Changing restructuring regimes in 11 European countries during and after the financial crisis

Abstract

This article draws on longitudinal data to analyse restructuring in 11 EU member states in response to the 2008–2009 financial crisis. It finds that despite the dramatic crisis, restructuring regimes remained rather stable. New policies were adopted and existing policies were reformed, but changes were primarily within the existing regimes, though collectively agreed measures are important. However, in three countries, changes were more radical, indicating a shift in the dominant adjustment and governance mechanisms. These findings have implications for the understanding of how restructuring regimes change and how such changes may be studied, implying that restructuring policies cannot be evaluated in isolation. Any attempt to analyse the impact of restructuring policies on labour market outcomes must take account of the interplay of different policies and how their emphasis and character change over time.