The IMF and European Economies: Crisis and Conditionality

01 02 With global markets in turmoil, financial crisis management is the vital topic of this decade. Examining the role that the International Monetary Fund has played since 1976, this volume explores: Britain's stand-by from the late 1970s, the Fund's apparent marginalization in the global economy following the Asian financial crisis, and early responses to the Greek sovereign debt crisis. By focusing on the ideas and interests of domestic policy-makers, Rogers is able to demonstrate how the Fund has been used by domestic economic policy-making elites to reconcile contradictions between accumulation and legitimation that appear inherent to the social relations of capitalism. 19 02 Fits in extremely well with recent titles in the IPE series, such as Moschella, Governing Risk (2010); Broome , the Currency of Power (2010); Gamble, Spectre at the Feast (2009) Topical in light of the global financial crisis and collapse of American mortgage markets in 2007 Detailed companion to general books on the financial crisis and the IMF in particular Fills a gap as existing literature does not deal with the relationship between the IMF and developed nations 31 02 Examines the relationship between the IMF and advanced economies, focusing on the management of financial crises including Britain's IMF crisis in 1976 and the present sovereign debt crisis in Europe 02 02 This book examines the role that the IMF has played in the management of financial crises in developed nations. The topic is of particular significance in light of the global financial crisis that emerged following the collapse of American sub-prime mortgage markets in 2007, and the subsequent sovereign debt problems of many Western states. 04 02 Introduction The Politics of Economic Policy-Making: Conceptualizing IMF Lending The Context of Program Ownership: British Economic Policy in 1974 Establishing Program Ownership 1: The Sterling Exchange Rate and Counter-Inflation Establishing Ownership 2: External Financing and Public Expenditure Consolidating Ownership: The 1976 IMF loan The Legitimacy Deficit: Competing Institutions, Competing Consensus, and Self-Insurance The IMF and European Sovereign Debt: New Crisis, New Clients Conclusions 13 02 CHRIS ROGERS is Teaching Fellow in International Political Economy at the University of York, UK. He has worked on the evolution of Britain's relationship with the International Monetary Fund since the 1970s and has published articles in Politics & Policy , The British