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Daniel Finke

Crisis Bargaining in the European Union: Formal Rules or Market Pressure?

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  • Daniel Finke
  • Stefanie Bailer, University of Basel, Switzerland
To what extent did the EMU crisis alter the logic of EU decision making? We analyze the relevance of asymmetric market pressures as compared to that of formal voting and agenda setting rules by applying three established bargaining models to the ‘EMU Positions» data. Accounting for the interdependence between issues and agreements, we locate actors’ positions on three reform dimensions, namely the level of fiscal discipline, transfer payments and institutionalization. We find that market pressure during the height of the Eurozone crisis was particularly relevant, and that debtor countries were weakened by their difficulty in refinancing their public debt. Our finding shows that formal rules determining agenda setting and veto rights remain relevant even in times of crisis.
Original languageEnglish
JournalEuropean Union Politics
Pages (from-to)109-133
Number of pages25
Publication statusPublished - 2019

    Research areas

  • Bargaining power, DEBT CRISIS, EMU, Spatial model

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