PD:Política Econòmica d'Espanya i de la Unió Europea

Teaching plan for the course unit

Català

English

General information

Course unit name: Economic Policy of Spain and the European Union

Course unit code: 366716

Academic year: 2025-2026

Coordinator: Montserrat Termes Rife

Department: Department of Econometrics, Statistics and Applied Economics

Credits: 6

Single program: S

Prior considerations

The Virtual Campus for this course offers a curated collection of academic articles and websites that students are strongly encouraged, and in some cases required, to consult in order to achieve the course’s learning objectives.

Estimated learning time

Total number of hours 150

Face-to-face and/or online activities

	- Lecture with practical component	Face-to-face		45
	- Problem-solving class	Face-to-face		15

Supervised project

Independent learning

Recommendations

Students are recommended to have successfully completed the following subjects:

Spanish Economy
Spanish Economic History
Public Sector Economics
International Economic Policy
Macroeconomics I
Macroeconomics II
Microeconomics I
Microeconomics II

Competences / Learning outcomes to be gained during study

-	Commitment to ethical practice (critical and self-critical skills and attitudes consistent with ethical and deontological principles).
-	Capacity for learning and responsibility (capacity for analysis, synthesis, to adopt global perspectives and to apply knowledge in practice, and capacity to take decisions and adapt to new situations).
-	Concern for sustainability (capacity to assess the social and environmental impact of actions taken in a particular setting and capacity to adopt integrated and systemic approaches).

-	Capacity to identify and understand economic institutions and how they work.
-	Understanding of and capacity to apply the economic and social regulatory framework and understanding of its effects.
-	Capacity to analyse organizations and the environment in which they operate.
-	Capacity to operate in global economic environments.

Learning objectives

Referring to knowledge

Introduce students to the analysis and understanding of the economic policy decisions adopted in Spain over approximately the past twenty years, enabling them to develop their own informed opinions and construct a coherent discourse regarding the results and achievements of these policies. Encourage students to extrapolate the knowledge acquired to the analysis of economic policies implemented by other governments in different countries and contexts.
Enable students to apply economic theory and reasoning to the study and interpretation of the main issues in economic policy.
Provide the necessary conceptual tools and knowledge to allow students to respond to key analytical questions concerning economic policies, and to identify the extent to which there exists a distinct national style of economic policy-making.

Referring to abilities, skills

Develop the ability to comprehend, synthesise, and present complex economic content effectively, both orally and in writing.
Strengthen critical and analytical thinking skills, while also acquiring the ability to explain adopted economic policies clearly to non-specialist audiences.
Practice and refine debating skills, fostering self-awareness of one’s own economic understanding through open discussion of diverse viewpoints and theoretical perspectives.
Make effective use of information and communication technologies (ICTs) available at the University of Barcelona to enhance learning, analysis, and presentation.

Teaching blocks

1. Introduction to the course. Methodological approach

1.1. Analysis of public policy

Different approaches to the analysis of economic policy. Economic approach: the economic theory of politics. Institutional approach: the role of national idiosyncrasies and “national styles” in policy-making. Modern approach: institutions, the Spanish economy and economic policy. The quality of democratic institutions

1.2. Analysis of policy creation

How problems are identified and prioritised. Institutional framework and distribution of interests. Ideas and interests in shaping economic policies: Doctrinal debates. Evaluation of policy effects. Unforeseen or unintended policy effects

2. From the beginnings of democracy to the Great Recession. Adjustments, reform, and macroeconomic stability (1977-2012)

* Study of Spanish economic policy from the democratic transition to the aftermath of the 2008 financial crisis.

2.1. Problems: old and new

Persistent macroeconomic challenges: inflation, unemployment, external imbalances and public deficit. Pending structural problems: labour market rigidity, industrial restructuring, energy adjustment, financial liberalisation and limited competition in goods and services markets. The double-dip recession and the emergence of the efficiency gap. Ten years of euro-driven expansion. The failure of the Spanish growth model: growth and job creation vs. weak productivity growth and external imbalances. The Great Recession in the eurozone: consequences of austerity (rising inequality and social conflict)

2.2. Institutional framework

The Moncloa Pacts and the new constitutional framework. Entry into the EEC. From the Maastricht Treaty to the EMU. The Stability and Growth Pact and its implications for national policy: the 2001 Law on Budgetary Stability and the constraints on national policy. The changing role of the Bank of Spain after adoption of the euro

2.3. Policy creation

Macroeconomic stabilisation policies in contexts of severe imbalances. Macroeconomic policies and real convergence: limited use of tax policies as a stabilisation tool. Structural reforms to promote market competition: recurring labour market reforms and financial sector adjustments within the euro framework. Industrial policy and the privatisation of state-owned companies. Liberalisation and deregulation: the role of the Competition Defence Tribunal. Three keys to long-term development: research, education and infrastructure

2.4. Policies and results

Management of Spanish economic cycles through programmes of macroeconomic stabilisation and reform. Programmes of macroeconomic convergence and budgetary stabilisation before and after incorporation into the euro. The 1993 recession: devaluation, monetary restrictions and cutbacks on public expenditure. Policy paralysis in adjustment measures. macroeconomic policy guaranteeing stability after the formation of the EMU, and consequences for the Spanish economy. Packages of measures to counter the 2008 crisis, the banking crisis and the debt crisis. The 2012 reform program: European demands and internal needs. The Memorandum of Understanding with the EU: bailouts and financial interventions

3. Growth and/or secular stagnation (2014–2019)

* The debate on the use of monetary tools and their effects is introduced. Emphasis is placed on the increase in inequality, productivity and the challenges to reform in Spain.

