Editing 2000s (section)

=== The age of turbulence ===
[[File:Birmingham Northern Rock bank run 2007.jpg|thumb|People queuing outside a [[Northern Rock]] bank branch in [[Birmingham]], United Kingdom on September 15, 2007, to [[bank run|withdraw their savings]] because of the [[Subprime mortgage crisis]].]]
The decade was marked by two financial and economic crises. In 2001, the [[Dot-com bubble]] burst, causing turmoil in financial markets and a [[early 2000s recession|decline in economic activity]] in the developed economies, in particular in the United States.<ref>BBC Mundo, [http://news.bbc.co.uk/hi/spanish/business/newsid_1666000/1666319.stm Se contrae la economía mundial] November 21, 2001 {{webarchive|url=https://web.archive.org/web/20121202175936/http://news.bbc.co.uk/hi/spanish/business/newsid_1666000/1666319.stm|date=December 2, 2012 }}</ref> However, the impact of the crisis on the activity was limited thanks to the intervention of the central banks, notably the U.S. [[Federal Reserve]] System. Indeed, [[Alan Greenspan]], leader of the Federal Reserve until 2006, cut the interest rates several times to avoid a severe recession,<ref>BBC Mundo, [http://news.bbc.co.uk/hi/spanish/business/newsid_1685000/1685410.stm ¿Recesión global?], September 8, 2001 {{webarchive|url=https://web.archive.org/web/20121203020449/http://news.bbc.co.uk/hi/spanish/business/newsid_1685000/1685410.stm|date=December 3, 2012 }}</ref> allowing an economic revival in the U.S.<ref>[[Agence France Presse]] [https://archive.today/20121229212959/http://www.lanacion.com.ar/nota.asp?nota_id=680131 Greenspan dijo que las tasas se mantienen bajas], [[La Nación]], February 16, 2005</ref>

As the Federal Reserve maintained low interest rates to favor economic growth, [[2000s United States housing bubble|a housing bubble]] began to appear in the United States. In 2007, the rise in interest rates and the collapse of the housing market caused a wave of [[Default (finance)|loan payment failures]] in the U.S. The subsequent [[subprime mortgage crisis]] caused the [[2008 financial crisis]], because the subprime mortgages had been [[Securitization|securitized]] and sold to international banks and investment funds. Despite the extensive intervention of central banks, including partial and total nationalization of major European banks,<ref>"European banking collapse including nationalisation of three banks", ''Credit Writedown'', Ed Harrison, September 29, 2008. Retrieved January 11, 2011, [http://www.creditwritedowns.com/2008/09/european-banking-collapse-including.html Creditwritedowns.com] {{webarchive|url=https://web.archive.org/web/20120307235238/http://www.creditwritedowns.com/2008/09/european-banking-collapse-including.html|date=March 7, 2012 }}</ref><ref>"Anglo Irish Bank Shares Suspended after Nationalization", The New York Times, January 16, 2009. Retrieved January 11, 2011, [https://www.nytimes.com/2009/01/16/business/worldbusiness/16iht-15punt.19424614.html NYtimes.com] {{webarchive|url=https://web.archive.org/web/20150402181013/http://www.nytimes.com/2009/01/16/business/worldbusiness/16iht-15punt.19424614.html|date=April 2, 2015 }}</ref> the crisis of sovereign debt became particularly acute, first in [[2008–2011 Icelandic financial crisis|Iceland]], though as events of the early 2010s would show, it was not an isolated European example. Economic activity was [[Great Recession|severely affected]] around the world in 2008 and 2009,<ref>[[ABC (Spain)|ABC Noticias]], [http://especiales.abc.es/crisis-economica/ The economic crisis] {{webarchive|url=https://web.archive.org/web/20130515213610/http://especiales.abc.es/crisis-economica/|date=May 15, 2013 }}</ref> with [[2008–2010 automotive industry crisis|disastrous consequences for carmakers]].<ref>[[Reuters]] [http://www.eluniverso.com/2008/11/15/0001/14/127CB76112CC4112B844BB6966CA769E.html Se extiende crisis de la industria automotriz], November 15, 2008, [[El Universo]] {{webarchive|url=https://web.archive.org/web/20120308111853/http://www.eluniverso.com/2008/11/15/0001/14/127CB76112CC4112B844BB6966CA769E.html|date=March 8, 2012 }}</ref>

In 2007, the UK's [[Chancellor of the Exchequer]] [[Gordon Brown]], delivered his final Mansion House speech as Chancellor before he moved into Number 10. Addressing financiers: "A new world order has been created", Everyone needed to follow the city's "great example", "an era that history will record as the beginning of a new Golden Age".<ref>{{cite news |last=Rawnsley |first=Andrew |title=A golden age, and other things they wish they'd never said |url=https://www.theguardian.com/commentisfree/2008/oct/19/gordonbrown-davidcameron-economic-policy |access-date=February 14, 2013 |newspaper=The Observer |date=October 19, 2008 |location=London |archive-url=https://web.archive.org/web/20090207022026/http://www.guardian.co.uk/commentisfree/2008/oct/19/gordonbrown-davidcameron-economic-policy |archive-date=February 7, 2009}}</ref>

Reactions of governments in all developed and developing countries against the economic slowdown were largely inspired by [[keynesian economics]]. The end of the decade was characterized by a [[2008–2009 Keynesian resurgence|Keynesian resurgence]],<ref>[[ABC (Spain)|ABC Noticias]] [http://www.abc.es/hemeroteca/historico-22-02-2009/abc/Economia/la-fascinacion-del-keynesianismo-esperemos-que-sin-resaca_913291632123.html La fascinación del keynesianismo, esperemos que sin resaca] February 22, 2009 {{webarchive|url=https://web.archive.org/web/20120402234911/http://www.abc.es/hemeroteca/historico-22-02-2009/abc/Economia/la-fascinacion-del-keynesianismo-esperemos-que-sin-resaca_913291632123.html|date=April 2, 2012 }}</ref> while the influence and media popularity of left-wing economists<ref>[[El País]], [http://www.elpais.com/articulo/economia/Stiglitz/Krugman/reclaman/globalizacion/gobernada/reducir/desigualdades/elpepieco/20040925elpepieco_12/Tes Stiglitz y Krugman reclaman una globalización 'gobernada' para reducir las desigualdades] September 25, 2004</ref> [[Joseph Stiglitz]] and [[Paul Krugman]] (Nobel Prize recipients in 2001 and 2008, respectively) did not stop growing during the decade.<ref>[[El Mundo (Spain)|El Mundo]] [http://www.elmundo.es/mundodinero/2004/06/23/Noti20040623115744.html Paul Krugman, un polémico economista que marca tendencia] {{webarchive|url=https://web.archive.org/web/20130605213014/http://www.elmundo.es/mundodinero/2004/06/23/Noti20040623115744.html|date=June 5, 2013 }}</ref> Several international summits were organized to find solutions against the economic crisis and to impose greater control on the financial markets. The [[G20]] became in 2008 and 2009 a major organization, as leaders of the member countries held two major summits in [[2008 G20 Washington summit|Washington in November 2008]] and in [[2009 G20 London Summit|London in April 2009]] to regulate the banking and financial sectors,<ref>[[La Vanguardia]] [http://www.lavanguardia.es/premium/publica/publica?COMPID=53791830695&ID_PAGINA=22088&ID_FORMATO=9 El G-20 acuerda erigirse en el árbitro de la economía internacional] September 25, 2009 {{dead link|date=July 2011}}</ref> and also succeeding in coordinating their economic action and in avoiding protectionist reactions.