Who Supports the ECB? Evidence from Eurobarometer Survey Data
AbstractThis paper addresses empirically the still debated issue of the legitimacy of the European Central Bank (ECB) with regard to European polities, presenting evidence on public opinion support for the ECB as elicited from responses in the recent waves of the Eurobarometer survey. We employ a rich set of potential determinants, combining macroeconomic and socio-demographic data in logistic regressions, to explain trust in the ECB. We find that people with higher level of income and education and centre to right-wing political orientation tend to support the ECB, as well as people with optimistic expectations on the economic situation. Moreover, our results indicate that socio-demographic determinants of trust in the ECB dominate macroeconomic ones, in particular inflation performance, by a considerable margin of magnitude and in a quite robust way. The policy relevance of such results is important for ECB’s communication strategy with the EU public, especially in the years ahead of likely reforms of the European Monetary Union (EMU).
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Bibliographic InfoPaper provided by Henley Business School, Reading University in its series Economics & Management Discussion Papers with number em-dp2011-04.
Length: 40 pages
Date of creation: 08 Jul 2011
Date of revision:
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More information through EDIRC
European Central Bank; communication; legitimacy; determinants of trust; Eurobarometer survey; logistic regression;
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-21 (All new papers)
- NEP-CBA-2011-07-21 (Central Banking)
- NEP-EEC-2011-07-21 (European Economics)
- NEP-MAC-2011-07-21 (Macroeconomics)
- NEP-MON-2011-07-21 (Monetary Economics)
- NEP-POL-2011-07-21 (Positive Political Economics)
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