3.1. Problems

Stagnation across the eurozone and heavy debt faced by Southern Europe. Persistent disparities in economic results across member states: asymmetries in levels of welfare

The structural persistence of unemployment in Spain. High levels of public debt. Uncertainties in the political arena. Demographic shifts and the pressures of migration. Widening income and wealth inequalities. The energy transition and the economic implications of the new model

3.2. Institutional framework

The European semester: framework for the coordination of macroeconomic policy. Consequences of the revision of the European Stability and Growth Pact and constitutional amendments reinforcing budgetary discipline. European governance:the Macroeconomic Imbalance Procedure and the alert mechanism report as tools for monitoring, prevention and correction. Slower progress in European institutional reform and the creation of the European Systemic Risk Board. New regulatory framework: the culmination of Basel III. Brexit and its institutional impact. The European Fiscal Council and the coordination of fiscal policies. The creation of national productivity councils

Institutional design and economic growth in Spain. Internal budgetary stability and challenges to regional and local financing. AIReF (Independent Authority for Fiscal Responsibility) and its auditing role of public accounts. The reform of Spain’s regulating agencies: the National Commission on Markets and Competition (CNMC). Institutional quality, growth, and the impact of corruption: consequences for economic growth

3.3. Policy creation

The debate in Europe: the European Presidents’ Report

On-going public spending inefficiencies and shortcomings in European fiscal policy coordination. The difficulty of implementing reform in product markets: towards the creation of a single energy market? The dimensions of the productivity debate: strategies for dealing with the challenges of Industry 4.0. The erosion of social consensus and the institutional crisis: is efficiency viable without equity? A reformist agenda promoting growth and welfare in an inclusive, sustainable society

3.4. Policies and results

Monetary policy acting in isolation: quantitative easing and forward guidance. The WTO and medium-term budgetary objectives as a weapon against macroeconomic imbalances. Financial sector restructuring and debt reduction measures. Budget consolidation and impact on public debt and spending. The failure of redistributive policies and the need to reform the Toledo Pact. Consequences of political instability for economic policy and delayed structural reforms

4. The pandemic, the energy and climate change crises and their consequences (2020–2024)

4.1. Problems

The COVID-19 pandemic and its consequences. Economy vs. health. Economic effects of wars in Ukraine and Gaza. Mismatches between disrupted supply and overstimulated demand: inflation, energy crisis and climate change crisis. Rising public deficit and debt. Evolution in productivity. Visibility of inequalities and new forms of poverty. Challenges faced in measuring economic data. The housing crisis

4.2. Institutional framework

European Union: Governance of the European Recovery Strategy. New fiscal rules. Eurobonds and the expanded role of the ECB. The European Innovation Council. Artificial intelligence: opportunities and risks, safety and data governance

Spain: Evolution of the national institutional framework. Institutionalisation of public policy evaluation: the role of AIReF. The necessary, yet pending, creation of a National Productivity Board

4.3. Policy creation

European Union: consequences of a possible deglobalisation and the resurgence of industrial policy. Discussion on migration policies

Spain: Debate on the influence and role of the State in the economy. The digital transition: differential behaviour of productivity, intangibles and digitalisation. The ecological transition: climate change, from necessity to difficulty (costs of inaction and costs of transition). Natural resource management (including drought mitigation). A just transition: the fight against inequality, redistribution and predistribution. Resistance to long-term strategic thinking: Spain 2050

4.4. Policies and results

European Union: The challenge of promoting community policies: SURE, Next Generation EU, European bonds

Spain: Emergency economic response measures (ERTO, ICO aid, and other social protection measures) and their results. The Minimum Living Income and the fight against poverty. The Minimum Interprofessional Wage (SMI) strategy. Measures to control inflation and other imbalances caused by the crisis.Next Generation EU funds and their application in Spain. The Recovery and Resilience plan, and the decree for its implementation. Will Spain be able to implement the necessary long-term reforms? Labour reform, pension reform and electricity market reform

Teaching methods and general organization

Continuous assessment procedure

Student work is distributed between controlled class attendance, project-based learning (submission of the project is compulsory), and, a concept map of part of the course bibliography (typically including one academic article and one official document) as well as participation in class debates. Students also write a short opinion article undertaking an economic analysis of a topic of current interest but in the style of a newspaper. For topics not covered in class, students must complete a questionnaire after consulting the relevant bibliography available on the Virtual Campus. To pass the course, students must obtain a minimum mark of 5/10 on each activity. Finally, students sit an exam during the official examination period.

