Capitalising on external constraint : six things you should know about eurozone bailouts

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dc.contributor.authorMOURY, Catherine
dc.contributor.authorLADI, Stella
dc.contributor.authorCARDOSO, Daniel
dc.contributor.authorGAGO, Angie
dc.date.accessioned2020-12-16T14:38:48Z
dc.date.available2020-12-16T14:38:48Z
dc.date.issued2020
dc.description.abstractIn the last decade, five Eurozone governments in economic difficulty received assistance from international lenders on condition that certain policies specified in the Memoranda of Understanding were implemented. What room of manoeuvre did the governments of these countries have? After conditionality, to what extent were governments willing and able to roll back changes imposed on them by the international lenders? Do we find variation across governments, and if so, why? This paper addresses those questions, summarizing the main findings of our book (Moury et al. 2021) on constraints on national executives in the five bailed out countries of the Eurozone during and beyond the crisis (2008-2019). We show that, despite international market pressure and creditors’ conditionality, governments had some room for manoeuvre during a bail out and were able to advocate, resist, shape or roll back some of the policies demanded by external actors. Under certain circumstances, domestic actors were also able to exploit the constraint of conditionality to their own advantage. The paper additionally shows that after a bail-out programme governments could use their discretion to revert the measures which bring the greatest benefits at a lower cost.en
dc.description.sponsorshipThis project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement number 822304.en
dc.format.mimetypeapplication/pdfen
dc.identifier.issn1028-3625
dc.identifier.urihttps://hdl.handle.net/1814/69297
dc.language.isoenen
dc.orcid.uploadtrue*
dc.publisherEuropean University Instituteen
dc.relationIntegrating Diversity in the European Union
dc.relation.ispartofseriesEUI RSCASen
dc.relation.ispartofseries2020/95en
dc.relation.ispartofseriesThe European Governance and Politics Programme (EGPP)en
dc.rightsinfo:eu-repo/semantics/openAccessen
dc.subjectBail outen
dc.subjectTroikaen
dc.subjectSouthern Europeen
dc.subjectIrelanden
dc.subjectConditionalityen
dc.subjectEurozone crisisen
dc.subject.otherCoFoEen
dc.subject.otherEconomyen
dc.titleCapitalising on external constraint : six things you should know about eurozone bailoutsen
dc.typeWorking Paperen
dspace.entity.typePublication
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relation.isProjectOfPublication80b2c4ed-d6d6-4524-932d-7a79f96722fb
relation.isProjectOfPublication.latestForDiscovery80b2c4ed-d6d6-4524-932d-7a79f96722fb
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