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Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism

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  • David Howarth
  • Aneta Spendzharova

Abstract

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.

Suggested Citation

  • David Howarth & Aneta Spendzharova, 2019. "Accountability in Post‐Crisis Eurozone Governance: The Tricky Case of the European Stability Mechanism," Journal of Common Market Studies, Wiley Blackwell, vol. 57(4), pages 894-911, July.
    • Handle: RePEc:bla:jcmkts:v:57:y:2019:i:4:p:894-911
    DOI: 10.1111/jcms.12860
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    References listed on IDEAS

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    1. Mark Dawson, 2015. "The Legal and Political Accountability Structure of ‘Post‐Crisis’ EU Economic Governance," Journal of Common Market Studies, Wiley Blackwell, vol. 53(5), pages 976-993, September.
    2. Tana Johnson, 2011. "Guilt by association: The link between states’ influence and the legitimacy of intergovernmental organizations," The Review of International Organizations, Springer, vol. 6(1), pages 57-84, March.
    3. Grant, Ruth W. & Keohane, Robert O., 2005. "Accountability and Abuses of Power in World Politics," American Political Science Review, Cambridge University Press, vol. 99(1), pages 29-43, February.
    4. Jakob Haan & Sander Oosterloo, 2006. "Transparency and accountability of central banks in their role of financial stability supervisor in OECD countries," European Journal of Law and Economics, Springer, vol. 22(3), pages 255-271, November.
    5. David Howarth & Lucia Quaglia, 2014. "The Steep Road to European Banking Union: Constructing the Single Resolution Mechanism," Journal of Common Market Studies, Wiley Blackwell, vol. 52, pages 125-140, November.
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    1. Valentin-Marian Antohi & Monica Laura Zlati & Romeo Victor Ionescu & Mihaela Neculita & Raluca Rusu & Aurelian Constantin, 2020. "Attracting European Funds in the Romanian Economy and Leverage Points for Securing their Sustainable Management: A Critical Auditing Analysis," Sustainability, MDPI, vol. 12(13), pages 1-27, July.
    2. Eckert, Sandra & Lindner, Vincent & Nölke, Andreas, 2020. "EMU reform proposals and their (non) implementation: An overview," SAFE White Paper Series 78, Leibniz Institute for Financial Research SAFE.
    3. Andrea Capati, 2023. "Collective Policy Learning in EU Financial Assistance: Insights from the Euro Crisis and Covid‐19," Politics and Governance, Cogitatio Press, vol. 11(4), pages 40-51.
    4. Meier, Samira & Rodriguez Gonzalez, Miguel & Kunze, Frederik, 2021. "The global financial crisis, the EMU sovereign debt crisis and international financial regulation: lessons from a systematic literature review," International Review of Law and Economics, Elsevier, vol. 65(C).

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