Governing in a constrained environment: Policy making in the Greek banking deregulation and privatisation reform∗

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Abstract
The deregulation and privatisation programmes of the Greek banking system in the late 1980s and early 1990s were both largely due to EC pressures. However, in each case the patterns of policy making differed although in neither did a policy network’ type of governance emerge. This intra‐sectoral dissimilarity reflected the interrelation of macro‐political institutional variables with different organisational arrangements and traditions between the Central Bank, on the one hand, and state‐controlled banks on the other.

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