By Walter Kickert, Tiina Randma-Liiv

ISBN-10: 1138853623

ISBN-13: 9781138853621

Studies of the hot monetary concern were mostly ruled via economists, however the similarities and adjustments among eu international locations' reaction mirror either fiscal and political views that have led to huge changes of their judgements.

Drawing on uniquely accomplished study facts, this publication provides an in-depth comparative research of ways 14 ecu governments tackled the problem of economic consolidation, and analyses the political decision-making at the back of those measures. by way of exploring nationwide responses not only in monetary phrases, but additionally from a political point of view, it unearths that call making has been pushed through political elements with profound results on public management and administration.

This ground-breaking e-book fills a massive hole within the learn literature for students of public administration, public management and coverage, and may be a benchmark for destiny paintings at the international monetary crisis.

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Additional info for Europe Managing the Crisis: The politics of fiscal consolidation

Sample text

Economic crisis in China In November 2008, the Chinese central government announced an economic stimulus package of 4 trillion Yuan (about €568 billion, some 14 per cent of GDP) to be spent on infrastructure, energy and environment, and reconstruction works in the Sichuan earthquake area. China’s leaders’ prime objective is economic growth. As long as hundreds of millions of Chinese each year escape poverty and increase their incomes and material prosperity, the Communist Party will continue to receive popular support.

This may move into a ‘state of exception’ (Agamben 2005), unprecedented, where ‘exceptions’ suddenly become ‘normality’ and ‘standard operating pro cedures’. It is also a situation where weak or even ‘hollow states’ (Frederickson and Frederickson 2006) emerge and crises become a relative reality. Handling single-loop crises assumes that known causes lead to known consequences. Double-loop crises need to adjust the systemic key characteristics and the rationality of these systems. OECD (2009) has emphasised the need to have independent authorities that also can enforce certain logics.

Source: Algemene Rekenkamer (2009) and De Nederlandse Bank (2009) Decision-making during the banking crisis was urgent crisis management. In virtually all countries, a small group of key players (Prime Minister, Finance Minister and President of the National Bank) took swift and far-reaching decisions without much interference from parliament. Time was pressing, the crisis was urgent and huge, and enormous amounts were at stake. Nightly and weekend crisis consultation took place. Bank take-overs had to be hurriedly realised before the financial markets reopened.

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Europe Managing the Crisis: The politics of fiscal consolidation by Walter Kickert, Tiina Randma-Liiv

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