IDEAS home Printed from https://ideas.repec.org/a/bla/jcmkts/v57y2019i4p894-911.html
   My bibliography  Save this article

Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism

Author

Listed:
  • David Howarth
  • Aneta Spendzharova

Abstract

Established at the height of the Eurozone sovereign debt crisis, the intergovernmental European Stability Mechanism (ESM) has, potentially, considerable influence over decisions on the provision of loans to Eurozone member state governments and on the recapitalization of banks. Legally and organizationally, the ESM is an international financial institution and thus its accountability can be compared to that of the International Monetary Fund (IMF) and other international financial institutions. However, the ESM's governance structure and decision‐making procedures show that it is deeply embedded in the Eurozone governance architecture, resulting in a dual institutional embeddedness. Focusing on vertical and horizontal accountability combined with a learning perspective on accountability, this article presents an assessment of the accountability mechanisms applicable to the idiosyncratic ESM and how these mechanisms work in practice.

Suggested Citation

  • David Howarth & Aneta Spendzharova, 2019. "Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 894-911, July.
    • Handle: RePEc:bla:jcmkts:v:57:y:2019:i:4:p:894-911
    DOI: 10.1111/jcms.12860
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/jcms.12860
    Download Restriction: no
    File URL: https://libkey.io/10.1111/jcms.12860?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Grant, Ruth W. & Keohane, Robert O., 2005. "Accountability and Abuses of Power in World Politics," American Political Science Review, Cambridge University Press, vol. 99(1), pages 29-43, February.
    2. Jakob Haan & Sander Oosterloo, 2006. "Transparency and accountability of central banks in their role of financial stability supervisor in OECD countries," European Journal of Law and Economics, Springer, vol. 22(3), pages 255-271, November.
    3. Tana Johnson, 2011. "Guilt by association: The link between states’ influence and the legitimacy of intergovernmental organizations," The Review of International Organizations, Springer, vol. 6(1), pages 57-84, March.
    4. David Howarth & Lucia Quaglia, 2014. "The Steep Road to European Banking Union: Constructing the Single Resolution Mechanism," Journal of Common Market Studies, Wiley Blackwell, vol. 52, pages 125-140, November.
    5. Mark Dawson, 2015. "The Legal and Political Accountability Structure of ‘Post‐Crisis’ EU Economic Governance," Journal of Common Market Studies, Wiley Blackwell, vol. 53(5), pages 976-993, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andrea Capati, 2023. "Collective Policy Learning in EU Financial Assistance: Insights from the Euro Crisis and Covid‐19," Politics and Governance, Cogitatio Press, vol. 11(4), pages 40-51.
    2. Valentin-Marian Antohi & Monica Laura Zlati & Romeo Victor Ionescu & Mihaela Neculita & Raluca Rusu & Aurelian Constantin, 2020. "Attracting European Funds in the Romanian Economy and Leverage Points for Securing their Sustainable Management: A Critical Auditing Analysis," Sustainability, MDPI, vol. 12(13), pages 1-27, July.
    3. Eckert, Sandra & Lindner, Vincent & Nölke, Andreas, 2020. "EMU reform proposals and their (non) implementation: An overview," SAFE White Paper Series 78, Leibniz Institute for Financial Research SAFE.
    4. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Axel Dreher & Katharina Michaelowa, 2008. "The political economy of international organizations," The Review of International Organizations, Springer, vol. 3(4), pages 331-334, December.
    2. Brilé Anderson & Thomas Bernauer & Aya Kachi, 2019. "Does international pooling of authority affect the perceived legitimacy of global governance?," The Review of International Organizations, Springer, vol. 14(4), pages 661-683, December.
