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Tangled Governance - International Regime Complexity, the Troika, and the Euro Crisis (Hardcover)
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Tangled Governance - International Regime Complexity, the Troika, and the Euro Crisis (Hardcover)
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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 examines
the 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.
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