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Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times

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  • Ehrmann, Michael

    (European Central Bank, Frankfurt/Main, Germany)

  • Soudan, Michel

    (European Central Bank, Frankfurt/Main, Germany)

  • Stracca, Livio

    (European Central Bank, Frankfurt/Main, Germany)

Abstract

We study the determinants of trust in the ECB as measured by the European Commission’s Eurobarometer survey in particular during the global financial crisis and the European sovereign debt crisis. We find that the fall in trust in the ECB in crisis times can be rather well explained based on the pre-crisis determinants, and show that the fall in trust reflected the macroeconomic deterioration, a more generalised fall in the trust in European institutions in the wake of the crisis as well as the severity of the banking sector’s problems, to which the ECB was associated in the public opinion.

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File URL: http://www.ihs.ac.at/publications/eco/es-289.pdf
File Function: First version, 2012
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 289.

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Length: 26 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:ihs:ihsesp:289

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Keywords: Trust; Eurobarometer; Global financial crisis; Public opinion; European Central Bank;

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