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Crisis and Public Support for the Euro, 1990–2014

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  • Felix Roth
  • Lars Jonung
  • Felicitas Nowak‐Lehmann D.

Abstract

This article analyses the evolution of public support for the single European currency, the euro, from 1990 to 2014 for a 12‐country sample of the euro area (EA‐12), focusing on the most recent period of the financial and sovereign debt crisis, starting in 2008. We find that citizens' support for the euro on average was marginally reduced during the first six years of the crisis, and that support has remained at high levels. While the pronounced increase in unemployment in the EA‐12 throughout the crisis has led to a marked decline in trust in the European Central Bank (ECB), it is only weakly related to support for the euro.

Suggested Citation

  • Felix Roth & Lars Jonung & Felicitas Nowak‐Lehmann D., 2016. "Crisis and Public Support for the Euro, 1990–2014," Journal of Common Market Studies, Wiley Blackwell, vol. 54(4), pages 944-960, July.
    • Handle: RePEc:bla:jcmkts:v:54:y:2016:i:4:p:944-960
    DOI: 10.1111/jcms.12338
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    1. Nannestad, Peter & Paldam, Martin, 1994. "The VP-Function: A Survey of the Literature on Vote and Popularity Functions after 25 Years," Public Choice, Springer, vol. 79(3-4), pages 213-245, June.
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    4. Hobolt, Sara B. & Wratil, Christopher, 2015. "Public opinion and the crisis: the dynamics of support for the euro," LSE Research Online Documents on Economics 60788, London School of Economics and Political Science, LSE Library.
    5. repec:bla:jcmkts:v:47:y:2009:i::p:1085-1105 is not listed on IDEAS
    6. 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.
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    Cited by:

    1. Hideki Nishigaki, 2020. "Coping with Structural Weakness and EMU Citizen Support for the Euro: Opportunities for Change," Economics Bulletin, AccessEcon, vol. 40(4), pages 2755-2768.
    2. Felix Roth & Lars Jonung & Aisada Most, 2024. "COVID-19 and public support for the Euro," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 51(1), pages 61-86, February.
    3. Lucio Baccaro & Björn Bremer & Erik Neimanns, 2021. "Till austerity do us part? A survey experiment on support for the euro in Italy," European Union Politics, , vol. 22(3), pages 401-423, September.
    4. Baccaro, Lucio & Bremer, Björn & Neimanns, Erik, 2020. "Is the euro up for grabs? Evidence from a survey experiment," MPIfG Discussion Paper 20/10, Max Planck Institute for the Study of Societies.
    5. Felix Roth & Edgar Baake & Lars Jonung & Felicitas Nowak-Lehmann D., 2022. "Revisiting Public Support for the Euro, 1999–2017: Accounting for the Crisis and the Recovery," Contributions to Economics, in: Public Support for the Euro, chapter 0, pages 21-45, Springer.
    6. Sebastian Blesse & Annika Havlik & Friedrich Heinemann, 2021. "Euro area reform preferences of Central and Eastern European economic experts," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 48(1), pages 155-179, February.
    7. Dermot Hodson, 2019. "The New Intergovernmentalism and the Euro Crisis: A Painful Case?," LEQS – LSE 'Europe in Question' Discussion Paper Series 145, European Institute, LSE.
    8. Jesus Fernandez-Villaverde & Tano Santos, 2017. "Institutions and Political Party Systems: The Euro Case," PIER Working Paper Archive 17-014, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 03 Jul 2017.
    9. Ignacio Jurado & Stefanie Walter & Nikitas Konstantinidis & Elias Dinas, 2020. "Keeping the euro at any cost? Explaining attitudes toward the euro-austerity trade-off in Greece," European Union Politics, , vol. 21(3), pages 383-405, September.
    10. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.
    11. Menna Bizuneh & Steven Buigut & Neven Valev, 2020. "Beyond Borders: The Euro Crisis and Public Support for Monetary Integration in East Africa," South African Journal of Economics, Economic Society of South Africa, vol. 88(4), pages 518-535, December.
    12. Felix Roth & Lars Jonung, 2022. "Public Support for the Euro and Trust in the ECB: The First Two Decades of the Common Currency," Contributions to Economics, in: Public Support for the Euro, chapter 0, pages 1-19, Springer.
    13. Joshua C Fjelstul, 2022. "Explaining public opinion on the enforcement of the Stability and Growth Pact during the European sovereign debt crisis," European Union Politics, , vol. 23(2), pages 192-211, June.
    14. Roth, Felix & Jonung, Lars, 2020. "After 25 years as faithful members of the EU. Public support for the euro and trust in the ECB in Austria, Finland and Sweden," Hamburg Discussion Papers in International Economics 6, University of Hamburg, Department of Economics.
    15. Siria Angino & Federico M Ferrara & Stefania Secola, 2022. "The cultural origins of institutional trust: The case of the European Central Bank," European Union Politics, , vol. 23(2), pages 212-235, June.
    16. Scharpf, Fritz W., 2018. "International monetary regimes and the German model," MPIfG Discussion Paper 18/1, Max Planck Institute for the Study of Societies.
    17. Blesse, Sebastian & Havlik, Annika & Heinemann, Friedrich, 2019. "Searching for a Euro reform consensus: The perspective from Central and Eastern Europe," ZEW Expertises, ZEW - Leibniz Centre for European Economic Research, number 201191.

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