Frank Wendler
- Published in print:
- 2017
- Published Online:
- April 2017
- ISBN:
- 9780198791621
- eISBN:
- 9780191834004
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198791621.003.0010
- Subject:
- Law, EU Law
This chapter provides insight into the manner in which national parliaments (NPs) performed their roles of representation and communication in the context of the Eurozone crisis. It examines two ...
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This chapter provides insight into the manner in which national parliaments (NPs) performed their roles of representation and communication in the context of the Eurozone crisis. It examines two forms of involvement: the authorization of bail-out measures and ratification of institutional innovations through measures such as the Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union (Fiscal Compact); and public communication through plenary debates addressing these decisions and the governance of the Eurozone generally. The analysis compares three parliaments of Eurozone Member States that established very different institutional and party political contexts for public debate: the Austrian Nationalrat, the French Assemblée nationale, and the German Bundestag. The aim is to show that, in addition to differences in the overall activity of legislatures in ratifying and debating Eurozone crisis decisions, the three parliaments set different conditions for the public interaction between three sets of political actors with different roles in the justification of the management of the Eurozone crisis: representatives of national executives, members of parliamentary majority groups, and groups in the parliamentary opposition.Less
This chapter provides insight into the manner in which national parliaments (NPs) performed their roles of representation and communication in the context of the Eurozone crisis. It examines two forms of involvement: the authorization of bail-out measures and ratification of institutional innovations through measures such as the Treaty on Stability, Coordination, and Governance in the Economic and Monetary Union (Fiscal Compact); and public communication through plenary debates addressing these decisions and the governance of the Eurozone generally. The analysis compares three parliaments of Eurozone Member States that established very different institutional and party political contexts for public debate: the Austrian Nationalrat, the French Assemblée nationale, and the German Bundestag. The aim is to show that, in addition to differences in the overall activity of legislatures in ratifying and debating Eurozone crisis decisions, the three parliaments set different conditions for the public interaction between three sets of political actors with different roles in the justification of the management of the Eurozone crisis: representatives of national executives, members of parliamentary majority groups, and groups in the parliamentary opposition.
Christopher J. Bickerton
- Published in print:
- 2012
- Published Online:
- May 2013
- ISBN:
- 9780199606252
- eISBN:
- 9780191751639
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199606252.003.0005
- Subject:
- Political Science, European Union, International Relations and Politics
Chapter 4, which examines the development of macro-economic policymaking in Europe, argues that the internationalization and regionalization of macro-economic policymaking are products of concrete ...
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Chapter 4, which examines the development of macro-economic policymaking in Europe, argues that the internationalization and regionalization of macro-economic policymaking are products of concrete internal struggles fought at the domestic level within European states over the implementation of anti-inflationary monetary policies and the dismantling of the main institutional expressions of the post-war Keynesian consensus. Looking at the development of European economic integration from the 1950s to the present day, the chapter differentiates between forms of cooperation in the heyday of the post-war Keynesian consensus (the ECSC, the Treaty of Rome) and cooperation driven by the collapse and movement away from that consensus (European Monetary System, Single European Act, monetary union). These two periods of integration correspond to very different forms of statehood. The chapter ends with a detailed account of the Eurozone crisis of 2008–12 and how this crisis has both challenged and reinforced the member statehood paradigm.Less
Chapter 4, which examines the development of macro-economic policymaking in Europe, argues that the internationalization and regionalization of macro-economic policymaking are products of concrete internal struggles fought at the domestic level within European states over the implementation of anti-inflationary monetary policies and the dismantling of the main institutional expressions of the post-war Keynesian consensus. Looking at the development of European economic integration from the 1950s to the present day, the chapter differentiates between forms of cooperation in the heyday of the post-war Keynesian consensus (the ECSC, the Treaty of Rome) and cooperation driven by the collapse and movement away from that consensus (European Monetary System, Single European Act, monetary union). These two periods of integration correspond to very different forms of statehood. The chapter ends with a detailed account of the Eurozone crisis of 2008–12 and how this crisis has both challenged and reinforced the member statehood paradigm.
Andrew Martin
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780198717966
- eISBN:
- 9780191787423
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198717966.003.0002
- Subject:
- Political Science, Political Economy, Comparative Politics
Fundamental gaps in EMU’s economic governance structure make it an incomplete common currency area (CCA). These gaps channeled the international financial crisis into a split between its core and ...
