IDEAS home Printed from https://ideas.repec.org/a/bla/jcmkts/v47y2009i5p1085-1105.html
   My bibliography  Save this article

Output Legitimacy and the Global Financial Crisis: Perceptions Matter

Author

Listed:
  • ERIK JONES

Abstract

The global economic crisis has sapped support for the euro and lowered trust in the European Central Bank (ECB). In doing so, it has also exposed a weakness in the ‘output‐oriented legitimation’ of Europe's economic and monetary union. The common monetary policy and single currency have to be perceived as working if they are to maintain popular acceptance. Whether they actually work is less important than this perception. This raises the prospect that no matter how successful the ECB is in responding to moments of crisis, public opinion may begin to reflect the perception that it has failed. Indeed, the greater the uncertainty experienced during the crisis, the more likely it is that such negative perceptions will predominate. Worse, there is very little that the ECB can do to change popular perceptions or to create new channels for input‐oriented legitimation without jeopardizing the credibility of its commitment to price stability or its reputation for political independence.

Suggested Citation

  • Erik Jones, 2009. "Output Legitimacy and the Global Financial Crisis: Perceptions Matter," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 1085-1105, November.
  • Handle: RePEc:bla:jcmkts:v:47:y:2009:i:5:p:1085-1105
    DOI: 10.1111/j.1468-5965.2009.02036.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1468-5965.2009.02036.x
    Download Restriction: no

