The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis: What Have We Learned?, 1st Edition (e-Book) book cover

The Political Economy of Adjustment Throughout and Beyond the Eurozone Crisis

What Have We Learned?, 1st Edition

Edited by Michele Chang, Federico Steinberg, Francisco Torres


246 pages | 21 B/W Illus.

Purchasing Options:$ = USD
Hardback: 9781138386150
pub: 2019-08-22
eBook (VitalSource) : 9780429426940
pub: 2019-08-08
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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 to Comparative Politics, Political Economy, International Relations, Economics, Finance, Business and Industry.

Table of Contents


Paul De Grauwe

1. After the Bailout: 10 Years of the Euro Area Crisis

Michele Chang, Federico Steinberg and Francisco Torres

Part I: The European Dimension of the Crisis

2. The Euro Crisis: Its Unresolved Roots and Their Reform Implications

G. Russell Kincaid

3. When Numbers Don’t Add Up: Bureaucratic Culture and Conflicts in EU-IMF Programs

Susanne Lütz, Sven Hilgers and Sebastian Schneider

Part II: Country Studies

4. Greece after the Bailouts: Assessment of a Qualified Failure

George Pagoulatos

5. Ireland: Back to a Different Normal

Kevin Cardiff

6. Portugal’s Adjustment Program: The Run-up to the Sovereign Debt Crisis, Program Design, Implementation and Legacy

Francisco Torres and Miguel Lebre de Freitas

7. Using a Sectoral Bailout to Make Wide Reforms: The Case of Spain

Sebastián Royo and Federico Steinberg

8. Italy: Missed Adjustments and Political Nemesis

Silvia Merler

Part III: National Growth Models and the Political Economy of Adjustment

9. Unity and Diversity? Varieties of Capitalism and After the Euro Crisis

Benedicta Marzinotto

10. Conclusion: The Political Economy of Adjustment

Michele Chang, Federico Steinberg and Francisco Torres

About the Editors

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 Madrid’s Universidad Autónoma.

Francisco Torres is Visiting Professor of European Political Economy at Católica Lisbon School of Business and Economics and has been a Visiting Senior Fellow at the LSE since 2014 and PEFM Associate at St Antony’s College, Oxford University, since 2012.

About the Series

Routledge/UACES Contemporary European Studies

The Contemporary European Studies Series is an outlet for the publication of first-rate research in European Union Studies. The series primarily publishes research monographs but will also consider proposals for research-driven and thematic edited volumes. Although predominantly a Politics/IR and Law series, the series editors are keen to encourage approaches that are interdisciplinary. CES seeks to publish excellent material from both established and new scholars.

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