In a Spirit of Solidarity? Justifying the European Financial Stability Facility (EFSF) in National Parliamentary Debates

17 Pages Posted: 4 Jun 2014

See all articles by Carlos Closa

Carlos Closa

Consejo Superior de Investigaciones Científicas CSIC

Aleksandra Maatsch

Republic of Argentina - Consejo Superior de Investigaciones Científicas (CSIC)

Date Written: July 2014

Abstract

This article examines national parliamentarians’ approval of the increased budgetary capacity of the European Financial Stability Facility (EFSF) in autumn 2011. Following the analysis of vote outcome and plenary debates in 11 euro states, it is found that the financial position of a state (creditors versus debtors) does not explain the patterns of support and opposition. Rather, two other factors account for these differences: Euroscepticism, and the government and opposition cleavage. In particular, whereas Eurosceptic MPs voted and argued against the EFSF, the parliamentary majorities supported it. Surprisingly, although the legal basis of the EFSF draws on solidarity among the European Union Member States, the supporters of the EFSF did not refer to this principle in their speeches but rather to pragmatic considerations such as national economic interests.

Suggested Citation

Closa, Carlos and Maatsch, Aleksandra, In a Spirit of Solidarity? Justifying the European Financial Stability Facility (EFSF) in National Parliamentary Debates (July 2014). JCMS: Journal of Common Market Studies, Vol. 52, Issue 4, pp. 826-842, 2014. Available at SSRN: https://ssrn.com/abstract=2445715 or http://dx.doi.org/10.1111/jcms.12119

Carlos Closa

Consejo Superior de Investigaciones Científicas CSIC ( email )

Calle Albasaz
26-28
Madrid, 28075
Spain

HOME PAGE: http://www.ipp.csic.es

Aleksandra Maatsch

Republic of Argentina - Consejo Superior de Investigaciones Científicas (CSIC)

Serrano 117
Madrid, 28006
Argentina

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