Remaking European Political Economies

Dennis Zagermann is a political scientist whose research concerns diverse issues of the European political economy.

• 1. Introduction1.1 Euro area crisis and EMU governance1.2 Varieties of capitalism: Trajectories of European socio-economic models1.3 European Stability Mechanism1.4 Outlook and structure of the book2. EMU and the dynamics of institutional change2.1 Varieties of capitalism2.1.1 Coordinated market economies2.1.2 Liberal market economies2.1.3 Mixed-market economies2.2 Adjustment pressures in times of crisis2.2.1 Institutional constraints on economic adjustment in EMU2.2.2 Economic adjustment pressures of EMU’s varieties of capitalism2.3 The ESM’s potential role in institutional change2.3.1 Rational choice institutionalism2.3.2 Historical institutionalism2.3.3 Discursive institutionalism2.4 Hypotheses3. Research design3.1 Operationalisation3.2 Methodology, data, and case selection3.2.1 Methodology3.2.2 Data3.2.2.1 Socio-economic data3.2.2.2 Qualitative document analysis3.2.2.3 Semi-structured interviews3.2.3 Case selection and time span4. The European Stability Mechanism4.1 European integration, the monetary union, and financial assistance4.2 Institutional development of the ESM4.2.1 Greek Loan Facility4.2.2 European Financial Stability Facility4.2.3 European Financial Stability Mechanism4.2.4 European Stability Mechanism4.3 Decision-making inside the ESM4.3.1 The governance structure of the ESM4.3.2 The central role of the Eurogroup4.3.3 The ESM and parliamentary participation4.4 Financial assistance programs4.4.1 Overview of the financial assistance procedure4.4.2 Overview of existing programs4.4.3 The ESM’s role in the financial assistance architecture4.5 Interim conclusion5. The Greek case: Policy conditionally and externally induced socio-economic change5.1 Central developments of the Greek crisis5.2 Institutional change 2010–20185.2.1 Institutional changes in Greek labour markets5.2.1.1 Decentralisation of collective bargaining5.2.1.2 Employment protection and employment developments5.2.1.3 Unemployment support and active labour market polices5.2.2 Institutional changes in Greek fiscal policy5.2.2.1 Fiscal consolidation by reducing government expenditure5.2.2.2 Increasing government revenue5.2.2.3 Fiscal rules, budgetary reforms, and the reduction of government discretion5.2.2.4 Privatisation5.2.2.5 Effects on the government’s role in the economy5.3 Labour market reforms5.3.1 Labour market paradigms and ideational processes5.3.2 Actor preferences and incentive structures5.3.3 The crisis as a critical juncture in Greek labour market policy5.4 Fiscal policy5.4.1 Fiscal policy paradigms and ideational processes5.4.2 Actor preferences and incentive structures5.4.3 The crisis as a critical juncture in Greek fiscal policy5.5 Interim conclusion6. The Irish case: Policy conditionality and internal ideational change6.1 How the Irish crisis developed6.2 Institutional change 2009–20186.2.1 Institutional changes in Irish labour markets6.2.1.1 Decentralization of collective bargaining6.2.1.2 Employment protection and employment developments6.2.1.3 Unemployment support and activation policies6.2.2 Institutional changes in Irish fiscal policy6.2.2.1 Fiscal consolidation by reducing government expenditure6.2.2.2 Government revenue developments6.2.2.3 Fiscal rules, budgetary oversight, and the reduction of government discretion6.2.2.4 Privatisation6.2.2.5 Effects on the government’s role in the economy6.3 Labour market reforms6.3.1 Labour market paradigms and ideational processes6.3.2 Actor preferences and incentive structures6.3.3 The crisis as a critical juncture in Irish labour markets6.4 Fiscal policy6.4.1 Fiscal policy paradigms and ideational processes6.4.2 Actor preferences and incentive structures6.4.3 The crisis as a critical juncture in Irish fiscal policy6.5 Interim conclusion7. Comparing Greece and Ireland7.1 Comparison of adjustment processes7.2 Role of the ESM7.3 Interim conclusion8. Outlook: ESM reform and COVID-198.1 ESM reform8.2 The ESM during the COVID-19 crisis8.3 Interim conclusion9. Conclusion10. Literature11. Attachment I: List of interviews12. Attachment II: List of documents, Greek case13. Attachment III: List of documents, Irish case14. Attachment: List of abbreviations15. Attachment: List of tables16. Attachment: List of figures