Uopeople University Unit 1 Written Assignment Macroeconomics Topic: The 2009 Spanish Economic Crisis

Uopeople University Unit 1 Written Assignment Macroeconomics Topic: The 2009 Spanish Economic Crisis The global financial crisis refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009. As with all financial crises, there are a number of factors that explain the global financial crisis and its severity, and the relative importance of each factor is still debated (Alyan, 2018). Some key aspects include: 1. Excessive risk-taking in a favorable macroeconomic environment 2. Excessive borrowing by banks and investors 3. Regulatory and policy errors The economic crisis in Spain began as an extension of the global financial crisis, but the cumulative internal crises of the pre-crisis period exacerbated the situation.