Title The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis : What Have We Learned?

Published Milton : Routledge, 2019

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Description 1 online resource (271 pages) Series Routledge/UACES Contemporary European Studies Routledge/UACES contemporary European studies series. Contents Cover; Half Title; Series Page; Title Page; Copyright Page; Table of Contents; List of figures; List of tables; List of boxes; Notes on contributors; Preface by Paul De Grauwe; Note; References; Acknowledgments; List of abbreviations; 1 After the bailout: 10 years of the euro area crisis; Introduction; Analytical framework; Summary of chapters; References; Part I The European dimension of the crisis; 2 The euro crisis: its unresolved roots and their reform implications; Introduction; Cracks in the euro foundation; Efforts to cement the cracks; Bailout mechanism; Roles of the ECB Debt restructuring by sovereigns and banksFinancial stability; Fiscal policy and governance reforms; Further steps to shore up the euro foundation; Crisis resolution; Crisis prevention/surveillance; Conclusions; Acknowledgments; Note; References; 3 When numbers don't add up: bureaucratic culture and conflicts in EU-IMF programs; Introduction; Bureaucratic cultures; Troika approaches to credit lending; The European Commission as Europeanist; The ECB as Monetary Guardian; The IMF as Accountant; Country studies; Greece; Ireland; Portugal; Cyprus; Conclusion; Acknowledgments; References Part II Country studies4 Greece after the bailouts: assessment of a qualified failure; Introduction; The tyranny of antecedent circumstances: from boom to crash; From crash to bailout: the first and second financial assistance programs; The 3rd financial assistance program and the political economy of bailouts; A forced adjustment under the bailouts: the vicious cycle of contraction; The mostly negative legacies of massive austerity and positiver eforms; Toward a new growth model?; Notes; References; 5 Ireland: back to a different normal; Introduction; The pre-crisis position Growing vulnerabilitiesThe onset of the crisis; Multiple crises; The program period; Implementation; Political developments; Emerging from the crisis and the post-crisisperiod; A sudden start; Conclusions; References; 6 Portugal's adjustment program: the run-upto the sovereign debt crisis, program design, implementation and legacy; Introduction; The pre-bailoutperiod: the boom, the slump and the crisis (1999-2011); The boom followed by the slump (1999-2007); Crises and policy responses (2008-2011); The bailout period (2011-2014); The design of the conditionality program Program implementationReturn to the markets, exiting the program and post-program surveillance; Main achievements, failures and (social) costs; Losing ownership over the implementation phase; Political and social contestation and reform fatigue; The post-programperiod (2014-2018): banking on the ECB; An anti-austeritydiscourse with reform reversals but fiscal compliance; Legacy: short-termadjustment versus sustained structural change and the (lack of a) growth model; Conclusion; Acknowledgments; Notes; References; 7 Using a sectoral bailout to make wide reforms: the case of Spain Notes Introduction Restricted: Printing from this resource is governed by The Legal Deposit Libraries (Non-Print Works) Regulations (UK) and UK copyright law currently in force. WlAbNL Print version record Subject Global Financial Crisis, 2008-2009 -- Political aspects -- European Union countries Financial crises -- European Union countries Economic stabilization -- European Union countries Eurozone. Economic history Economic policy Economic stabilization Eurozone Financial crises SUBJECT European Union countries -- Economic policy -- 21st century European Union countries -- Economic conditions -- 21st century European Economic Community countries -- Economic conditions -- 21st century Subject European Union countries Form Electronic book Author Steinberg, Federico Torres, Francisco ISBN 9780429762505 042976250X 9780429762499 0429762496

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