War of attrition and power of inaction: The Spanish financial crisis its lessons for the European Banking Union

Abstract

The aim of this paper is to analyse the main causes of the Spanish financial crisis (2009/12). Risk mismanagement in the "war of attrition" between the main stakeholders (the central and regional governements, the Bank of Spain and the cajas), which was furtherreinforced by the "power of inaction" of the big SpanishBanks: Santander and BBVAEl objetivo de este trabajo es analizar las principales causas de la crisis financiera española (2009/12). Aunque identificamos la mala gestión de las cajas como principal causa de las crisis, su intensidad se debió a la "guerra de trincheras" entre los principales actores, reforzada por el 2poder de inacción" de los grandes bancos españoles (Santander y BBVA)