Conclusions: The Implications of ‘Bank Bargains’ for Democratic Politics

This concluding chapter provides an overview of the main arguments to explain the fragility of the Spanish banking system. It shows how domestic social, political, and economic factors have been crucial to understand coalition formations and policy choices in Spain. These coalitions have not been neutral, and they have influenced the stability and resilience of the Spanish banking system and its ability to provide credit. It also outlines some lessons from the Spanish experience and analyzes the main implications of the crisis.