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

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  • Judith Clifton
  • Daniel Diaz-Fuentes
  • Ana Lara Gómez

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.

Suggested Citation

  • Judith Clifton & Daniel Diaz-Fuentes & Ana Lara Gómez, 2018. "The crisis as opportunity? On the role of the Troika in constructing the European consolidation state," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 11(3), pages 587-608.
    • Handle: RePEc:oup:cjrecs:v:11:y:2018:i:3:p:587-608.
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    File URL: http://hdl.handle.net/10.1093/cjres/rsy021
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    Cited by:

    1. James D G Wood & Valentina Ausserladscheider & Matthew Sparkes, 2023. "The manufactured crisis of COVID-Keynesianism in Britain, Germany and the USA," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(1), pages 19-29.
    2. Lampropoulou, Manto, 2021. "Public-sector reform: Lessons from the privatisation experiment in Greece," Utilities Policy, Elsevier, vol. 72(C).
    3. Yunji Kim & Austin M Aldag & Mildred E Warner, 2021. "Blocking the progressive city: How state pre-emptions undermine labour rights in the USA," Urban Studies, Urban Studies Journal Limited, vol. 58(6), pages 1158-1175, May.
    4. Albert Sanghoon Park, 2023. "Building resilience knowledge for sustainable development: Insights from development studies," WIDER Working Paper Series wp-2023-33, World Institute for Development Economic Research (UNU-WIDER).
    5. Austin M Aldag & Yunji Kim & Mildred E Warner, 2019. "Austerity urbanism or pragmatic municipalism? Local government responses to fiscal stress in New York State," Environment and Planning A, , vol. 51(6), pages 1287-1305, September.
    6. Cheliotis, Leonidas & Xenakis, Sappho, 2020. "What's left? Political orientation, economic conditions, and incarceration in Greece under Syriza-led government," LSE Research Online Documents on Economics 106295, London School of Economics and Political Science, LSE Library.
    7. Stavros P. Migkos & Damianos P. Sakas & Nikolaos T. Giannakopoulos & Georgios Konteos & Anastasia Metsiou, 2022. "Analyzing Greece 2010 Memorandum’s Impact on Macroeconomic and Financial Figures through FCM," Economies, MDPI, vol. 10(8), pages 1-19, July.
    8. Canale, Rosaria Rita & De Simone, Elina & Spagnolo, Nicola, 2021. "Financial markets and fiscal discipline in the Eurozone," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 490-499.
    9. Almeida, Renan P. & Hungaro, Lucas, 2021. "Water and sanitation governance between austerity and financialization," Utilities Policy, Elsevier, vol. 71(C).
    10. Julio Revuelta, 2021. "The Effects of the Economic Adjustment Programmes for Greece: A Quasi-Experimental Approach," Sustainability, MDPI, vol. 13(9), pages 1-15, April.

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