Reference : Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European St...

	Document type :	Scientific journals : Article
	Discipline(s) :	Law, criminology & political science : Political science, public administration & international relations
	Focus Areas :	Law / European Law
	To cite this reference:	http://hdl.handle.net/10993/39374

Title :	Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism
Language :	English
Author, co-author :	Howarth, David [University of Luxembourg > Faculty of Language and Literature, Humanities, Arts and Education (FLSHASE) > Identités, Politiques, Sociétés, Espaces (IPSE) >]
	Spendzharova, Aneta [Universiteit Maastricht > Political Science]
Publication date :	Jul-2019
Journal title :	Journal of Common Market Studies
Publisher :	Blackwell
Volume :	57
Issue/season :	4
Pages :	894-911
Peer reviewed :	Yes (verified by ORBilu)
Audience :	International
ISSN :	0021-9886
e-ISSN :	1468-5965
City :	Oxford
Country :	United Kingdom
Keywords :	[en] European Stability Mechanism (ESM) ; Eurozone ; European Union ; accountability ; audit ; International Monetary Fund (IMF)
Abstract :	[en] 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.
Funders :	University of Luxembourg - UL
Permalink :	http://hdl.handle.net/10993/39374
DOI :	10.1111/jcms.12860
Other URL :	https://onlinelibrary.wiley.com/doi/abs/10.1111/jcms.12860

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	Fulltext file(s): File Commentary Version Size Access Open access Howarth and Spendzarova ESM Accountability authors' pre-print.pdf Author preprint 1.24 MB View/Open

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