1. Introduction 2. The distribution of vulnerabilities: purchasing power, balance sheets, and exchange-rate policy preferences 3. Voters' direct vulnerability to adjustment. European voters in the 2008/9 global economic and financial crisis 4. Indirect vulnerability to adjustment. The determinants of employers' monetary and exchange rate policy preferences 5. Interests, elections, and policy makers' incentives to adjust 6. The politics of adjustment in the Asian financial crisis, 1997/8 7. Adjustment in Eastern Europe during the first phase of the global financial and economic crisis, 2008-10 8. Conclusions.
{{comment.content}}