 Building the euro area's debt crisis management capacity with the IMFDaniela Schwarzer Review of International Political Economy, 2015, vol. 22, issue 3, 599-625 Abstract: Since the financial crisis hit the EU in 2007/8, the governance structures of the euro area have undergone significant changes, most of them incremental. There is, however, one substantial innovation: the euro area's building of its capacity to deal with liquidity crises in member states. This article seeks to explain why the governments, which initially seemed to converge on a euro-area-only approach, decided to shape their crisis management structures around an external actor, the International Monetary Fund. It argues that the concept of learning under severe time constraints and external pressure helps to understand the sudden decisions taken on crisis management and governance reform which embed the IMF in the euro area. The analysis identifies learning in three areas crucial for the design of the crisis management set-up: in the field of practical lending and programme implementation, in the understanding of the nature of the crisis and in the evolving acknowledgement of the incompleteness of the euro area's governance set-up. Date: 2015 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:rripxx:v:22:y:2015:i:3:p:599-625 Ordering information: This journal article can be ordered from DOI: 10.1080/09692290.2014.965263 Access Statistics for this article Review of International Political Economy is currently edited by Gregory Chin, Juliet Johnson, Daniel Mügge, Kevin Gallagher, Ilene Grabel and Cornelia Woll More articles in Review of International Political Economy from Taylor & Francis Journals |
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