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Fundamental gaps in EMU’s economic governance structure make it an incomplete common currency area (CCA). These gaps channeled the international financial crisis into a split between its core and peripheral sub-central political units (member states), inflicting enormous economic and social costs on the latter and retarding recovery elsewhere in Europe. The central level of a complete CCA, like the US, has the fiscal and financial regulatory as well as monetary capacities for governing the single economy into which the common currency integrates the sub-central units. All three capacities are essential to counteracting a market economy’s inherent instability. However, EMU’s central level is equipped only with monetary capacity, relegating the other two capacities to its sub-central units. EMU’s governance structure thereby makes them vulnerable to the divergent effects of financial market instability and consequent recession. These effects can only be ameliorated with the central fiscal and regulatory capacities that EMU does not have.Less
Fundamental gaps in EMU’s economic governance structure make it an incomplete common currency area (CCA). These gaps channeled the international financial crisis into a split between its core and peripheral sub-central political units (member states), inflicting enormous economic and social costs on the latter and retarding recovery elsewhere in Europe. The central level of a complete CCA, like the US, has the fiscal and financial regulatory as well as monetary capacities for governing the single economy into which the common currency integrates the sub-central units. All three capacities are essential to counteracting a market economy’s inherent instability. However, EMU’s central level is equipped only with monetary capacity, relegating the other two capacities to its sub-central units. EMU’s governance structure thereby makes them vulnerable to the divergent effects of financial market instability and consequent recession. These effects can only be ameliorated with the central fiscal and regulatory capacities that EMU does not have.
Benedicta Marzinotto
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780198755739
- eISBN:
- 9780191821615
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198755739.003.0005
- Subject:
- Political Science, European Union
Compared with similar crises under previous rules-based monetary regimes, the Eurozone crisis has seen significant contagion risks, subjecting each member state to what happens outside. In that ...
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Compared with similar crises under previous rules-based monetary regimes, the Eurozone crisis has seen significant contagion risks, subjecting each member state to what happens outside. In that respect, the crisis revealed an institutional inconsistency in Eurozone governance. As risks were collective, so too should have been insurance against them. Previous rules-based regimes—the Gold Standard and the Bretton Woods system—did not suffer from this inconsistency because those that paid into the available “insurance schemes” were those that benefited from them. It should thus not be a surprise that decisions on financial assistance early in the Eurozone crisis were hit by an intergovernmental conflict over distributing the burden of financial stability provision, or that markets felt reassured only when the European Central Bank assumed the role of lender of last resort, providing the type of insurance that matched the prevailing type of risk.Less
Compared with similar crises under previous rules-based monetary regimes, the Eurozone crisis has seen significant contagion risks, subjecting each member state to what happens outside. In that respect, the crisis revealed an institutional inconsistency in Eurozone governance. As risks were collective, so too should have been insurance against them. Previous rules-based regimes—the Gold Standard and the Bretton Woods system—did not suffer from this inconsistency because those that paid into the available “insurance schemes” were those that benefited from them. It should thus not be a surprise that decisions on financial assistance early in the Eurozone crisis were hit by an intergovernmental conflict over distributing the burden of financial stability provision, or that markets felt reassured only when the European Central Bank assumed the role of lender of last resort, providing the type of insurance that matched the prevailing type of risk.
Ben Clift
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198813088
- eISBN:
- 9780191851070
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198813088.003.0007
- Subject:
- Political Science, Political Economy
This chapter provides the first account of IMF commentary on and interventions in the French economic policy debate following the crash to analyse how the Fund has sought to inflect French policy ...
