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.

• Preface 1. After the Bailout: 10 Years of the Euro Area Crisis Part I: The European Dimension of the Crisis 2. The Euro Crisis: Its Unresolved Roots and Their Reform Implications 3. When Numbers Don’t Add Up: Bureaucratic Culture and Conflicts in EU-IMF Programs Part II: Country Studies 4. Greece after the Bailouts: Assessment of a Qualified Failure 5. Ireland: Back to a Different Normal 6. Portugal’s Adjustment Program: The Run-up to the Sovereign Debt Crisis, Program Design, Implementation and Legacy 7. Using a Sectoral Bailout to Make Wide Reforms: The Case of Spain 8. Italy: Missed Adjustments and Political Nemesis Part III: National Growth Models and the Political Economy of Adjustment 9. Unity and Diversity? Varieties of Capitalism and After the Euro Crisis 10. Conclusion: The Political Economy of Adjustment

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.

• Preface 1. After the Bailout: 10 Years of the Euro Area Crisis Part I: The European Dimension of the Crisis 2. The Euro Crisis: Its Unresolved Roots and Their Reform Implications 3. When Numbers Don’t Add Up: Bureaucratic Culture and Conflicts in EU-IMF Programs Part II: Country Studies 4. Greece after the Bailouts: Assessment of a Qualified Failure 5. Ireland: Back to a Different Normal 6. Portugal’s Adjustment Program: The Run-up to the Sovereign Debt Crisis, Program Design, Implementation and Legacy 7. Using a Sectoral Bailout to Make Wide Reforms: The Case of Spain 8. Italy: Missed Adjustments and Political Nemesis Part III: National Growth Models and the Political Economy of Adjustment 9. Unity and Diversity? Varieties of Capitalism and After the Euro Crisis 10. Conclusion: The Political Economy of Adjustment

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.

• Preface 1. After the Bailout: 10 Years of the Euro Area Crisis Part I: The European Dimension of the Crisis 2. The Euro Crisis: Its Unresolved Roots and Their Reform Implications 3. When Numbers Don’t Add Up: Bureaucratic Culture and Conflicts in EU-IMF Programs Part II: Country Studies 4. Greece after the Bailouts: Assessment of a Qualified Failure 5. Ireland: Back to a Different Normal 6. Portugal’s Adjustment Program: The Run-up to the Sovereign Debt Crisis, Program Design, Implementation and Legacy 7. Using a Sectoral Bailout to Make Wide Reforms: The Case of Spain 8. Italy: Missed Adjustments and Political Nemesis Part III: National Growth Models and the Political Economy of Adjustment 9. Unity and Diversity? Varieties of Capitalism and After the Euro Crisis 10. Conclusion: The Political Economy of Adjustment