Beyond Conditionality: Policy Reversals in Southern Europe in the Aftermath of the Eurozone Crisis

This article proposes a framework to understand and explain the occurrence of policy reversals. We argue that the occurrence and absence of policy reversals is shaped by the constraints of responsiveness (to voters) and responsibility (vis-à-vis creditors, international institutions and financial ma...

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Bibliographic Details
Published inSouth European society & politics Vol. 24; no. 2; pp. 155 - 176
Main Authors Moury, Catherine, Afonso, Alexandre
Format Journal Article
LanguageEnglish
Published Abingdon Routledge 03.04.2019
Taylor & Francis Ltd
Subjects
Aftermath
Bail-outs
conditionality
Creditors
European Union
excessive debt procedure
Financial institutions
IMF
International finance
Literature reviews
Markets
Political economy
Responsiveness
Voters
Southern Europe
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Summary:This article proposes a framework to understand and explain the occurrence of policy reversals. We argue that the occurrence and absence of policy reversals is shaped by the constraints of responsiveness (to voters) and responsibility (vis-à-vis creditors, international institutions and financial markets). We review the literature on reversals and their implications for Southern Europe. We finally summarise the main findings of the contributions in the volume, that address when and why governments prioritise responsiveness or responsibility, as well as the economic consequences of these choices.
ISSN:1360-8746
1743-9612
DOI:10.1080/13608746.2019.1641945