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The Enduring Popularity of the Euro throughout the Crisis

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  • Roth, Felix
  • Jonung, Lars
  • Nowak-Lehmann D.,Felicitas

Abstract

This paper analyses the evolution of public support for the euro from 1990 to 2011, using a popularity function approach, focusing on the most recent period of the financial and sovereign debt crisis. Exploring a huge database of close to half a million observations covering the 12 original euro area member countries, we find that the ongoing crisis has only marginally reduced citizens’ support for the euro – at least so far. This result is in stark contrast to the sharp fall in public trust in the European Central Bank. We conclude that the crisis has hardly dented popular support for the euro while the central bank supplying the single currency has lost sharply in public trust. Thus, the euro appears to have established a credibility of its own – separate from the institutional framework behind the euro.

Suggested Citation

  • Roth, Felix & Jonung, Lars & Nowak-Lehmann D.,Felicitas, 2011. "The Enduring Popularity of the Euro throughout the Crisis," CEPS Papers 6512, Centre for European Policy Studies.
  • Handle: RePEc:eps:cepswp:6512
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    File URL: http://www.ceps.eu/system/files/book/2011/12/WD358%20Roth%20et%20al%20Enduring%20Popularity%20of%20the%20Euro.pdf
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    References listed on IDEAS

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    1. Gebhard Kirchgässner, 2009. "The Lost Popularity Function: Are Unemployment and Inflation no longer Relevant for the Bahaviour of German Voters?," CESifo Working Paper Series 2882, CESifo Group Munich.
    2. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    3. Saikkonen, Pentti, 1991. "Asymptotically Efficient Estimation of Cointegration Regressions," Econometric Theory, Cambridge University Press, vol. 7(01), pages 1-21, March.
    4. Lars Jonung & Cristina Conflitti, 2008. "Is the euro advantageous? Does it foster European feelings? Europeans on the euro after five years," European Economy - Economic Papers 2008 - 2015 313, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Sara Binzer Hobolt & Patrick Leblond, 2009. "Is My Crown Better than Your Euro?," European Union Politics, , vol. 10(2), pages 202-225, June.
    6. Roth, Felix & Nowak-Lehmann D., Felicitas & Otter, Thomas, 2011. "Has the financial crisis shattered citizens’ trust in national and European governmental institutions? Evidence from the EU member states, 1999-2010," CEPS Papers 4159, Centre for European Policy Studies.
    7. 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.
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