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This chapter provides the first account of IMF commentary on and interventions in the French economic policy debate following the crash to analyse how the Fund has sought to inflect French policy settings and approaches. It also situates French macroeconomic policy developments in the context of the European policy debate to demonstrate how the IMF has worked to influence reforms to the Eurozone’s architecture. Drawing on interviews with French policy elites and advisors, as well as members of Fund missions to France, it demonstrates how the French government, alongside the IMF, sought a less pro-cyclical approach and to open up ‘fiscal space’ for growth-oriented policies within European economic and monetary arrangements. However, key centres of power, notably the German government, the European Commission, and the European Central Bank prioritized ‘moral hazard’ and the ‘crisis of debt’ narratives, whose policy corollaries were ever-tighter fiscal discipline and ramped-up austerity.Less
This chapter provides the first account of IMF commentary on and interventions in the French economic policy debate following the crash to analyse how the Fund has sought to inflect French policy settings and approaches. It also situates French macroeconomic policy developments in the context of the European policy debate to demonstrate how the IMF has worked to influence reforms to the Eurozone’s architecture. Drawing on interviews with French policy elites and advisors, as well as members of Fund missions to France, it demonstrates how the French government, alongside the IMF, sought a less pro-cyclical approach and to open up ‘fiscal space’ for growth-oriented policies within European economic and monetary arrangements. However, key centres of power, notably the German government, the European Commission, and the European Central Bank prioritized ‘moral hazard’ and the ‘crisis of debt’ narratives, whose policy corollaries were ever-tighter fiscal discipline and ramped-up austerity.
James A. Caporaso and Martin Rhodes (eds)
- Published in print:
- 2016
- Published Online:
- April 2016
- ISBN:
- 9780198755739
- eISBN:
- 9780191821615
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198755739.001.0001
- Subject:
- Political Science, European Union
This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis. The focus is on the interlinked origins and impacts of the crisis and the ...
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This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis. The focus is on the interlinked origins and impacts of the crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the simplistic analysis that has characterized political, media, and, regrettably, some academic coverage, and by its attempt to escape from the tyranny of small events and short-term developments. Each of the authors identifies an important question and undertakes a careful empirical, theoretically informed analysis that produces novel perspectives. Together the contributors seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis management; the power and centrality of particular member states, notably Germany, which has been attributed with “hegemonic” status; the supposed entrapment of EU policymakers by an “austerity ideology”; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as banking union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.Less
This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis. The focus is on the interlinked origins and impacts of the crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the simplistic analysis that has characterized political, media, and, regrettably, some academic coverage, and by its attempt to escape from the tyranny of small events and short-term developments. Each of the authors identifies an important question and undertakes a careful empirical, theoretically informed analysis that produces novel perspectives. Together the contributors seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis management; the power and centrality of particular member states, notably Germany, which has been attributed with “hegemonic” status; the supposed entrapment of EU policymakers by an “austerity ideology”; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as banking union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
Ivo Šlosarčík
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9781447318149
- eISBN:
- 9781447318156
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447318149.003.0006
- Subject:
- Political Science, Public Policy
The chapter maps the impact of European integration on policy-making in the Czech Republic. In particular, it focuses on the institutional dimension of transformation of Czech policy-making which ...
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The chapter maps the impact of European integration on policy-making in the Czech Republic. In particular, it focuses on the institutional dimension of transformation of Czech policy-making which included power shift towards executive branch at the expense of Czech parliament as well as the struggle between the ministry of foreign affairs and the prime minister’s office for leadership in the Europeanised policy-making in the Czech Republic. Furthermore, the chapter covers major events that influenced the Europeanization of Czech policy-making, such as the 1998-2002 accession talks, the Convention for Future of Europe in years 200-2002, Czech Presidency in 2009 or Eurozone crisis in years 2010-2012.Less
The chapter maps the impact of European integration on policy-making in the Czech Republic. In particular, it focuses on the institutional dimension of transformation of Czech policy-making which included power shift towards executive branch at the expense of Czech parliament as well as the struggle between the ministry of foreign affairs and the prime minister’s office for leadership in the Europeanised policy-making in the Czech Republic. Furthermore, the chapter covers major events that influenced the Europeanization of Czech policy-making, such as the 1998-2002 accession talks, the Convention for Future of Europe in years 200-2002, Czech Presidency in 2009 or Eurozone crisis in years 2010-2012.
Ben Clift
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198813088
- eISBN:
- 9780191851070
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198813088.003.0005
- Subject:
- Political Science, Political Economy
This chapter drills down into IMF/advanced economy government interactions and Fund efforts to influence the international economic policy debate during the Great Recession. It situates Fund thinking ...
