The European Stability Mechanism and the IMF: From the Enhanced Cooperation to Embedded Supervisor

  • Cameron Climie
Keywords: IMF, European Stability Mechanism, Eurozone, EU Governance, European Debt Crisis


This paper examines the role played by the International Monetary Fund (IMF) in the European Stability Mechanism (ESM), finding that the ESM has greatly expanded the IMF’s surveillance and oversight roles in the European Monetary Union (EMU). Building from a liberal intergovernmental framework of integration analysis, this paper argues that the IMF’s function as a de facto EMU supervisor in the ESM, a significant break from prior European integration, stems from the alignment of crisis response preferences amongst the EMU’s largest economies, the erosion of the credibility of the European Commission as an enforcer of structural reforms, and the IMF’s close fit with the preferred institutional arrangements that derived from the bargaining dynamics between euro members.

Author Biography

Cameron Climie

Cameron Climie (B.A., M.A.) is a graduate of the Norman Paterson School of International Affairs at Carleton University, with a concentration in International Economic Policy. His M.A. research analyzed the evolution of the IMF’s relationship to governance of the Eurozone, from the signing of the Treaty of Maastricht to the introduction of the European Stability Mechanism. His other research interests include the political economy of integration, international trade policy, and national and international responses to the 2008 global financial crisis and recession.


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