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Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery

Author

Listed:
  • Roth, Felix

    () (University of Hamburg)

  • Baake, Edgar

    () (University of Hamburg)

  • Jonung, Lars

    () (Department of Economics, Lund University)

  • Nowak-Lehmann, Felicitas

    () (University of Göttingen)

Abstract

This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using uniquely large macro and micro databases and applying up-to-date econometric techniques, we revisit the growing literature on public support for the euro. First, we find that a majority of respondents support the euro in nearly all 19 euro area member states. Second, we offer fresh evidence that economic factors are the main determinants of changes in the level of support for the euro: crisis reduces support while periods of recovery bode well for public support. This result holds for both macroeconomic and microeconomic factors. Turning to a broad set of socio-economic variables, we find clear differences in support due to education and perceptions of economic status.

Suggested Citation

  • Roth, Felix & Baake, Edgar & Jonung, Lars & Nowak-Lehmann, Felicitas, 2018. "Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery," Working Papers 2018:9, Lund University, Department of Economics.
  • Handle: RePEc:hhs:lunewp:2018_009
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    File URL: http://project.nek.lu.se/publications/workpap/papers/wp18_9.pdf
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2016. "Monnet’s error?," Economic Policy, CEPR;CES;MSH, vol. 31(86), pages 247-297.
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    Cited by:

    1. 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, Chair of International Economics.
    2. 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, Chair of International Economics.

    More about this item

    Keywords

    Euro; public support for the euro; ECB; EU; euro crisis; unemployment; inflation; monetary union;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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