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This chapter drills down into IMF/advanced economy government interactions and Fund efforts to influence the international economic policy debate during the Great Recession. It situates Fund thinking within the wider politics of austerity, charting how the Fund’s post-crash views on fiscal policy efficacy and economic stabilization were increasingly at odds with other key European players. The IMF mobilized its knowledge bank and scientific reputation to correct what key Fund figures saw as mistaken premises of austerity policies. Notably, the IMF counselled against precipitate exit from stimulus, debunked the notion that fiscal consolidation is in itself ‘growth friendly’, underlined that fiscal consolidation can be self-defeating, and, as the recession drew on, advised further counter-cyclical fiscal policy interventions to support the recovery. The Fund’s empirically backed policy advice advocated a ‘less now, more later’ approach to consolidation by countries with fiscal space.Less
This chapter drills down into IMF/advanced economy government interactions and Fund efforts to influence the international economic policy debate during the Great Recession. It situates Fund thinking within the wider politics of austerity, charting how the Fund’s post-crash views on fiscal policy efficacy and economic stabilization were increasingly at odds with other key European players. The IMF mobilized its knowledge bank and scientific reputation to correct what key Fund figures saw as mistaken premises of austerity policies. Notably, the IMF counselled against precipitate exit from stimulus, debunked the notion that fiscal consolidation is in itself ‘growth friendly’, underlined that fiscal consolidation can be self-defeating, and, as the recession drew on, advised further counter-cyclical fiscal policy interventions to support the recovery. The Fund’s empirically backed policy advice advocated a ‘less now, more later’ approach to consolidation by countries with fiscal space.
Tano Santos
- Published in print:
- 2017
- Published Online:
- September 2017
- ISBN:
- 9780226443546
- eISBN:
- 9780226443683
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226443683.003.0006
- Subject:
- Economics and Finance, Financial Economics
The Spanish banking crisis is one of the most salient chapters of the Eurozone crisis and follows an extraordinary period of risk accumulation in the Spanish banking system. This paper provides a ...
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The Spanish banking crisis is one of the most salient chapters of the Eurozone crisis and follows an extraordinary period of risk accumulation in the Spanish banking system. This paper provides a bird’s eye view of the evolution of the Spanish banking system during the first years of the euro, roughly between 1997 and 2007, which were the years of the real estate bubble. It documents the accumulation of real estate risk in the portfolios of both banks and cajas, the private, but politically controlled, savings and loans which are the epicenter of the Spanish banking crisis. Spanish banks and cajas changed their funding patterns, increased their reliance on wholesale funding and made heavy use of securitization vehicles to finance the real estate boom. I argue that governance design flaws in the cajas sector help explain both the run-up and the bust, that the imbalances building in the Spanish economy were well understood by many of the main actors in the drama and that overconfidence in the ex-ante measures put in place by the Bank of Spain to guarantee the solvency of the banking system led to a misplaced sense of complacency.Less
The Spanish banking crisis is one of the most salient chapters of the Eurozone crisis and follows an extraordinary period of risk accumulation in the Spanish banking system. This paper provides a bird’s eye view of the evolution of the Spanish banking system during the first years of the euro, roughly between 1997 and 2007, which were the years of the real estate bubble. It documents the accumulation of real estate risk in the portfolios of both banks and cajas, the private, but politically controlled, savings and loans which are the epicenter of the Spanish banking crisis. Spanish banks and cajas changed their funding patterns, increased their reliance on wholesale funding and made heavy use of securitization vehicles to finance the real estate boom. I argue that governance design flaws in the cajas sector help explain both the run-up and the bust, that the imbalances building in the Spanish economy were well understood by many of the main actors in the drama and that overconfidence in the ex-ante measures put in place by the Bank of Spain to guarantee the solvency of the banking system led to a misplaced sense of complacency.
Jeffry Frieden
- Published in print:
- 2016
- Published Online:
- August 2016
- ISBN:
- 9780198754688
- eISBN:
- 9780191816260
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198754688.003.0007
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter assesses attitudes towards economic and monetary integration, emphasizing the impact of the crisis on these attitudes. There remains a great deal of support for European integration and, ...
