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.
'An informed and balanced account of how Greece and the eurozone got into the mess it’s in. Dr Panagiotarea introduces the reader to the complexities of reforming Greece, and to the shallowness of the ordoliberal design for the euro, challenging easy assumptions about the crisis.
The author argues how past weakness of external leverage over domestic reform had implications for the way current adjustment is being managed. Indeed, she highlights key themes and choices for governance, at European and domestic levels, that will resonate for some time.'
Professor Kevin Featherstone
Eleftherios Venizelos Chair in Contemporary Greek Studies,
European Institute, London School of Economics
'The Europeans have engaged in a protracted and often highly uncivilized blame game as the euro crisis moves from one phase to the next. This book examines the interaction between national and systemic failure, with Greece as a test case. It is lucid, well documented and cogently argued. And it pulls no punches.'
Professor Loukas Tsoukalis
University of Athens
'Those who have been puzzled by the unravelling of the political contract that underlay European economic and monetary union will find much of value in this study. Examining the strength of weak institutions, Eleni Panagiotarea shows, through meticulous analysis of the evidence and the use of interviews, how the political commitments involved in the design of monetary union could not be sustained.'
Professor Albert Weale FBA
School of Public Policy