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The management of the Eurozone in crisis times: Actors, institutions and the case of bailout packages

Goyer, M, Glatzer, M and Valdivielso del Real, R (2021) The management of the Eurozone in crisis times: Actors, institutions and the case of bailout packages. European Journal of Industrial Relations. ISSN 0959-6801

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The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by private bondholders. Financial assistance through the newly created Eurozone governance system was conditional on the implementation of austerity measures and the introduction of structural reforms in industrial relations (decentralization of collective bargaining and liberalization of employment protection). Our analysis focuses on the formation process and the structural features of Eurozone supranational institutions. Building from the insights of actor-centred institutionalism, we illustrate the importance of coalitions among some, but not all, important actors based on the overlapping of their non-monolithic preferences in the process of institutional innovation. The structural features of Eurozone institutions curtailed member states’ ability to effectively resist the imposition of internal devaluation policies. A contested outcome, these institutional features were secured by a specific coalition of important actors – most notably, the German government and the European Central Bank – based on their overlapping interests around internal devaluation policies.

Item Type: Article
Uncontrolled Keywords: 1402 Applied Economics, 1503 Business and Management, 1801 Law
Subjects: H Social Sciences > HF Commerce > HF5001 Business
H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce
Divisions: Business & Management (from Sep 19)
Publisher: SAGE Publications
Date Deposited: 11 May 2021 09:03
Last Modified: 04 Sep 2021 05:29
DOI or ID number: 10.1177/09596801211011355
URI: https://researchonline.ljmu.ac.uk/id/eprint/14973
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