Sustainability in the public finances. This was the mantra of the IMF-ECB-EC Troika bailout.
How was sustainability achieved? Mainly by changing aspects of the budgetary process. Ireland
was required to submit the entirety of its budgetary framework for external scrutiny by the Troika
and Eurozone member state governments. We briefly explore how the economic constitution of the
European Union in the context of the Irish bailout turned macroeconomic sustainability into an instrument to redirect the majority of Irish policy decision-making out of the hands of democratically
accountable parliamentarians and into the arms of unaccountable technocrats.
Item Type:
Article (Published)
Refereed:
Yes
Uncontrolled Keywords:
Public finances; Troika Bailouts; Ireland; Government