Beyond Conditionality: Policy Reversals in Southern Europe in the Aftermath of the Eurozone Crisis

ABSTRACT This article proposes a framework to understand and explain the occurrence of policy reversals. We argue that the occurrence and absence of policy reversals is shaped by the constraints of responsiveness (to voters) and responsibility (vis-à-vis creditors, international institutions and financial markets). We review the literature on reversals and their implications for Southern Europe. We finally summarise the main findings of the contributions in the volume, that address when and why governments prioritise responsiveness or responsibility, as well as the economic consequences of these choices.