The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis
This volume focuses on the aftermath of the euro crisis and whether the reforms have brought about lasting changes to the economic and political structures of the crisis countries, or if the changes were short-term and easily abandoned post-bailout and post-recovery.
Starting with an analysis of the state of euro area governance at the onset of the crisis and the ensuing reforms, the book considers structural conditions as well as those specific to the domestic political economy of most of the countries affected by the crisis, including Greece, Ireland, Portugal, Spain and Italy. It presents up-to-date and incisive analysis of the aftermath of the crisis and suggests how we can situate it within our understanding of different national growth models in Europe.
This book will be of key interest to scholars, students and practitioners interested in the euro crisis, Economic and Monetary Union, European Union and European Politics, and more broadly in Comparative Politics, Political Economy, International Relations, Economics, Finance, Business and Industry.
Michele Chang is Professor of European Political and Governance Studies at the College of Europe.
Federico Steinberg is Senior Analyst at the Elcano Royal Institute and Lecturer of Political Economy at Madrids Universidad Autnoma.
Francisco Torres is Visiting Professor of European Political Economy at Catlica Lisbon School of Business and Economics and has been a Visiting Senior Fellow at the LSE since 2014 and PEFM Associate at St Antonys College, Oxford University, since 2012.
Routledge/UACES Contemporary European Studies
The primary objective of the new Contemporary European Studies series is to provide a research outlet for scholars of European Studies from all disciplines. The series publishes important scholarly works and aims to forge for itself an international reputation.
Series editors: Chad Damro, University of Edinburgh, UK, Elaine Fahey, City University London, UK, and David Howarth, University of Luxembourg, Luxembourg, on behalf of the University Association for Contemporary European Studies.
Editorial Board: Grainne De Brca, European University Institute and Columbia University; Andreas Fllesdal, Norwegian Centre for Human Rights, University of Oslo; Peter Holmes, University of Sussex; Liesbet Hooghe, University of North Carolina at Chapel Hill, and Vrije Universiteit Amsterdam; David Phinnemore, Queens University Belfast; Ben Rosamond, University of Warwick; Vivien Ann Schmidt, University of Boston; Jo Shaw, University of Edinburgh; Mike Smith, University of Loughborough and Loukas Tsoukalis, ELIAMEP, University of Athens and European University Institute.
Competitiveness and Solidarity in the European Union
Interdisciplinary Perspectives
Edited by Paolo Chiocchetti and Frdric Allemand
Changing Borders in Europe
Exploring the Dynamics of Integration, Differentiation and Self-Determination in the European Union
Edited by Jacint Jordana, Michael Keating, Axel Marx and Jan Wouters
Citizenship, Nation-building and Identity in the EU
The Contribution of Erasmus Student Mobility
Cherry James
The Informal Construction of Europe
Edited by Lennaert van Heumen and Mechthild Roos
Refugees, Security and the European Union
Sarah Lonard and Christian Kaunert
The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis
What Have We Learned?
Edited by Michele Chang, Federico Steinberg and Francisco Torres
Differentiated Integration and Disintegration in a Post-Brexit Era
Edited by Stefan Gnzle, Benjamin Leruth and Jarle Trondal
The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis
What Have We Learned?
Edited by
Michele Chang,
Federico Steinberg and
Francisco Torres
First published 2020
by Routledge
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2020 selection and editorial matter, Michele Chang, Federico Steinberg and Francisco Torres; individual chapters, the contributors
The right of Michele Chang, Federico Steinberg and Francisco Torres to be identified as the authors of the editorial material, and of the authors for their individual chapters, has been asserted in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988.
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ISBN: 978-1-138-38615-0 (hbk)
ISBN: 978-0-429-42694-0 (ebk)
Typeset in Times New Roman
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Contents
MICHELE CHANG, FEDERICO STEINBERG AND FRANCISCO TORRES
G. RUSSELL KINCAID
SUSANNE LTZ, SVEN HILGERS AND SEBASTIAN SCHNEIDER
GEORGE PAGOULATOS
KEVIN CARDIFF
FRANCISCO TORRES AND MIGUEL LEBRE DE FREITAS
SEBASTIN ROYO AND FEDERICO STEINBERG
SILVIA MERLER
BENEDICTA MARZINOTTO
MICHELE CHANG, FEDERICO STEINBERG AND FRANCISCO TORRES
Editors
Michele Chang has been Professor of European Political and Governance Studies at the College of Europe since 2006 after spending a year as a Fulbright Scholar at the Centre for European Policy Studies. She has taught courses on European integration and political economy across Europe and the US, including Colgate University, Boston University, University of Agder, the Moscow School of International Relations (MGIMO) and American University in Brussels. She has served as Vice Chair of the European Union Studies Association and currently sits on the Board of the Trans European Policy Studies Association. Her research interests include euro area governance, EU fiscal policy and the European Central Bank. She holds a Ph.D. from the University of California at San Diego. Recent publications include: Chang, M. (2017). Brexit and EU Economic & Monetary Union: From EMU Outsider to Instigator. Law and Politics of Brexit. F. Fabbrini. Oxford, Oxford University Press. Chang, M. (2016). Economic and Monetary Union. London, Palgrave Macmillan.
Federico Steinberg is a Senior Analyst at the Elcano Royal Institute and Lecturer of Political Economy at Madrids Universidad Autnoma. He holds a Ph.D. in Economics from the Universidad Autnoma, an MSc in Politics of the World Economy from the London School of Economics and a Master in International Affairs from Columbia University. Between 2002 and 2004 he was involved in a variety of development projects for the World Bank as a consultant in Washington DC, Ghana and Bolivia, as well as at the Executive Office of the Secretary General at the United Nations headquarters in New York. He also teaches regularly on a number of Masters degrees, including IE Business School and ICADE. He is a frequent contributor to the Spanish and international media, and has been invited to deliver speeches in more than ten countries. Recent publications include: Otero-Iglesias, M. and F. Steinberg (2017). Following the Franco-German Harbinger? The Footprint of the Euro in Regional Monetary Integration.
