The European Consortium for Political Research is seeking papers to contribute to their workshop on “Europe and the IMF: governing an unexpected relationship through turbulent times” at the ECPR Joint Sessions in Mainz, Germany, on 11-16 March 2013.
The financial crisis has transformed the relationship between the IMF and Europe. In 2006, the IMF was a struggling institution, facing a budget shortfall and shedding staff. Since 1976, the IMF had had no active program in the old member states of the EU. Its influence even in new EU member states had subsided after their transition to market economies. Prior to the crisis, the IMF’s role in Europe had been confined to technical consultancy and to being an interlocutor during regular Article-IV surveillance missions.
The crisis has returned the IMF to the center of international crisis management and economic policymaking. The G20 tripled the Fund’s resources, and the IMF was able to expand its lending framework and enhance its surveillance mandate. With more than 40% of the current IMF crisis financing flowing to EU member states, the Fund’s role in Europe has changed dramatically. Initially, the IMF was called upon to intervene in individual European economies, such as Iceland, Latvia, Romania, or Hungary. As the crisis spread across Europe, the IMF has become central for the stabilization of the entire Eurozone: EU member states decided to channel hundreds of billions of Euro to Greece, Ireland, and Portugal through new joint IMF-EU programs. Moreover, the IMF became financially and politically involved in European reform initiatives, such as the European Financial Stability Fund, the European Stability Mechanism or the re-regulation of European cross-border banking.
The crisis has also revived the debate on IMF governance reform. In 2010, Europe agreed to a quota shift in favor of emerging countries and to give up two seats at the Executive Board. At the same time, the reengagement of the Fund in Europe – combined with the appointment of a new European IMF managing director in 2011 – raises concerns about a European bias and the excessive exposure of non-European members to the problems of the “old continent”.
We invite papers analyzing the transformation and current state of the relationship between the IMF and Europe. In particular, we welcome papers that:
- focus on the transformational effects of the crisis experience on either the EU or the IMF, and on case studies of EU-IMF programs in individual European countries
- include a comparative element across time or space (such as comparing the state of the relationship before and during the crisis, or comparing programs within and beyond Europe)
- formulate more general conclusions that are informed by relevant theoretical debates within international political economy or EU and global governance studies.
Specific research questions might include but are not confined to: How successful was the IMF’s surveillance of the Eurozone in the run-up to the crisis? What was the impact of the IMF on the European stabilization programs and European economic governance? In what ways have IMF policies towards Europe differed from those directed at emerging markets? How has Europe’s role and standing within the IMF changed in the last decade? How does the Euro crisis alter the patterns of European coordination and influence within the IMF? Any other paper proposal related to the broader theme will also be considered.