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The subject of the following paper is to compare the impacts of the financial and economic crisis of 2008 and the following years to the European Union and Latin America. Afiera brief description of the origins and characteristics of the 2008 crisis, the article analyse its effects on the two regions, the implemented politics on both sides and its results. Based on the comparative evaluation of these answers, we deduce some lessons and formulate some recommendations which could contribute to reduce the probability that such crisis repeat in the future or make it at least easier to manage. From a theoretical point of view, we refer o the concepts of neo-realism, new-institutionalism, social-constructivism (norms, values, self-perception, discourse) and, taking on consideration the strong relationship between internal and external factors, "two level game". [ABSTRACT FROM AUTHOR]