Are we all austerians now? An analysis of national parliamentary parties' positioning on anti-crisis measures in the eurozone

Abstract

ABSTRACTWhich factors account for positioning of national parliamentary parties on anti-crisis measures implemented in the bailout states of the eurozone? The literature suggests that parties representing the economic ‘left’ are more likely to advocate Keynesian measures, whereas parties representing the economic ‘right’ tend to support the neoliberal ones. However, the current political discourse suggests that the choice of anti-crisis policies rather reflects the conflict of interests between euro states that received a bailout (debtors) and those who only provided financial guarantees (creditors). The empirical findings, based on (1) discourse analysis of national parliamentary debates and (2) the qualitative comparative analysis (QCA) model (crisp set), demonstrate that – next to the economic stance of a party – receipt of a bailout also accounts for parliamentary parties' positioning on anti-crisis measures. In particular, parliamentary parties in debtor states are likely to opt for Keynesian anti-crisis measures despite their right-wing economic stance or membership in the government.