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This chapter assesses attitudes towards economic and monetary integration, emphasizing the impact of the crisis on these attitudes. There remains a great deal of support for European integration and, within the Eurozone, for EMU However, socio-economic variables have powerful effects on these preferences. Throughout the union those with more education, and in more skilled and professional economic activities, are more favourable to integration. There are also important differences across countries, especially in the extent to which individuals trust the European Union and their own national governments. However, the crisis has severely eroded popular faith in both national governments and the European Union. Again, there is variation among groups and across countries. Less educated and less skilled citizens, along with the unemployed, are particularly disenchanted; and those in the Eurozone debtor nations are uniformly disappointed with the functioning of both their national political institutions and the institutions of the European Union.Less
This chapter assesses attitudes towards economic and monetary integration, emphasizing the impact of the crisis on these attitudes. There remains a great deal of support for European integration and, within the Eurozone, for EMU However, socio-economic variables have powerful effects on these preferences. Throughout the union those with more education, and in more skilled and professional economic activities, are more favourable to integration. There are also important differences across countries, especially in the extent to which individuals trust the European Union and their own national governments. However, the crisis has severely eroded popular faith in both national governments and the European Union. Again, there is variation among groups and across countries. Less educated and less skilled citizens, along with the unemployed, are particularly disenchanted; and those in the Eurozone debtor nations are uniformly disappointed with the functioning of both their national political institutions and the institutions of the European Union.
Jacques Le Cacheux and George Ross
- Published in print:
- 2014
- Published Online:
- January 2015
- ISBN:
- 9780198717966
- eISBN:
- 9780191787423
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198717966.003.0004
- Subject:
- Political Science, Political Economy, Comparative Politics
France has been an “in between” case, neither prosperous nor declining, with a generous welfare state, strong employment protection, and modest income inequality. Elite values, the high political ...
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France has been an “in between” case, neither prosperous nor declining, with a generous welfare state, strong employment protection, and modest income inequality. Elite values, the high political risks of large changes, and a political system that makes governments vulnerable to small shifts in opinion are among the causes. There has been no shortage of reforms, including supply-side policies and quests for new revenues, but without either harsh neo-liberalism or corporatist adaptability. France’s economy has been comparatively successful, but success has become harder, mainly because EMU has narrowed macroeconomic room for maneuver. High unemployment and dualism have tested the social contract while recent economic crises have tested EMU limits. Low growth reduces revenues and expands unemployment, and new taxation is politically disruptive. Governing political parties and the political system itself may be losing credibility because of deindustrialization, stagnant productivity, and losses in market share. Is France an unexploded ticking bomb?Less
France has been an “in between” case, neither prosperous nor declining, with a generous welfare state, strong employment protection, and modest income inequality. Elite values, the high political risks of large changes, and a political system that makes governments vulnerable to small shifts in opinion are among the causes. There has been no shortage of reforms, including supply-side policies and quests for new revenues, but without either harsh neo-liberalism or corporatist adaptability. France’s economy has been comparatively successful, but success has become harder, mainly because EMU has narrowed macroeconomic room for maneuver. High unemployment and dualism have tested the social contract while recent economic crises have tested EMU limits. Low growth reduces revenues and expands unemployment, and new taxation is politically disruptive. Governing political parties and the political system itself may be losing credibility because of deindustrialization, stagnant productivity, and losses in market share. Is France an unexploded ticking bomb?
Kathleen R. McNamara
- Published in print:
- 2015
- Published Online:
- June 2015
- ISBN:
- 9780198716235
- eISBN:
- 9780191784897
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198716235.003.0008
- Subject:
- Political Science, European Union
The Conclusion overviews the book’s argument and considers its implications for the future of Europe. Although symbols and practices of everyday life have created a type of legitimacy for the EU, its ...
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The Conclusion overviews the book’s argument and considers its implications for the future of Europe. Although symbols and practices of everyday life have created a type of legitimacy for the EU, its authority is tolerated more than loved. The failure of the European Constitution in 2005 demonstrated the constraints of the EU’s banal authority and the fragility of its facade of complementarity to the nation state. The Eurozone crisis and broader feelings of social exclusion are rightly forcing a new politicization of the EU. The book concludes that more open, transparent, and effectively channeled contestation, underpinned by a cultural infrastructure that allows for the overt conflict of political values that marked earlier historical episodes of political development, is the only way to create durable legitimacy for the EU.Less
The Conclusion overviews the book’s argument and considers its implications for the future of Europe. Although symbols and practices of everyday life have created a type of legitimacy for the EU, its authority is tolerated more than loved. The failure of the European Constitution in 2005 demonstrated the constraints of the EU’s banal authority and the fragility of its facade of complementarity to the nation state. The Eurozone crisis and broader feelings of social exclusion are rightly forcing a new politicization of the EU. The book concludes that more open, transparent, and effectively channeled contestation, underpinned by a cultural infrastructure that allows for the overt conflict of political values that marked earlier historical episodes of political development, is the only way to create durable legitimacy for the EU.
