Tangled governance : international regime complexity, the Troika, and the Euro Crisis /
Henning, C. Randall,
Tangled governance : international regime complexity, the Troika, and the Euro Crisis / C. Randall Henning. - First Edition. - xviii, 297 pages : illustrations ; 24 cm
Includes bibliographical references (pages 269-283) and index.
Introduction -- Regime complexity and main argument -- Dramatis institutiones -- Euro crisis in a nutshell -- Greece 2010 -- The Troika, Ireland, and Portugal -- Spain and Italy -- United States and International Monetary Fund -- New facilities and institutions -- Greece 2012 and Cyprus 2013 -- Greece, the crisis continues -- Lessons and conclusions.
'Tangled Governance' addresses the institutions that were deployed to fight the Euro Crisis, re-establish financial stability, and prevent contagion beyond Europe. The author addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). He explains the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together. The book locates the analysis within the framework of regime complexity and clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures spawned by that literature against the seven cases of financial rescues of Euro-area countries that were stricken by crisis during 2010-2015. 'Tangled Governance' concludes that regime complexity is the consequence of a strategy by key states to control 'agency drift'. States mediate conflicts among institutions, through informal as well as formal mechanisms, and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In so doing, the book answers several key puzzles, including why (a) Germany and other northern European countries supported IMF inclusion despite substantive positions opposed to their economic preferences, (b) crisis-fighting arrangements endured intense conflicts among the institutions, and (c) the United States and the IMF promoted further steps to 'complete' the monetary union.
9780198801801 0198801807
2016955312
European Commission--History--21st century.
European Central Bank--History--21st century.
International Monetary Fund--History--21st century.
European Central Bank.
European Commission.
International Monetary Fund.
Global Financial Crisis (2008-2009)
2000-2099
Financial crises--History--European Union countries--21st century.
Global Financial Crisis, 2008-2009--Government policy--European Union countries.
Financial crises.
Government policy.
Europe--European Union countries.
History.
HB3782.8 / .H46 2017
330.94
Tangled governance : international regime complexity, the Troika, and the Euro Crisis / C. Randall Henning. - First Edition. - xviii, 297 pages : illustrations ; 24 cm
Includes bibliographical references (pages 269-283) and index.
Introduction -- Regime complexity and main argument -- Dramatis institutiones -- Euro crisis in a nutshell -- Greece 2010 -- The Troika, Ireland, and Portugal -- Spain and Italy -- United States and International Monetary Fund -- New facilities and institutions -- Greece 2012 and Cyprus 2013 -- Greece, the crisis continues -- Lessons and conclusions.
'Tangled Governance' addresses the institutions that were deployed to fight the Euro Crisis, re-establish financial stability, and prevent contagion beyond Europe. The author addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of the institutions that make up the 'Troika' (the European Commission, ECB, and IMF). He explains the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and the United States, with respect to the institutions and the advantages they sought in directing them to work together. The book locates the analysis within the framework of regime complexity and clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures spawned by that literature against the seven cases of financial rescues of Euro-area countries that were stricken by crisis during 2010-2015. 'Tangled Governance' concludes that regime complexity is the consequence of a strategy by key states to control 'agency drift'. States mediate conflicts among institutions, through informal as well as formal mechanisms, and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In so doing, the book answers several key puzzles, including why (a) Germany and other northern European countries supported IMF inclusion despite substantive positions opposed to their economic preferences, (b) crisis-fighting arrangements endured intense conflicts among the institutions, and (c) the United States and the IMF promoted further steps to 'complete' the monetary union.
9780198801801 0198801807
2016955312
European Commission--History--21st century.
European Central Bank--History--21st century.
International Monetary Fund--History--21st century.
European Central Bank.
European Commission.
International Monetary Fund.
Global Financial Crisis (2008-2009)
2000-2099
Financial crises--History--European Union countries--21st century.
Global Financial Crisis, 2008-2009--Government policy--European Union countries.
Financial crises.
Government policy.
Europe--European Union countries.
History.
HB3782.8 / .H46 2017
330.94