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Public Support for the Single European Currency, the Euro, 1990 to 2011. Does the Financial Crisis Matter?

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Author Info

  • Roth, Felix

    ()
    (Centre for European Policy Studies (CEPS))

  • Jonung, Lars

    ()
    (Department of Economics, Lund University)

  • Nowak-Lehmann D., Felicitas

    ()
    (University of Göttingen)

Abstract

This paper analyses the evolution of public support for the single European currency, the euro, from 1990 to 2011, focusing on the most recent period of financial and sovereign debt crisis. Exploring a huge database of more than half a million observations covering the 12 original euro area member countries, we find that the ongoing crisis has only marginally reduced citizens’ support for the euro. This result is in stark contrast to a sharp fall in public trust in the European Central Bank. We conclude that the crisis – at least so far - has hardly dented popular support for the euro while the central bank supplying the single currency has lost sharply in public trust. Thus, the euro appears to have established a credibility of its own – separate from the institutional framework behind the euro.

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File URL: http://project.nek.lu.se/publications/workpap/papers/WP12_20.pdf
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Bibliographic Info

Paper provided by Lund University, Department of Economics in its series Working Papers with number 2012:20.

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Length: 23 pages
Date of creation: 18 Jul 2012
Date of revision:
Handle: RePEc:hhs:lunewp:2012_020

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Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
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Keywords: Support for the euro; European Monetary Union; euro area crisis;

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  1. Saikkonen, Pentti, 1991. "Asymptotically Efficient Estimation of Cointegration Regressions," Econometric Theory, Cambridge University Press, vol. 7(01), pages 1-21, March.
  2. Nannestad, Peter & Paldam, Martin, 1994. " The VP-Function: A Survey of the Literature on Vote and Popularity Functions after 25 Years," Public Choice, Springer, Springer, vol. 79(3-4), pages 213-45, June.
  3. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, Econometric Society, vol. 61(4), pages 783-820, July.
  4. André Sapir & Marco Buti, 2002. "EMU and economic policy in Europe: the challenge of the early years," ULB Institutional Repository 2013/8072, ULB -- Universite Libre de Bruxelles.
  5. Lars Jonung & Cristina Conflitti, 2008. "Is the euro advantageous? Does it foster European feelings? Europeans on the euro after five years," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 313, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  6. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
  7. ,, 2009. "Economics of Monetary Union," OUP Catalogue, Oxford University Press, Oxford University Press, edition 8, number 9780199563234, October.
  8. Erik Jones, 2009. "Output Legitimacy and the Global Financial Crisis: Perceptions Matter," Journal of Common Market Studies, Wiley Blackwell, vol. 47, pages 1085-1105, November.
  9. Wälti, Sébastien, 2012. "Trust no more? The impact of the crisis on citizens’ trust in central banks," Journal of International Money and Finance, Elsevier, Elsevier, vol. 31(3), pages 593-605.
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Cited by:
  1. Elisabeth Beckmann & Sandra Dvorsky & Thomas Scheiber, 2013. "Trust in the EU in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 77-90.

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