Before 2007 one of the fastest growing economies in Europe was in the periphery: Spain. Indeed, Spain had achieved a remarkable macroeconomic performance producing comparatively (by European standards) high levels of economic growth, budget surpluses, and a very low debt to GDP ratio. The country had also become a net immigrant recipient. This success, however, came to a halt in 2008. Despite the global crisis, however, Spaniards kept dancing even though the music had stopped. By 2010 economic growth was significantly negative, the budget deficit was out of control and the debt to GDP ratio had risen dramatically. In an unprecedented development, Spain had to request a bailout for its financial sector.

Papers in this panel address the causes and consequences of the crisis in Spain from a comparative perspective; as well as its impact on political processes, electoral outcomes and political actors.  Among other issues, the papers examine how the economic crisis has influenced the restructuring of party competition in Southern Europe; how it unleashed a wave of “anti-austerity” political movements; how it has affected the relationship of political elites with citizens; and the causes and impact of the banking crisis. A group of scholars from Europe and the US examine these issues from an interdisciplinary perspective (we are sociologists, economists and political scientists). The papers all draw lessons from the Spanish and Southern European experiences.