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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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New Facilities and Institutions

New Facilities and Institutions

(p.167) 9 New Facilities and Institutions
Tangled Governance

C. Randall Henning

Oxford University Press

As the crisis evolved, euro-area governments first constructed two transitional financial facilities and then created a permanent fund. This chapter reviews the creation of the financial facilities of the euro area culminating in the establishment of the European Stability Mechanism. The ESM treaty contains a strong presumption, but not a strict legal requirement, that the International Monetary Fund (IMF) will also be involved in assistance to a member state. As a political matter, the Fund’s involvement is strongly favored in creditor countries of the euro area. The emergence of the ESM, a new institutional player in crisis finance, prompted a reconsideration of the institutional arrangements under which crisis programs are designed. The chapter reviews proposals from research institutes and the European Parliament to combine resources of the European Commission and the ESM into a European Monetary Fund.

Keywords:   European Stability Mechanism, ESM, ESM treaty, International Monetary Fund, IMF, European Monetary Fund, EMF

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