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Emergency Powers of International OrganizationsBetween Normalization and Containment$
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Christian Kreuder-Sonnen

Print publication date: 2019

Print ISBN-13: 9780198832935

Published to Oxford Scholarship Online: January 2020

DOI: 10.1093/oso/9780198832935.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 January 2022

Emergency Politics in the Euro Crisis

Emergency Politics in the Euro Crisis

From Exception to Structural Transformation

Chapter:
(p.117) 5 Emergency Politics in the Euro Crisis
Source:
Emergency Powers of International Organizations
Author(s):

Christian Kreuder-Sonnen

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198832935.003.0005

Chapter 5 starts with an analysis of the establishment and normalization of the European “bailout regime” in the Euro crisis. In 2010, member states of the Eurogroup and EU institutions devised exceptional emergency credit facilities and created the so-called troika to devise and implement harsh austerity measures in recipient states. A combination of rhetorical and institutional power advantages for the authority-holders explains why the regime was ratcheted up despite the widespread resistance of societal actors. Second, the chapter analyzes the European Central Bank’s (ECB) adoption of the role of a lender of last resort to sovereigns of the Eurozone. With the Securities Markets Programme in 2010, the ECB circumvented the monetary financing prohibition and began to intervene in the fiscal and economic policymaking of recipient states. While the Bank’s emergency measures were highly contentious, it successfully deployed arguments of necessity and functionality to stabilize and even ramp up its powers.

Keywords:   bailout, emergency powers, Euro crisis, European Central Bank, European Court of Justice, European Union, troika

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