The euro is relevant for decisions that the Polish Central Bank takes about its general rules of monetary policy, goals and decision structures, but it is not, or at least not yet, relevant to the everyday processes of controlling money supply and interest rates. Fighting inflation was a primary target of the central bank prior to applying for entry to the European Union and maintaining a satisfactory external account. However, with the growing openness of the economy, eclectic monetary policy showed a high degree of internal inconsistency. With greater autonomy under a new constitution, the Central Bank adopted direct inflation targeting. The adoption of this measure is consistent with emerging EU policy but was driven by specifically Polish concerns.

As the debate throughout the eighties has concluded, the efforts of governments to intervene at the firm level has largely been disappointing. Using two examples drawn from the British experience, Rover and Inmos, this paper offers an analysis as to why the Government has encountered difficulties when it has sought to intervene in a strategic fashion. Essentially, public policy makers lack adequate mechanisms to intervene effectively in technology-based companies. Locked out of the knowledge base of the firm, inappropriate financial control is imposed which reinforces the ‘outsider’ status of the Government. Having addressed the limitations of strategic intervention, the paper, drawing on the comparative experience of other countries, then goes on to address how this policy boundary might be pushed back in the long term.

All countries in Central and Eastern Europe require rapid and drastic restructuring of their public pension schemes for macro- and microeconomic reasons. While initial considerations were geared towards streamlining the unfunded scheme, reducing many distortions and making it financially sound, some transition economies initiated reform plans for a move from unfunded to funded retirement income provision. The paper reviews the need for reform and surveys the discussion and current plans before addressing three central open questions: How to structure the first and unfunded tier? How to finance the transition toward the second and funded tier? What are the minimum financial sector requirements before funded provisions can be initiated? The success of the current pension reform efforts in Central Europe will have an important bearing on developments throughout Europe. A failure in one transition economy caused by bad design, unprojected deficits, or insufficient financial market preparation could discredit a funded pension system in the whole region; a successful move towards an unfunded-funded multi-tier pension scheme in Eastern Europe could positively stimulate the discussion of pension reform in the European Union.

This paper analyses the institutional framework of the Spanish electricity and gas markets from their emergence at the beginning of the twentieth century until the liberalisation process encouraged by the European Union. European processes of liberalisation involving the introduction of regulation and competition and the application of non-hierarchical modes have raised the number of both public and private actors taking part in sectoral governance. However, none of these modes is new for the sector. A historical perspective shows the conditions under which the threat of governmental intervention and the discretion granted to sectoral governance differed significantly between sectors. While the threat to nationalise and monopolise the electricity sector contributed to the creation of a private agent and a model of self-regulation with a large measure of discretion, in the gas sector the public presence was strong and control tight. Thus, the paper concludes that one should not presuppose that old modes of governance are strongly governmental and hierarchical. The opposite proves to be the case in the Spanish electricity sector, where new modes of governance are now more linked to hierarchy.

The analysis of public policy agendas in comparative politics has been somewhat limited in terms of geography, time frame and political system, with studies on full-blown autocracies and hybrid regimes few and far between. This article addresses this gap by comparing policy dynamics in three Hungarian regimes over 73 years. Besides our theoretical contribution related to policy-making in Socialist autocracy and illiberal democracy, we also test hypotheses related to non-democratic regimes. We find that – similarly to developed democracies – policy agendas in autocracies are mostly stable with occasional but large-scale “punctuations”. Our data also confirms that these punctuations are more pronounced in non-democratic polities. However, based on our results, illiberal political systems, such as the hybrid regime of Viktor Orbán, are difficult to pin down on such a clear-cut continuum between democracy and autocracy as the level of punctuation differs by policy agendas from parliamentary debates to budgets.

Interdependence, that is, outcomes depending on what is done by more than one actor, is a fact of life for central banks, reflecting domestic and international pressures, both political and economic. National economies have become increasingly internationalized through trade in goods and services and in currencies too. In consequence, the economies of large as well as small countries are now shaped by actions abroad as well as by decisions at home. While interdependence is a fact of life, what governments do about it depends on political choices, and countries differ in their commitment to a national currency. Their choices are to: maintain a degree of institutional independence with a national currency subject to the vicissitudes of the international economy; join a currency union, as twelve countries of the European Union have done; or contemplate doing the latter while still pursuing the former policy, as Britain and Sweden are currently doing.

Unilateral presidential action is thought to be limited by the ability of successors to easily reverse past decisions. Yet, most executive actions are never formally revoked. We argue that because of presidents’ unique position as chief executive, some actions create outcomes that make policy reversal more difficult or even infeasible. We develop a novel measure of policies with more immutable consequences and analyze the revocation of executive orders issued between 1937 and 2021. We find the degree of outcome immutability reduces the influence of political conditions on policy revocation. We further examine these dynamics in three cases in which presidents have substantial discretion – diplomacy, non-combatant detention, and police militarization. Scholarship has long highlighted the president’s first-mover status relative to other institutional actors as a key source of their power. Collectively, our argument and evidence demonstrate this applies to their relationship with successors.

This article argues that differences in sociopolitical reputation can explain why interest groups fail or succeed in influencing policymakers and that therefore sociopolitical reputation is a useful addition to the conceptual toolbox of interest groups scholars. Focusing on pharmacies and their associations in Greece and Portugal between 2005 and 2021, this article uses the concept of sociopolitical reputation to explain why reform attempts to reduce pharmaceutical spending and increase competition in the pharmacy sector were successful in Portugal but not in Greece, even though pharmacists are a much stronger interest group in Portugal than in Greece and even though both countries were under significant exogenous pressure to introduce structural reforms in the wake of the Eurozone crisis.

Electoral accountability is widely considered to be an essential component for maintaining the quality of a polity’s institutions. Nevertheless, a growing body of research has found weak or limited support for the notion that voters punish political corruption, a central but partial aspect of institutional quality. In order to capture the full range of institutional dysfunction an electorate should be incentivised to punish, I further the concept of institutional performance voting, that is, voting on institutional quality as a whole. Using a novel data set on performance audit reports in Swedish municipalities between 2003 and 2014, I find that audit critique is associated with a statistically significant but substantively moderate electoral loss of about a percentage point for mayoral parties, while simultaneously associated with a 14 percentage point decrease in their probability of reelection.

Law-making in most parliamentary democracies is dominated by the executive. Yet so far, all research has focused on the parliamentary stage of law-making. Studies suggest that the changes to bills submitted by coalition governments are the result of coalition policies dealing with the agency loss caused by ministerial drift. This is puzzling because it is already easier and more effective for coalition parties to attempt to change the bills in the executive phase than in the parliamentary one. The article aims to close the knowledge gap, and it quantitatively explores the factors that facilitate changes during the understudied executive phase on case study of the Czech Republic. Analysis reveals that government bills are altered more during the executive phase than the parliamentary phase. While we find no significant impact caused by the distance to coalition compromise, the saliency of a bill for coalition partners has a negative influence on the ratio of changes.