Following ECB-president Draghi's remark that the European Social Model does no longer exist and the crisis can only be overcome through a combination of austerity and structural reform, this paper examines the consequences of austerity measures and structural reforms adopted during the crisis in...

Institutional change is guided by rules. In the European Union these rules are given by Art. 250-252 of the Treaty of Amsterdam. These articles define the actors and rules that bring about changes in policies in the European Union. We analyze these articles as games in extensive form and...