IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v28y2019icp53-60.html
   My bibliography  Save this article

Sustainability, accountability and democracy: Ireland’s Troika experience

Author

Listed:
  • Barrett, Sean
  • Corbet, Shaen
  • Larkin, Charles

Abstract

Sustainability in the public finances. This was the mantra of the IMF-ECB-EC Troika bailout. How was sustainability achieved? Mainly by changing aspects of the budgetary process. Ireland was required to submit the entirety of its budgetary framework for external scrutiny by the Troika and Eurozone member state governments. We briefly explore how the economic constitution of the European Union in the context of the Irish bailout turned macroeconomic sustainability into an instrument to redirect the majority of Irish policy decision-making out of the hands of democratically accountable parliamentarians and into the arms of unaccountable technocrats.

Suggested Citation

  • Barrett, Sean & Corbet, Shaen & Larkin, Charles, 2019. "Sustainability, accountability and democracy: Ireland’s Troika experience," Finance Research Letters, Elsevier, vol. 28(C), pages 53-60.
    • Handle: RePEc:eee:finlet:v:28:y:2019:i:c:p:53-60
    DOI: 10.1016/j.frl.2018.03.024
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612318301247
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2018.03.024?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Agnès Bénassy-Quéré & Xavier Ragot & Guntram B. Wolff, 2016. "Which fiscal union for the euro area?," Policy Contributions 12893, Bruegel.
    2. Angana Banerji & Ms. Bergljot B Barkbu & Mr. James A John & Mr. Tidiane Kinda & Mr. Sergejs Saksonovs & Hanni Schoelermann & Mr. Tao Wu, 2015. "Building a Better Union: Incentivizing Structural Reforms in the Euro Area," IMF Working Papers 2015/201, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. WANG, Yang & Liu, Jun & Sui, Xiuping & Liu, Libing, 2020. "Does corporate social responsibility improve financial performance? -evidence from pure green side✰," Finance Research Letters, Elsevier, vol. 36(C).
    2. Marion Reiser & Jörg Hebenstreit, 2020. "Populism versus Technocracy? Populist Responses to the Technocratic Nature of the EU," Politics and Governance, Cogitatio Press, vol. 8(4), pages 568-579.
    3. Corbet, Shaen & Hou, Yang & Hu, Yang & Oxley, Les, 2020. "The influence of the COVID-19 pandemic on asset-price discovery: Testing the case of Chinese informational asymmetry," International Review of Financial Analysis, Elsevier, vol. 72(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Amélie BARBIER-GAUCHARD, 2020. "Blueprint for the European Fiscal Union: State of knowledge and Challenges," Working Papers of BETA 2020-39, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. Maria Demertzis & Guntram B. Wolff, 2020. "What are the prerequisites for a euro area fiscal capacity?," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 23(3), pages 342-358, July.
    3. Fabrizio Balassone & Sara Cecchetti & Martina Cecioni & Marika Cioffi & Wanda Cornacchia & Flavia Corneli & Gabriele Semeraro, 2018. "Economic governance in the euro area: balancing risk reduction and risk sharing," Chapters, in: Giuseppe Eusepi & Richard E. Wagner (ed.), Debt Default and Democracy, chapter 7, pages 124-154, Edward Elgar Publishing.
    4. Helge Berger & Giovanni Dell’Ariccia & Maurice Obstfeld, 2019. "Revisiting the Economic Case for Fiscal Union in the Euro Area," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(3), pages 657-683, September.
    5. Moyen, Stéphane & Stähler, Nikolai & Winkler, Fabian, 2019. "Optimal unemployment insurance and international risk sharing," European Economic Review, Elsevier, vol. 115(C), pages 144-171.
    6. Fabrizio Balassone & Sara Cecchetti & Martina Cecioni & Marika Cioffi & Wanda Cornacchia & Flavia Corneli & Gabriele Semeraro, 2016. "Risk Reduction and Risk Sharing in the Governance of the Euro Area," Politica economica, Società editrice il Mulino, issue 3, pages 463-488.
    7. Klaudijo Klaser, 2020. "A Theory of Justice of John Rawls as Basis for European Fiscal Union," Review of Economics and Institutions, Università di Perugia, vol. 11(1-2).
    8. Acocella, Nicola, 2020. "To Exit or not to Exit (from the EMU)?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(1), pages 1-20.
    9. Kebalo, Léleng, 2019. "Fiscal divergence and monetary integration in West Africa: What to draw from Darvas et al. (2005)?," Economics Discussion Papers 2019-52, Kiel Institute for the World Economy (IfW Kiel).
    10. Zareh Asatryan & Xavier Debrun & Annika Havlik & Friedrich Heinemann & Martin G. Kocher & Roberto Tamborini, 2018. "Which Role for a European Minister of Economy and Finance in a European Fiscal Union?," EconPol Policy Reports 6, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    11. Anne-Laure Delatte & Clemens Fuest & Daniel Gros & Friedrich Heinemann & Martin Kocher & Roberto Tamborini, 2017. "The Future of Eurozone Fiscal Governance," EconPol Policy Reports 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    12. Willi Semmler & Alexander Haider, 2018. "Cooperative Monetary and Fiscal Policies in the Euro Area," Southern Economic Journal, John Wiley & Sons, vol. 85(1), pages 217-234, July.
    13. van Riet, Ad, 2016. "Safeguarding the euro as a currency beyond the state," Occasional Paper Series 173, European Central Bank.
    14. Marius Clemens & Guillaume Claveres, 2017. "Unemployment Insurance Union," 2017 Meeting Papers 1340, Society for Economic Dynamics.
    15. Klaudijo Klaser, 2018. "The European Social Welfare Function Shaped on a Difference Principle: A Normative Rawlsian Approach in Favour of Fiscal Union," CESifo Working Paper Series 7186, CESifo.
    16. Agnes Benassy-Quere, 2016. "Euro-Area Fiscal Stance: From Theory to Practical Implementation," CESifo Working Paper Series 6040, CESifo.
    17. P. Butzen & S. Cheliout & N. Cordemans & E. De Prest & W. Melyn & L. Van Meensel & S. Van Parys, 2017. "Towards a new policy mix in the euro area ?," Economic Review, National Bank of Belgium, issue iii, pages 63-91, December.
    18. Grégory Claeys & Zsolt Darvas & Alvaro Leandro, 2016. "A proposal to revive the European Fiscal Framework," Policy Contributions 13490, Bruegel.
    19. Willi Semmler & Brigitte Young, 2017. "Re-Booting Europe: What kind of Fiscal Union - What kind of Social Union?," Working Papers 1713, New School for Social Research, Department of Economics.
    20. Sajedi, Rana & Steinbach, Armin, 2019. "Fiscal rules and structural reforms," International Review of Law and Economics, Elsevier, vol. 58(C), pages 34-42.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:28:y:2019:i:c:p:53-60. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.