Greece banked on EMU. Entry into the eurozone was its ticket to macroeconomic stability, its modernisation jacket and its gateway to global markets. So how did such a promising start turn to dust so quickly? Was Greece the delinquent eurozone member whose fiscal downfall nearly brought down some of the world's strongest economies? Or was it the first victim of the euro's system failure? An original approach to understanding how national institutions affect economic performance, diluting and disrupting single currency pressures for convergence and adjustment.
List of Figures and Tables vii
Chapter One: Introduction 1
Chapter Two: New Institutionalism at a Crossroads 15
Chapter Three: Greek Policy Formation, 1974–1993: Caught Between a
Politicised Economy and EC Adjustment 29
Chapter Four: EMU Negotiations, National Strategies and the External
Chapter Five: Nominal Convergence and Macroeconomic Policy 73
Chapter Six: The ‘Good’ EMU Years 97
Chapter Seven: Salvation Does Not Come Cheap 125
Chapter Eight: Conclusion: Owning and Sharing Responsibility 155
Appendix A: Biographical Data 175
Appendix B: List of Interviewees 181
Eleni Panagiotarea holds an MPhil and DPhil from the University of Oxford, where she completed a thesis on EMU and National Economic Policy Formation: The Case of Greece. A policy analyst with considerable work and research experience on European political economy and European integration, she has worked in the Greek financial sector and as an advisor for the Ministries of Foreign Affairs and Finance. Her first-hand knowledge of national economic policy-making and her interest in institution building has informed much of her writing on Greece's EMU trajectory, presented in the Greek press and academic journals. She is also a Research Fellow for the Hellenic Foundation for European and Foreign Policy (ELIAMEP), where she is working on issues of economic governance and debt sustainability. Eleni is currently a recipient of an Onassis Public Benefit Foundation research grant, to investigate the effects of the Euro crisis on democratic processes of economic policy formation and implementation.