    3. Anderson, Brilé & Bernauer, Thomas & Kachi, Aya, 2017. "Towards a More Nuanced Understanding of How International Pooling of Authority May Affect the Perceived Legitimacy of Global Governance," Working papers 2017/16, Faculty of Business and Economics - University of Basel.
    4. Jonas Tallberg & Thomas Sommerer & Theresa Squatrito, 2016. "Democratic memberships in international organizations: Sources of institutional design," The Review of International Organizations, Springer, vol. 11(1), pages 59-87, March.
    5. Marco Grasso & J. David Tàbara, 2019. "Towards a Moral Compass to Guide Sustainability Transformations in a High-End Climate Change World," Sustainability, MDPI, vol. 11(10), pages 1-16, May.
    6. Sebastian Blesse & Pierre C Boyer & Friedrich Heinemann & Eckhard Janeba & Anasuya Raj, 2019. "European Monetary Union reform preferences of French and German parliamentarians," European Union Politics, , vol. 20(3), pages 406-424, September.
    7. Daniel L. Nielson & Susan D. Hyde & Judith Kelley, 2019. "The elusive sources of legitimacy beliefs: Civil society views of international election observers," The Review of International Organizations, Springer, vol. 14(4), pages 685-715, December.
    8. Joerges, Christian, 2007. "Integration through de-legislation? An irritated heckler," European Governance Papers (EUROGOV) 3, CONNEX and EUROGOV networks.
    9. Moritz Rehm, 2021. "Tug of War over Financial Assistance: Which Way Forward for Eurozone Stability Mechanisms?," Politics and Governance, Cogitatio Press, vol. 9(2), pages 173-184.
    10. Georgios Dimitropoulos, 2022. "The use of blockchain by international organizations: effectiveness and legitimacy [The governance of blockchain dispute resolution]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 41(3), pages 328-342.
    11. Bogdan Capraru, 2010. "Financial Stability And Central Bank Transparency In Europe," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 57, pages 95-108, november.
    12. Schäfer, David, 2016. "A banking union of ideas? The impact of ordoliberalism and the vicious circle on the EU banking union," LSE Research Online Documents on Economics 65875, London School of Economics and Political Science, LSE Library.
    13. Philippe Stoesslé & Valeria Alejandra Patiño Díaz & Yetzi Rosales Martínez, 2020. "Transnational Advocacy Networks of Migrants and Asylum Seekers’ Human Rights: The San Diego—Tijuana Border in the Trump Era," Social Sciences, MDPI, vol. 9(8), pages 1-21, August.
    14. Tóth, József, 2015. "The Financial Background of the European Deposit Guarantee Schemes and the Resolution Mechanism," MPRA Paper 64794, University Library of Munich, Germany.
    15. Ecker-Ehrhardt, Matthias, 2013. "Why do they want the UN to decide? A two-step model of public support for UN authority," TranState Working Papers 171, University of Bremen, Collaborative Research Center 597: Transformations of the State.
    16. Wilde, Pieter de & Junk, Wiebke Marie & Palmtag, Tabea, 2016. "Accountability and opposition to globalization in international assemblies," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 22(4), pages 823-846.
    17. Christian Joerges; Jurgen Neyer, 2006. "Deliberative Supranationalism Revisited," EUI-LAW Working Papers 20, European University Institute (EUI), Department of Law.
    18. Francesco De Luca & Jenice Prather-Kinsey, 2018. "Legitimacy theory may explain the failure of global adoption of IFRS: the case of Europe and the U.S," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 22(3), pages 501-534, September.
    19. Johannes Urpelainen, 2012. "How Does Democratic Accountability Shape International Cooperation?," Conflict Management and Peace Science, Peace Science Society (International), vol. 29(1), pages 28-55, February.
    20. Mario Tümmler, 2022. "Completing Banking Union? The Role of National Deposit Guarantee Schemes in Shifting Member States' Preferences on the European Deposit Insurance Scheme," Journal of Common Market Studies, Wiley Blackwell, vol. 60(6), pages 1556-1572, November.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jcmkts:v:57:y:2019:i:4:p:894-911. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.