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Regionalizing Global CrisesRisk or Opportunity? Institutional Change and Europe’s Financial Crisis, 2008–12

Regionalizing Global Crises: Risk or Opportunity? Institutional Change and Europe’s Financial... [Crises have long been used as a motor for European integration (Jo, 2007). ‘Europe will be forged in crises, and will be the sum of solutions adopted for these crises’, pronounced Jean Monnet to highlight the importance of crises in shaping policy change. Most narratives have focused on how periods of turbulence are used as opportunities to overcome old enmities and political opposition to change policies and institutions (Kühnhardt, 2009). However, crises can also be occasions for decline. Leaders may not draw the ‘right’ lessons and may ultimately create institutions that fail to adequately address the causes and effects of the crisis. What factors explain the institutional reforms observed during Europe’s financial crisis? Institutions are defined as formal and informal rules of behaviour that govern EU macroeconomic and monetary stability.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Regionalizing Global CrisesRisk or Opportunity? Institutional Change and Europe’s Financial Crisis, 2008–12

Part of the International Political Economy Series Book Series
Editors: Haastrup, Toni; Eun, Yong-Soo
Zahariadis, Nikolaos; Exadaktylos, Theofanis
Regionalizing Global Crises — Dec 3, 2015
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Publisher
Palgrave Macmillan UK
Copyright
© Palgrave Macmillan, a division of Macmillan Publishers Limited 2014
ISBN
978-1-349-46738-9
Pages
41 –59
DOI
10.1057/9781137347572_4
Publisher site
See Chapter on Publisher Site

Abstract

[Crises have long been used as a motor for European integration (Jo, 2007). ‘Europe will be forged in crises, and will be the sum of solutions adopted for these crises’, pronounced Jean Monnet to highlight the importance of crises in shaping policy change. Most narratives have focused on how periods of turbulence are used as opportunities to overcome old enmities and political opposition to change policies and institutions (Kühnhardt, 2009). However, crises can also be occasions for decline. Leaders may not draw the ‘right’ lessons and may ultimately create institutions that fail to adequately address the causes and effects of the crisis. What factors explain the institutional reforms observed during Europe’s financial crisis? Institutions are defined as formal and informal rules of behaviour that govern EU macroeconomic and monetary stability.]

Published: Dec 3, 2015

Keywords: Bargaining Power; Institutional Change; European Central Bank; Veto Player; Austerity Measure

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