Following the implosion in 2008, the gloom set in and the news has since been pessimistic. People have tightened their belts as insecurity has spread and they've become used to not spending. As a consequence, businesses have suffered and unemployment has risen.
Now, we're starting to read and hear encouraging news from the media. Sales are increasing, house prices are rising in Britain, and people are finding new jobs. Banks, where much of the blame for the problem lies, are now beginning to lend money again - essential before an improvement accelerates.
In Spain, there are small signs that the situation is improving; new shops are opening, and cranes are beginning to re-appear on the skyline as the occasional building work progresses. This week, I've seen two new shops and a restaurant open, and new 'For Sale' signs have appeared on building plots. Moreover, politicians are telling us that we're turning the corner, and giving us official figures to confirm it.
However, ask the 'man in the street' if he's optimistic and very few will say that they are. The 'feel good' factor has yet to show itself. It's going to take time to convince people who have felt the burden of unemployment or shortage of money that they can now relax and enjoy a better future. They don't trust politicians or believe what they say, so want to personally experience the upturn before agreeing that it's happening.
It's understandable that people are hesitant to recognise an improvement. In Spain in 2008, the then president Zapatero denied that Spain had a problem. It had, and now as the official unemployment rate wavers around 26%, many young people have never worked, so haven't experienced the independence that a wage can bring. They probably live at home and rely on generous parents. Nevertheless, I've spoken to some youngsters and admire their optimism. They've studied for a degree and hope to find employment somewhere. As in the 60's, Spanish people are prepared to move abroad to find work. It's a great shame that, after a costly training period, graduates will need to move away, benefitting foreign countries. How short-sighted of the Government.
However, the Spanish Government has had its own problems and has been under pressure from the European Union (EU) to take far-reaching, austerity measures, so has had its options limited. That is one of the consequences of being in the EU, but whether it is the best way of overcoming the current problems is disputable.
Next year will be better, and the year after that better still. In years to come, we'll look back on these times, sigh, and say that it was a difficult period. We'll tell our children of the hardships and how we coped with them, for we will overcome them. In the history books, this will be but a hiccup long forgotten. But will the economic experts learn from it? I doubt that very much.