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Trust no more? The impact of the crisis on citizens’ trust in central banks


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  • Wälti, Sébastien


Citizens’ trust in economic institutions has generally declined since the onset of the crisis. In particular, Eurobarometer surveys show that trust in the European Central Bank (ECB) has fallen significantly during the crisis. This paper studies the determinants of public trust in the ECB over the lifetime of the euro. Net trust in the ECB has decreased significantly in those countries which have experienced increasing sovereign bond yields and financial market turbulence. The finding that country-specific variables affect citizens’ trust in the ECB may seem counterintuitive. However, it is consistent with strong evidence in the political science literature showing that domestic considerations play a significant role when citizens get an opportunity to express their opinion on EU matters.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of International Money and Finance.

Volume (Year): 31 (2012)
Issue (Month): 3 ()
Pages: 593-605

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Handle: RePEc:eee:jimfin:v:31:y:2012:i:3:p:593-605

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Keywords: Central bank; Trust; Crisis; Sovereign bond yields; Banking crisis;

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  1. Karl Kaltenthaler & Christopher J. Anderson & William J. Miller, 2010. "Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 48, pages 1261-1281, November.
  2. Paul Taggart, 2006. "Keynote Article: Questions of Europe - The Domestic Politics of the 2005 French and Dutch Referendums and their Challenge for the Study of European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 7-25, 09.
  3. Felix Roth, 2009. "The effect of the financial crisis on systemic trust," Intereconomics: Review of European Economic Policy, Springer, vol. 44(4), pages 203-208, July.
  4. Justina Fischer & Volker Hahn, 2008. "Determinants of Trust in the European Central Bank," TWI Research Paper Series 26, Thurgauer Wirtschaftsinstitut, Universität Konstanz.
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Cited by:
  1. Roth, Felix & Jonung, Lars & Nowak-Lehmann D., Felicitas, 2012. "Public Support for the Single European Currency, the Euro, 1990 to 2011. Does the Financial Crisis Matter?," Working Papers 2012:20, Lund University, Department of Economics.


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