Financial Crisis Management from the Perspective of National MPs: A Qualitative Assessment

Abstract

Background: Financial crises have characterized economic history since the Roman Empire. Despite intensive political debate and extensive scientific research, parliaments in their role as legislators have failed to develop effective protection mechanisms. The example of the financial crisis of 2008 showed a major lack of political foresight with regard to the long-term consequences of decisions. Aim: The paper aims to provide insights into how financial politicians use their individual knowledge in policymaking and how knowledge management tools can help achieve financial market stability. Methods: Seven qualitative interviews with Members of national Parliaments in Europe were conducted in mid-2023. The evaluation was carried out using qualitative content analysis. Results: The results show that while the majority have the skills and understanding, the topic itself is underrepresented in everyday parliamentary life. The article concludes with a discussion of the need to introduce knowledge management systems in the parliamentary context. Practical relevance: This paper helps to uncover structural knowledge deficits among MPs. Knowledge management instruments could provide easy-to-implement support.

Keywords

• decision-making
• financial crises
• financial policy
• knowledge management
• member of parliament
• parliament
• policymaking