Political Science Commons^™

The Management Of The Eurozone In Crisis Times: Actors, Institutions And The Case Of Bailout Packages, Michel Goyer, Miguel Glatzer, Rocio Valdivielso Del Real

Political Science Faculty Work

The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by private bondholders. Financial assistance through the newly created Eurozone governance system was conditional on the implementation of austerity measures and the introduction of structural reforms in industrial relations (decentralization of collective bargaining and liberalization of employment protection). Our analysis focuses on the formation process and the structural features of Eurozone supranational institutions. Building from the insights of actor-centred institutionalism, we illustrate the importance of coalitions among some, but not all, important actors based on the overlapping of their non-monolithic preferences in the process of institutional innovation. …