European Joint Doctorate
Globalisation, Europe & Multilateralism - Sophistication of the Transnational Order, Networks, and European Strategies
Preparedness, Crisis Management and Policy Change: The Euro Area at the Critical Juncture of 2008–2013
-
This article contributes to the literature on ideational and institutional change at critical junctures more generally, and in the context of economic crises in particular.
-
In the context of explosive economic crises critical junctures should be conceptualised as consisting of two distinct phases—a phase of emergency crisis management and a subsequent phase of purposeful institution building.
-
The analytical significance of the crisis management phase lies in its tendency to create path dependencies for subsequent ideational entrepreneurs and institution building efforts.
-
Crisis management is always ‘bricolage’. However, in order to understand why certain tools are ‘at hand’ during a crisis, one needs to take into account the variable of crisis preparedness. Contingency planning for non-normal times is a constitutive aspect of any economic policy paradigm.
-
The empirical analysis shows that the euro area's lack of preparedness caused the ECB to assume a dominant position during the emergency phase of the crisis. This windfall gain in power for the ECB has already begun to shape the future institutional architecture of the EMU
link: here
This project receives funding from the European Union's Horizon 2020 research and innovation programme under the Marie Sklodowska-Curie Grant Agreement No 722826.