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Tangled GovernanceInternational Regime Complexity, the Troika, and the Euro Crisis$
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C. Randall Henning

Print publication date: 2017

Print ISBN-13: 9780198801801

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/oso/9780198801801.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 13 November 2019

United States and International Monetary Fund

United States and International Monetary Fund

Chapter:
(p.148) 8 United States and International Monetary Fund
Source:
Tangled Governance
Author(s):

C. Randall Henning

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198801801.003.0008

The United States played an active role in the response to the euro crisis and decisions on the involvement of the International Monetary Fund. U.S. policymakers supported the use of the Fund in order to assist Europe and prevent contagion across the Atlantic. But the United States conditioned its support on euro-area-wide policies to extinguish the crisis, including creating the European Financial Stability Facility and European Stability Mechanism, using the European Central Bank balance sheet fully, and committing to banking union. This chapter traces the evolution of U.S. strategy during the crisis and the conversion of officials in Washington to the cause of completing the architecture of the euro area. The IMF staff also advocated deepening the euro area, and did so more strongly than many euro-area member states. The Fund’s advocacy, which is puzzling from the standpoint of its bureaucratic interest, reflects the preferences of the United States and other non-European members.

Keywords:   United States, U.S. Treasury, Obama administration, transatlantic spillover, EFSF, ESM, G7, G20, IMF, ECB

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