Magazine article Foreign Affairs

Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis

Magazine article Foreign Affairs

Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis

Article excerpt

Western Europe Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis BY C. RANDALL HENNING. Oxford University Press, 2017, 312 pp.

This book uncovers the cold, hard realities that lurk beneath the technical complexity of modern financial diplomacy. Many commentators on both the leftand the right insist that powerful officials in international organizations such as the International Monetary Fund and the eu dominate global finance. Yet such institutions rarely act independently. Instead, just like domestic political institutions, they are arenas of political conflict. Henning analyzes the European financial crisis of the last decade, focusing on seven debt-restructuring programs that pitted creditors against debtor nations. …

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