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This paper provides a general review of the current energy dependency of the European Union (EU) and the possible threat that it poses to economic growth and diplomatic freedom.

Systematic literature review with a narrative approach to analyze historical data, statistics and energy policies and determine if the EU oil dependency represents a threat to economic growth and diplomatic freedom. In addition, a review of the US policy “America first” is also included to analyze its impact on the EU.

The energy dependency rate of the EU increased 12 percentage points from 1990 to 2018. Russia has become the largest oil supplier for the EU tripling Norway, the largest supplier in the 1990s. The oil dependency of the EU on Russia is a difficult situation where guaranteed energy supply and diplomatic freedom becomes a national political controversy. Even though the USA is currently a top world exporter of oil, the EU does not rely on the USA. The findings suggest that the EU needs to secure a reliable energy supplier to guarantee economic growth, reduce energy scarcity and enhance diplomatic freedom.

This paper provides a historical examination of the EU oil dependency considering its impact on economic growth and diplomatic freedom.

The purpose of this paper is to examine the impact of the Eurozone financial crisis by discussing the experiences of Greece, Ireland and Spain. It particularly examines the influence and actions of the Troika in the management of the sovereign debt crisis in the Eurozone.

The primary source of information for this study has been the documents of the Greek, Irish and Spanish Governments (often only available in their native language) and the reports of EU bodies and the IMF, supplemented by media coverage, as deemed appropriate. This has been analysed on a comparative basis to contrast the experiences of these three countries.

This study reveals how the Eurozone crisis has impacted on financially weak countries in this currency union. The fiscal conservatism of the Troika (the IMF, the EU and the European Central Bank) has had profound consequences for these economies, which have experienced dramatic cuts in public services.

This study has focused on the experiences of three countries in the Eurozone. There is a case for extending this analysis to other Eurozone countries.

There are two approaches to recession – governments can stimulate demand by infrastructure spending or take the financial conservatism route of reducing public expenditure and public sector borrowing. However, the severity of the crisis undermines the first approach and there are uncertain outcomes with the second approach. This paper shows the effects of adopting financial conservatism as a strategy in this crisis.

The austerity programmes pursued by the governments in this study have led to unemployment, migration of skilled workers, collapse in property markets, failing banks and social unrest.

This study takes an accounting perspective on the Eurozone crisis. This offers a distinctive interpretation of events. This study examines the merits of widely used theories in studies of public sector change namely legitimation and resource dependency theory intertwined with power and offers insights into how meaningful they are in explaining the dramatic influence of austerity programmes in the Eurozone.