Ben Clift
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780198813088
- eISBN:
- 9780191851070
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198813088.001.0001
- Subject:
- Political Science, Political Economy
The book provides a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, the Fund’s role within the politics of austerity, and how it worked to shape ...
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The book provides a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, the Fund’s role within the politics of austerity, and how it worked to shape advanced economy policy responses to the global financial crisis (GFC) and the Eurozone crisis. The book aligns with and advances cutting-edge ideational scholarship in international political economy (IPE) and comparative political economy (CPE) to build an innovative theorizing of how ideational change operates in international organizations (IOs). The construction of economic policy knowledge is understood here as a social process, wherein the IMF works to impress its interpretation of sound policy upon member countries through surveillance and other interactions. It updates and refines our understanding of how the IMF seeks to wield ideational power by analysing the Fund’s post-crash ability to influence what constitutes legitimate knowledge, and their ability to fix meanings attached to economic policies. This book is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics. After establishing the internal conditions of possibility for new fiscal policy thinking to emerge and prevail, detailed case studies of IMF interactions with the UK and French governments during the Great Recession drill down into how the Fund seeks to shape the policy possibilities of advanced economy policymakers and account for the scope and limits of Fund influence.Less
The book provides a path-breaking comprehensive analysis of how the IMF approach to fiscal policy has evolved since 2008, the Fund’s role within the politics of austerity, and how it worked to shape advanced economy policy responses to the global financial crisis (GFC) and the Eurozone crisis. The book aligns with and advances cutting-edge ideational scholarship in international political economy (IPE) and comparative political economy (CPE) to build an innovative theorizing of how ideational change operates in international organizations (IOs). The construction of economic policy knowledge is understood here as a social process, wherein the IMF works to impress its interpretation of sound policy upon member countries through surveillance and other interactions. It updates and refines our understanding of how the IMF seeks to wield ideational power by analysing the Fund’s post-crash ability to influence what constitutes legitimate knowledge, and their ability to fix meanings attached to economic policies. This book is interested in the politics of economic ideas, focused on the assumptive foundations of different approaches to economic policy, and how the interpretive framework through which authoritative voices evaluate economic policy is an important site of power in world politics. After establishing the internal conditions of possibility for new fiscal policy thinking to emerge and prevail, detailed case studies of IMF interactions with the UK and French governments during the Great Recession drill down into how the Fund seeks to shape the policy possibilities of advanced economy policymakers and account for the scope and limits of Fund influence.
Paul Copeland
- Published in print:
- 2014
- Published Online:
- May 2015
- ISBN:
- 9780719088254
- eISBN:
- 9781781707470
- Item type:
- chapter
- Publisher:
- Manchester University Press
- DOI:
- 10.7228/manchester/9780719088254.003.0007
- Subject:
- Political Science, Conflict Politics and Policy
In the conclusion it is argued that the 2004 and 2007 enlargements have had a profound impact on the clash of capitalisms surrounding the ESD. With few exceptions the CEE states joined the liberal ...
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In the conclusion it is argued that the 2004 and 2007 enlargements have had a profound impact on the clash of capitalisms surrounding the ESD. With few exceptions the CEE states joined the liberal coalition during the three case study negotiations. The outcome has been a strengthening of the liberal coalition, which has made policy outcomes of a more substantive nature for EU employment and social policy more difficult to achieve. The second section considers why the CEE states are supportive of the liberal coalition and the final part of the chapter explores the future of the ESD in the context of enlargement and the EU’s current political climate.Less
In the conclusion it is argued that the 2004 and 2007 enlargements have had a profound impact on the clash of capitalisms surrounding the ESD. With few exceptions the CEE states joined the liberal coalition during the three case study negotiations. The outcome has been a strengthening of the liberal coalition, which has made policy outcomes of a more substantive nature for EU employment and social policy more difficult to achieve. The second section considers why the CEE states are supportive of the liberal coalition and the final part of the chapter explores the future of the ESD in the context of enlargement and the EU’s current political climate.
