Tangled Governance
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Tangled Governance

International Regime Complexity, the Troika, and the Euro Crisis
 Buch
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ISBN-13:
9780198801801
Einband:
Buch
Erscheinungsdatum:
01.06.2017
Seiten:
297
Autor:
C. Randall Henning
Gewicht:
641 g
Format:
241x161x32 mm
Sprache:
Englisch
Beschreibung:

Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability and prevent contagion beyond Europe.
Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability and prevent contagion beyond Europe.
1 Introduction; 2 Regime Complexity and Main Argument; 3 Dramatis Institutiones; 4 Euro Crisis in a Nutshell; 5 Greece 2010; 6 Troika, Ireland, and Portugal; 7 Spain and Italy; 8 United States and the IMF; 9 New Facilities and Institutions; 10 Greece 2012 and Cyprus 2013; 11 Greece, the Crisis Continues; 12 Lessons and Conclusions
Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examinesthe institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study.
The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift.
States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite
its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.