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Public support for institutionalised solidarity: Europeans' reaction to the establishment of eurobonds

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  • Daniele, Gianmarco
  • Geys, Benny

Abstract

As part of a collective answer to the threat posed by the Great Recession to several Member States' public finances, the European Commission's November 2011 Green Paper discussed the introduction of Stability Bonds (or Eurobonds) that would partially or completely replace the national bonds of the Euro Area's Member States. Having triggered fierce debates among policy-makers across and within European countries, this article investigates European citizens' opinions about Eurobonds, and the step towards further European fiscal integration they represent. Using a novel dataset derived from the Eurobarometer surveys, we show that, at the individual level, political ideology, distrust towards EU institutions and altruism appear more relevant than self-interest in shaping preferences for/against Eurobonds. However, at the country level, opinion towards Eurobonds strongly reflects the expected costs/benefits from Eurobonds' introduction for ones country. Finally, a notable intra-generational divide exists across young citizens of PIIGS and non-PIIGS countries, reflecting the diverse expected future costs and benefits of Eurobonds across both regions. --

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Bibliographic Info

Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Professorship & Project "The Future of Fiscal Federalism" with number SP II 2012-112.

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Date of creation: 2012
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Handle: RePEc:zbw:wzbfff:spii2012112

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Keywords: Public opinion; Eurobonds; European integration; Eurobarometer;

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  1. Zuzana Murdoch, 2012. "Negotiating the European External Action Service (EEAS): Analyzing the External Effects of Internal (Dis)Agreement," Journal of Common Market Studies, Wiley Blackwell, Wiley Blackwell, vol. 50(6), pages 1011-1027, November.
  2. Hainmueller, Jens & Hiscox, Michael J., 2006. "Learning to Love Globalization: Education and Individual Attitudes Toward International Trade," International Organization, Cambridge University Press, Cambridge University Press, vol. 60(02), pages 469-498, April.
  3. Kenneth F. Scheve & Matthew J. Slaughter, 2001. "Labor Market Competition And Individual Preferences Over Immigration Policy," The Review of Economics and Statistics, MIT Press, vol. 83(1), pages 133-145, February.
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  5. Alberto Alesina & Eliana La Ferrara, . "Preferences for Redistribution in the Land of Opportunities," Working Papers 178, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  6. Eichenberg, Richard C. & Dalton, Russell J., 1993. "Europeans and the European Community: the dynamics of public support for European integration," International Organization, Cambridge University Press, Cambridge University Press, vol. 47(04), pages 507-534, September.
  7. J B Heaton, 2002. "Managerial Optimism and Corporate Finance," Financial Management, Financial Management Association, Financial Management Association, vol. 31(2), Summer.
  8. La Ferrara, Eliana & Alesina, Alberto, 2005. "Preferences for Redistribution in the Land of Opportunities," Scholarly Articles 4552533, Harvard University Department of Economics.
  9. Mathew L. A. Hayward & Dean A. Shepherd & Dale Griffin, 2006. "A Hubris Theory of Entrepreneurship," Management Science, INFORMS, INFORMS, vol. 52(2), pages 160-172, February.
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