Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis by C. Randall HenningTangled Governance: International Regime Complexity, the Troika, and the Euro Crisis by C. Randall Henning

Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis

byC. Randall Henning

Hardcover | May 2, 2017

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Tangled Governance addresses the institutions that were deployed to fight the euro crisis, re-establish financial stability, and prevent contagion beyond Europe. The author addresses why European leaders chose to include the IMF and provides a detailed account of the decisions of theinstitutions that make up the "Troika" (the European Commission, ECB, and IMF). He explains the institutions' negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The book also explores the strategies of the member states, including Germany and theUnited States, with respect to the institutions and the advantages they sought in directing them to work together.The book locates the analysis within the framework of regime complexity, clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures spawned by that literature against the seven cases of financial rescues of euro area countries that were stricken by crisisduring 2010-2015. Tangled Governance concludes that regime complexity is the consequence of a strategy by key states to control "agency drift". States mediate conflicts among institutions, through informal as well as formal mechanisms, and thereby limit fragmentation of the regime complex andunderpin substantive efficacy. In so doing, the book answers several key puzzles, including why (a) Germany and other Northern European countries supported IMF inclusion despite substantive positions opposed to their economic preferences, (b) crisis-fighting arrangements endured intense conflictsamong the institutions, and (c) the United States and the IMF promoted further steps to "complete" the monetary union.
C. Randall Henning is Professor of International Economic Relations in the School of International Service at American University in Washington, D.C. He specializes in International Political Economy, Global Governance, and regional integration, especially with respect to Europe and East Asia. Europe's monetary union and the interactio...
Title:Tangled Governance: International Regime Complexity, the Troika, and the Euro CrisisFormat:HardcoverDimensions:336 pages, 9.21 × 6.02 × 0 inPublished:May 2, 2017Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198801807

ISBN - 13:9780198801801

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Table of Contents

1. Introduction2. Regime Complexity and Main Argument3. Dramatis Institutiones4. Euro Crisis in a Nutshell5. Greece 20106. Troika, Ireland, and Portugal7. Spain and Italy8. United States and the IMF9. New Facilities and Institutions10. Greece 2012 and Cyprus 201311. Greece, the Crisis Continues12. Lessons and Conclusions