Jason McFarlane, Hany Besada, Kathryn Anne Brunton, and Alireza Saniei-Pour
- Published in print:
- 2017
- Published Online:
- May 2018
- ISBN:
- 9781447335702
- eISBN:
- 9781447335740
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447335702.003.0018
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This book concludes with some recommendations aimed at ensuring the legacy and success of the Post-2015 Development Agenda. It argues that the Post-2015 Development Agenda needs to address a new and ...
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This book concludes with some recommendations aimed at ensuring the legacy and success of the Post-2015 Development Agenda. It argues that the Post-2015 Development Agenda needs to address a new and more complex set of challenges and emphasises the importance of good governance and institution-building. In conjunction with poverty reduction, the Post-2015 Development Agenda must tackle the growing problem of youth unemployment. It also must take into account the macroeconomic vulnerabilities of developing countries and the role of technology, such as mobile phones, in intermediating global development finance. Furthermore, the Post-2015 Development Agenda must reflect a concerted effort to draw lessons from the positive and negative experiences of the Millennium Development Goals (MDG) and apply them to a variety of challenges whose prioritisation differ from country to country. Finally, policymakers need to address predicaments such as the ongoing financial and Eurozone crisis and identify trends that indicate imminent emergencies.Less
This book concludes with some recommendations aimed at ensuring the legacy and success of the Post-2015 Development Agenda. It argues that the Post-2015 Development Agenda needs to address a new and more complex set of challenges and emphasises the importance of good governance and institution-building. In conjunction with poverty reduction, the Post-2015 Development Agenda must tackle the growing problem of youth unemployment. It also must take into account the macroeconomic vulnerabilities of developing countries and the role of technology, such as mobile phones, in intermediating global development finance. Furthermore, the Post-2015 Development Agenda must reflect a concerted effort to draw lessons from the positive and negative experiences of the Millennium Development Goals (MDG) and apply them to a variety of challenges whose prioritisation differ from country to country. Finally, policymakers need to address predicaments such as the ongoing financial and Eurozone crisis and identify trends that indicate imminent emergencies.
Catherine E. De Vries
- Published in print:
- 2018
- Published Online:
- January 2018
- ISBN:
- 9780198793380
- eISBN:
- 9780191835216
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198793380.003.0002
- Subject:
- Political Science, European Union
The recent rise in Euroscepticism gives rise to important empirical puzzles that present difficulties for existing theories of public opinion towards European integration that highlight economic ...
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The recent rise in Euroscepticism gives rise to important empirical puzzles that present difficulties for existing theories of public opinion towards European integration that highlight economic interests or communal identities. For example, why is support for Eurosceptic parties the most pronounced in countries that have weathered the Eurozone crisis fairly well, and much lower in countries that have been hardest hit? This chapter provides an overview of the empirical puzzles associated with the recent trends in Euroscepticism, outlines how existing theoretical explanations struggle to deal with them, and explains how a benchmark theory of European public opinion can help. The chapter argues that public opinion towards European integration resembles a kaleidoscope mirroring people’s experiences with and evaluations of the starkly different national, political, and economic conditions within the member states.Less
The recent rise in Euroscepticism gives rise to important empirical puzzles that present difficulties for existing theories of public opinion towards European integration that highlight economic interests or communal identities. For example, why is support for Eurosceptic parties the most pronounced in countries that have weathered the Eurozone crisis fairly well, and much lower in countries that have been hardest hit? This chapter provides an overview of the empirical puzzles associated with the recent trends in Euroscepticism, outlines how existing theoretical explanations struggle to deal with them, and explains how a benchmark theory of European public opinion can help. The chapter argues that public opinion towards European integration resembles a kaleidoscope mirroring people’s experiences with and evaluations of the starkly different national, political, and economic conditions within the member states.
Michael Ioannidis
- Published in print:
- 2017
- Published Online:
- April 2017
- ISBN:
- 9780198746560
- eISBN:
- 9780191808487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198746560.003.0028
- Subject:
- Law, EU Law, Constitutional and Administrative Law
This chapter focuses on cases where the presumption that all Member States are effective in enforcing their law does not hold: when Member States show structural, persistent, and cross-sector ...
