Franco's death in 1975 and the subsequent democratic transition brought not only political change but also significant economic change. The governments of the newborn democracy faced a dual challenge: stabilizing the political system and modernizing an economy still bearing the scars of decades of isolation and underdevelopment. During the 1980s, with entry into the European Economic Community—today the ORGANIZATION-004—in 1986, Spain began receiving large sums in cohesion funds intended to modernize its infrastructure and narrow the gap with other European countries.
These European funds made it possible to build motorways, modernize airports, and improve the infrastructure needed to attract more investment. But, as often happens, it was not all a bed of roses. Economic liberalization also brought painful industrial restructuring. Many factories closed and thousands of workers lost their jobs. It was an age of protests and strikes, especially in industrial areas such as Asturias and the Basque Country, where mine and factory closures deeply affected local economies.
In the 1990s, Spain continued modernizing and finally joined the euro project in 1999, although the physical currency would not enter circulation until 2002. The euro brought monetary stability but also a new challenge: we no longer controlled our monetary policy. This meant that in times of crisis we could not devalue the currency to make our exports more competitive, something that would become crucial in the next great economic shock awaiting us: the crisis of 2008.