Single assessment procedure

Students who explicitly opt for the single mode of assessment, as well as those who fail to complete or pass any of the activities in the continuous mode, must sit a final examination and answer questions based on the teaching material available on the Virtual Campus and the core course bibliography. To be eligible to sit the examination, students must have completed the individual opinion article under the continuous assessment procedure, the concept map of an academic article and an official document, the questionnaires on the Virtual Campus and an individual assignment.

Official assessment of learning outcomes

Continuous assessment

Students are assessed on an individual and continuous basis. The following activities are taken into consideration:

— Written examination testing students’ understanding of the content of lectures and assigned reading material. Sitting this examination is an essential requirement. Students must pass it in order for the results of other assessment elements to be taken into consideration when calculating the final grade. This is an open-book examination, and students can consult any bibliographic sources they deem appropriate. The exam is usually held in a computer lab or remotely to allow access to the Virtual Campus. This written examination accounts for 30% of the final grade.

— Class attendance (in-person and online). Attendance to at least 80% of the sessions is compulsory. Attendance is recorded for all scheduled sessions listed in the course calendar. All other sessions are announced via the Virtual Campus. Students must be available during all official course hours. Note course tutors may summon any student to participate with 24 hours’ notice. This means students should check the Virtual Campus regularly for any messages. Compliance with these attendance and participation requirements accounts for 5% of the final grade.

— In-class activities set by the lecturer. These are voluntary, but at least one activity is compulsory, and all are assessed. The activities account for 5% of the final grade.

The remaining activities are worth between 5 and 30% of the grade depending on their complexity. They are weighted roughly as follows:

— Quality of concept maps on two readings chosen by the student - an academic article and an official document, taken from the bibliography. These account for 10% of the final grade.

— Questionnaires on topics not covered in class. These account for 5% of the final grade.

— Quality of the research assignment (report) carried out in groups. This accounts for 30% of the final grade.

— Quality of the short opinion article on a topic of current interest. This accounts for 15% of the final grade.

These weightings and the calculation formula for the final grade, as well as details of specific activities, may be modified before the start of the semester. Updated information is published in the course handbook and on the Virtual Campus.

Repeat assessment

Repeat assessment is conducted according to official regulations and the criteria established by the Academic Board.

Examination-based assessment

Students may opt for the single mode of assessment, provided they submit their request during the first two weeks of semester. Students who fail to submit any of the individual assignments or who do not participate actively in group work are automatically transferred to the single mode of assessment.

Students are assessed on an individual basis by means of:

— A written examination testing students’ understanding of the content of lectures and assigned reading material. Sitting this examination is an essential requirement. Students must pass it in order for the results of other assessment elements to be taken into consideration when calculating the final grade. The exam can be taken in-person without access to any resources or remotely with timed access.A personal interview may also be conducted within 48 hours of the exam to confirm the student’s grasp of the subject. The final grade takes into account each student’s level of activity on the Virtual Campus, as an indication of their engagement with the subject. The written examination accounts for 50% of the final grade.

— Questionnaires on topics not covered in class (10%).

— Quality of the short opinion article on a topic of current interest (10%).

— Quality of concept maps (10%).

— Quality of the assignment (report) (20%).

As with continuous assessment, these weightings and the calculation formula may be updated before the semester begins. Updated information is published in the course handbook and on the Virtual Campus.

Repeat assessment

Repeat assessment adheres to the same format as that of single assessment. That is, the re-submission of any tasks previously deemed unsatisfactory and the sitting of a written examination testing students’ understanding of the content of lectures and assigned reading material.Repeat assessment is conducted according to official regulations and the criteria established by the Academic Board.

Reading and study resources

Check availability in Cercabib

Book

Malo de Molina (2019) UNA VISIÓN MACROECONÓMICA DE LOS CUARENTA AÑOS DE LA CONSTITUCIÓN ESPAÑOLA,Secretaría general Técnica del Ministerio, ISBN/ISSN: 978-84-92546-53-4 en https://www.mineco.gob.es/portal/site/mineco/menuitem.d27e450d6789dd5c6a5af299026041a0/?vgnextoid=8c8594478f4da610VgnVCM1000001d04140aRCRD

Versió en línia (2019)

FREY, Bruno. (1987) : Para una política económica democrática: una introducción teórica. Madrid: Alianza,

Catàleg UB

MALO DE MOLINA, José. L. ( 2003) : Una visión macroeconómica de los veinticinco años de vigencia de la Constitución Española. Madrid: Banco de España,

Catàleg UB

CaixaBank Research

https://www.caixabankresearch.com/ca

Databases

Eurostat

https://ec.europa.eu/eurostat

Chapter

SEGURA, J. (1990) : Del primer gobierno socialista a la integración en la CE". A: Economía española de la transición y la democracia. Madrid: CIS,

Càtaleg UB

Journal

Papeles de Economía Española. Diversos números

Web page