Interest rates.

Current account
The US current account is negative, that means that they import more than they are
exporting to other countries.
New Challenges.

- Since the beginning of the COVID-19 pandemic, the fiscal policy response in the United
States has been very significant. However, the persistence of the health crisis has recently
made it necessary to extend the initial stimulus with two new fiscal
packages. The first was approved in December 2020 and the second announced in
January 2021. These two packages will temporarily extend sequential, several
measures to support companies and households that expired at the end of 2020.
- Apart from these two stimulus programs, President Biden also included in his electoral
program a fiscal stimulus plan that could mobilize resources for an amount of up to 10% of
GDP for the period between the end of 2021 and the end of 2024.(would focus on a large
infrastructure plan, which would be accompanied by increases in public consumption and
social transfers. Would entail tax increases on large companies and higher-income
households, which would make it possible to partially finance the increase in spending and
selectively reduce the tax burden of households with lower incomes.)
-

8.5. The presence of Spanish Companies in the US market.

Spain and the United States
- The United States of America is a fundamental partner of Spain,

- long and excellent bilateral relationship which has a great future

- Its place in the world, holding one of the lead roles on the international stage makes this
country an indispensable ally and partner for Spain in terms of foreign policy, defense,
security and economic and technological development.

- we share the same democratic values and geostrategic interests

8.6. Still the world's major power?

The U.S. is still a dominant power — but it’s not clear if it remains the global
leader”
REPASO CLASE
Analysis of each country from the perspective of the market in the past 50 years
THE YEARS ARE VERY IMPORTANT!!
Estudiarse todo pero el examen es de entender y relacionar, no de memorizar y vomitar

TEMA 6
- The treaty of MAASTRICH 6
PREGUNTA:
● The most important facts and dates related to the industrialization process of Spain
● Analiza las crisis (en perspectiva española, mundiales, de la UE …) a partir del gráfico

TEMA 7
- members, currencies
- saber cuando españa y portugal entraron pero el resto NO
- the seed of the EU was the BENELUX and why
- the treaty of MAASTRICHT
- The NEXT GENERATION PROGRAM (3 pilares) (they want the economy recovery by
funding companies that are growing up in a sustainable way and digitalized)

TEMA 8
- “.com bubble” (crisis estados unidos)
- Swift from gold standard to dollar standard
- Big plan BIDEN
- Bilateral Trade Agreement “TRANSATLANTIC DECLARATION 1990”
- dollar is appreciated compared with the dollar
- Federal reserve
- “THE GREAT RESIGNATION”

PROGRAMAS
(BIDEN’S PLAN, BRI(recovery of silk routes), NEXT GENERATION PROGRAM)

TEMA 9
- high GDP growth in all cases of this countries
- BRICS (learn the population of each)
- MINT
- China is the most populated country in the world. Very developed in the East and not in the
West, their plan is to go west as well. 3 steps of the development of the Chinese market
(1.factory of the world 2.bank of the world. 3.in the face of tech transfer from the eeuu to
china)
- China’s Productive models (changes)
- central role of the government
- Hong Kong is a different administrative … (different currency)