The Barcelona Institute of Economics (IEB) devotes the second IEB Report of 2020, coordinated by researcher and professor Matteo Gamalerio, to address the causes of the political fragmentation that Europe has experienced in the last decade with the emergence of new parties and the rise of populism. The focus is on the great economic recession of 2008, but studies point to a possible second wave as a result of Covid-19 that could exacerbate this trend.