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This presentation uses data from the Council of Europe Annual Penal Statistics (SPACE) to establish trends in imprisonment in several European countries since the 2000s and confront them with the trends shown by economic indicators. The comparison shows that, contrary to most theoretical predictions, the financial crisis that started in 2008 was followed by a decrease of prison populations in many European countries. Searching for an explanation of this apparent paradox, the presentation takes into account the role of legislative changes, crime trends, unemployment and European social security on imprisonment rates. The results are discussed in the light of the trends observed in the United States.