    File URL: https://libkey.io/10.1111/j.1468-5965.2009.02036.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Andreas Follesdal & Simon Hix, 2006. "Why There is a Democratic Deficit in the EU: A Response to Majone and Moravcsik," Journal of Common Market Studies, Wiley Blackwell, vol. 44(3), pages 533-562, September.
    2. Jones, Erik, 2009. "They have no idea… decision-making and policy change in the global financial crisis," LSE Research Online Documents on Economics 53365, London School of Economics and Political Science, LSE Library.
    3. Andreas Follesdal & Simon Hix, 2006. "Why There is a Democratic Deficit in the EU: A Response to Majone and Moravcsik," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 533-562, September.
    4. Paul De Grauwe, 2014. "What Have We Learnt about Monetary Integration since the Maastricht Treaty?," World Scientific Book Chapters, in: Exchange Rates and Global Financial Policies, chapter 11, pages 273-296, World Scientific Publishing Co. Pte. Ltd..
    5. Paul De Grauwe, 2006. "What Have we Learnt about Monetary Integration since the Maastricht Treaty?," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 711-730, November.
    6. Blank, Stephen, 1977. "Britain: the politics of foreign economic policy, the domestic economy, and the problem of pluralistic stagnation," International Organization, Cambridge University Press, vol. 31(4), pages 673-721, October.
    7. Robert J. Blendon, 1997. "Bridging the Gap between the Public's and Economists' Views of the Economy," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 105-118, Summer.
    8. Dolan, Paul & Peasgood, Tessa & White, Mathew, 2008. "Do we really know what makes us happy A review of the economic literature on the factors associated with subjective well-being," Journal of Economic Psychology, Elsevier, vol. 29(1), pages 94-122, February.
    9. Antonides, Gerrit, 2008. "How is perceived inflation related to actual price changes in the European Union?," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 417-432, August.
    10. Johan P. Olsen, 2009. "Democratic government, institutional autonomy and the dynamics of change," ARENA Working Papers 1, ARENA.
    11. Matthew Gabel & Kenneth Scheve, 2007. "Estimating the Effect of Elite Communications on Public Opinion Using Instrumental Variables," American Journal of Political Science, John Wiley & Sons, vol. 51(4), pages 1013-1028, October.
    12. Erik Jones, 2009. "They Have No Idea... Decision-making and Policy Change in the Global Financial Crisis," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 4, London School of Economics / European Institute.
    13. Hall, Peter A. & Franzese, Robert J., 1998. "Mixed Signals: Central Bank Independence, Coordinated Wage Bargaining, and European Monetary Union," International Organization, Cambridge University Press, vol. 52(3), pages 505-535, July.
    14. KATHLEEN R. McNAMARA, 2006. "Economic Governance, Ideas and EMU: What Currency Does Policy Consensus Have Today?," Journal of Common Market Studies, Wiley Blackwell, vol. 44, pages 803-821, November.
    15. KATHLEEN R. McNAMARA, 2006. "Economic Governance, Ideas and EMU: What Currency Does Policy Consensus Have Today?," Journal of Common Market Studies, Wiley Blackwell, vol. 44(4), pages 803-821, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Erik Jones, 2010. "The Economic Mythology of European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 48(1), pages 89-109, January.
    2. Dermot Hodson & Lucia Quaglia, 2009. "European Perspectives on the Global Financial Crisis: Introduction," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 939-953, November.
    3. Louis W. Pauly, 2009. "The Old and the New Politics of International Financial Stability," Journal of Common Market Studies, Wiley Blackwell, vol. 47(5), pages 955-975, November.
    4. Manuela Moschella & Nicola M Diodati, 2020. "Does politics drive conflict in central banks’ committees? Lifting the veil on the European Central Bank consensus," European Union Politics, , vol. 21(2), pages 183-203, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. Christopher Wratil, 2018. "Modes of government responsiveness in the European Union: Evidence from Council negotiation positions," European Union Politics, , vol. 19(1), pages 52-74, March.
    3. Katjana Gattermann & Claes H De Vreese, 2017. "The role of candidate evaluations in the 2014 European Parliament elections: Towards the personalization of voting behaviour?," European Union Politics, , vol. 18(3), pages 447-468, September.
    4. Christopher J Williams, 2016. "Issuing reasoned opinions: The effect of public attitudes towards the European Union on the usage of the 'Early Warning System'," European Union Politics, , vol. 17(3), pages 504-521, September.
    5. Acocella, Nicola, 2020. "To Exit or not to Exit (from the EMU)?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(1), pages 1-20.
    6. Thomas Winzen, 2013. "European integration and national parliamentary oversight institutions," European Union Politics, , vol. 14(2), pages 297-323, June.
    7. Scharpf, Fritz W., 2014. "No exit from the euro-rescuing trap?," MPIfG Discussion Paper 14/4, Max Planck Institute for the Study of Societies.
    8. Kyriaki Nanou & Galina Zapryanova & Fanni Toth, 2017. "An ever-closer union? Measuring the expansion and ideological content of European Union policy-making through an expert survey," European Union Politics, , vol. 18(4), pages 678-693, December.
    9. Frederik Stevens & Iskander De Bruycker, 2020. "Influence, affluence and media salience: Economic resources and lobbying influence in the European Union," European Union Politics, , vol. 21(4), pages 728-750, December.
    10. Katjana Gattermann, 2013. "News about the European Parliament: Patterns and external drivers of broadsheet coverage," European Union Politics, , vol. 14(3), pages 436-457, September.
    11. Yvonne Umulisa, 2020. "Estimation of the East African Community's trade benefits from promoting intra‐regional trade," African Development Review, African Development Bank, vol. 32(1), pages 55-66, March.
    12. Hyman, Richard & Gumbrell-McCormick, Rebecca, 2020. "(How) can international trade union organisations be democratic?," LSE Research Online Documents on Economics 105078, London School of Economics and Political Science, LSE Library.
    13. Iskander De Bruycker, 2017. "Politicization and the public interest: When do the elites in Brussels address public interests in EU policy debates?," European Union Politics, , vol. 18(4), pages 603-619, December.
    14. James P. Cross, 2012. "Interventions and negotiation in the Council of Ministers of the European Union," European Union Politics, , vol. 13(1), pages 47-69, March.
    15. Mansoor Dailami, . "Looking Beyond the Euro Area Sovereign Debt Crisis," World Bank Other Operational Studies, The World Bank, number 10050.
    16. Alina BÂRGĂOANU, Elena NEGREA-BUSUIOC, 2014. "What Kind Of Union? The Future Of The European Union As Seen By Candidates To The Ec Presidency In The 2014 Ep Elections," Europolity – Continuity and Change in European Governance - New Series, Department of International Relations and European Integration, National University of Political Studies and Public Administration, vol. 8(2), pages 19-35.
    17. Beetz, Jan Pieter & Rossi, Enzo, 2015. "EU legitimacy in a realist key," Discussion Papers, Center for Global Constitutionalism SP IV 2015-802, WZB Berlin Social Science Center.
    18. Nicholas Clark & Timothy Hellwig, 2012. "Information effects and mass support for EU policy control," European Union Politics, , vol. 13(4), pages 535-557, December.
    19. Henrik Scheller & Annegret Eppler, 2014. "European Disintegration – non-existing Phenomenon or a Blind Spot of European Integration Research? Preliminary Thoughts for a Research Agenda," Working Papers of the Vienna Institute for European integration research (EIF) 2, Institute for European integration research (EIF).
    20. Erik Jones, 2010. "The Economic Mythology of European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 48(1), pages 89-109, January.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jcmkts:v:47:y:2009:i:5:p:1085-1105. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886 .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.