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This chapter focuses on cases where the presumption that all Member States are effective in enforcing their law does not hold: when Member States show structural, persistent, and cross-sector ineffectiveness in enforcing their law. Borrowing from literature on international law as well as insights from the rich research on EU compliance, this chapter develops three main points. The first is that, on some occasions, the EU might face a similar challenge with that of international law when dealing with weak states. To describe such cases of structural ineffectiveness, this chapter develops the concept of ‘weak member’. The second point is that these problems can be captured through the lens of EU constitutional law, and more specifically as Rule of Law problems. The last point is to present some of the measures taken during the Eurozone crisis to respond to this type of problem with regard to Greece.Less
This chapter focuses on cases where the presumption that all Member States are effective in enforcing their law does not hold: when Member States show structural, persistent, and cross-sector ineffectiveness in enforcing their law. Borrowing from literature on international law as well as insights from the rich research on EU compliance, this chapter develops three main points. The first is that, on some occasions, the EU might face a similar challenge with that of international law when dealing with weak states. To describe such cases of structural ineffectiveness, this chapter develops the concept of ‘weak member’. The second point is that these problems can be captured through the lens of EU constitutional law, and more specifically as Rule of Law problems. The last point is to present some of the measures taken during the Eurozone crisis to respond to this type of problem with regard to Greece.
Sara B. Hobolt and James Tilley
- Published in print:
- 2014
- Published Online:
- April 2014
- ISBN:
- 9780199665686
- eISBN:
- 9780191756115
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199665686.003.0001
- Subject:
- Political Science, European Union
Chapter 1 introduces the main themes of the book, responsibility and accountability within the European Union, using the example of blame attribution during the Eurozone crisis.
Chapter 1 introduces the main themes of the book, responsibility and accountability within the European Union, using the example of blame attribution during the Eurozone crisis.
William A. Galston
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9780300228922
- eISBN:
- 9780300235319
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300228922.003.0005
- Subject:
- History, American History: 20th Century
This chapter explores the growing divide between the political orientation of European elites and common populist refrains. The European Union had begun as a way to build closer economic ties in the ...
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This chapter explores the growing divide between the political orientation of European elites and common populist refrains. The European Union had begun as a way to build closer economic ties in the hopes that it would make war between European powers less likely. For many fans of the European project, the creation of a single currency marked one of the greatest steps toward “ever-closer union.” However, the Eurozone financial crisis, which began in 2009, was the ultimate test of public faith. As member states struggled with sovereign debt, negotiated bailout packages, and implemented austerity measures, voters throughout Europe blamed the regulatory framework designed by bureaucratic elites for weakened social protections and slow economic recovery. In the wake of the crisis, formerly marginal populist parties began to enjoy unprecedented electoral success, and new parties entered the scene with fervent support.Less
This chapter explores the growing divide between the political orientation of European elites and common populist refrains. The European Union had begun as a way to build closer economic ties in the hopes that it would make war between European powers less likely. For many fans of the European project, the creation of a single currency marked one of the greatest steps toward “ever-closer union.” However, the Eurozone financial crisis, which began in 2009, was the ultimate test of public faith. As member states struggled with sovereign debt, negotiated bailout packages, and implemented austerity measures, voters throughout Europe blamed the regulatory framework designed by bureaucratic elites for weakened social protections and slow economic recovery. In the wake of the crisis, formerly marginal populist parties began to enjoy unprecedented electoral success, and new parties entered the scene with fervent support.
Richard Rose
- Published in print:
- 2013
- Published Online:
- February 2015
- ISBN:
- 9780199654765
- eISBN:
- 9780191803642
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:osobl/9780199654765.003.0008
- Subject:
- Political Science, European Union
In peace as in war, states no longer enjoy stand-alone sovereignty. The interdependence of policies across national boundaries results in national governments lacking the full capacity to make ...
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In peace as in war, states no longer enjoy stand-alone sovereignty. The interdependence of policies across national boundaries results in national governments lacking the full capacity to make effective policies; outcomes are the result of decisions of other countries as well as their own.Less
In peace as in war, states no longer enjoy stand-alone sovereignty. The interdependence of policies across national boundaries results in national governments lacking the full capacity to make effective policies; outcomes are the result of decisions of other countries as well as their own.
