Journal Article

The crisis as opportunity? On the role of the Troika in constructing the European consolidation state

Judith Clifton, Daniel Diaz-Fuentes and Ana Lara Gómez

in Cambridge Journal of Regions, Economy and Society

Volume 11, issue 3, pages 587-608
Published in print October 2018 | ISSN: 1752-1378
Published online October 2018 | e-ISSN: 1752-1386 | DOI: https://dx.doi.org/10.1093/cjres/rsy021

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  • Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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Abstract

The 2008 financial crisis has been seen as providing an opportunity for core eurozone members to push neoliberal policies onto the periphery in order to construct a European consolidation state. We adapt a policy transfer model to examine the extent to which the Troika transferred neoliberal policy onto Greece and Ireland. The size of the ideological gap between Troika policies and those embedded in the peripheral country was crucial when explaining why the Troika’s policies were more brutal, intrusive and long-lasting in Greece than in Ireland, and why Greece proved more resilient to attempts to transfer policy than Ireland.

Keywords: consolidation; austerity; crisis; Europe; privatization; Troika

Journal Article.  11625 words. 

Subjects: Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook ; International Finance ; Public Economics