Reference : Shocks and Time: The Development of the European Financial Assistance Regime
Scientific journals : Article
Law, criminology & political science : Political science, public administration & international relations
Shocks and Time: The Development of the European Financial Assistance Regime
Rehm, Moritz mailto [University of Luxembourg > Faculty of Humanities, Education and Social Sciences (FHSE) > Department of Social Sciences (DSOC) >]
Journal of Common Market Studies
United Kingdom
[en] covid-19 recovery fund ; economic shock ; euro area crisis ; financial assistance ; historical institutionalism
[en] This paper analyses the impact of economic crises on the development of European financial assistance. It demonstrates that crisis episodes that have taken place over the last five decades have significantly altered the design of European Union emergency support. This paper illustrates how solutions adopted in formative moments–including the 1973 oil shock, the Eurozone crisis, and the Covid-19 pandemic–and their long-term consequences led to the smorgasbord of instruments of the present financial assistance structure. By applying a historical institutionalist approach, combining insights from studies of critical junctures and gradual change, this contribution explains how economic shocks contributed to change in financial assistance, while also highlighting mechanisms that led to the continuation of specific elements of the assistance structure.

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