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Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times

Author

Listed:
  • Ehrmann, Michael

    (European Central Bank, Frankfurt/Main, Germany)

  • Soudan, Michel

    (European Central Bank, Frankfurt/Main, Germany)

  • Stracca, Livio

    (European Central Bank, Frankfurt/Main, Germany)

Abstract

We study the determinants of trust in the ECB as measured by the European Commission’s Eurobarometer survey in particular during the global financial crisis and the European sovereign debt crisis. We find that the fall in trust in the ECB in crisis times can be rather well explained based on the pre-crisis determinants, and show that the fall in trust reflected the macroeconomic deterioration, a more generalised fall in the trust in European institutions in the wake of the crisis as well as the severity of the banking sector’s problems, to which the ECB was associated in the public opinion.

Suggested Citation

  • Ehrmann, Michael & Soudan, Michel & Stracca, Livio, 2012. "Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times," Economics Series 289, Institute for Advanced Studies.
  • Handle: RePEc:ihs:ihsesp:289
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Luigi Paciello & Claudio Michelacci, 2016. "Forward Misguidance," 2016 Meeting Papers 617, Society for Economic Dynamics.
    2. Maarten van Rooij & Jakob de Haan, 2016. "Will helicopter money be spent? New evidence," DNB Working Papers 538, Netherlands Central Bank, Research Department.
    3. Thomas Otter, 2013. "Crisis and Trust in National and European Union Institutions — Panel Evidence for the EU, 1999 to 2012," EUI-RSCAS Working Papers 31, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    4. Elisabeth Beckmann & Sandra Dvorsky & Thomas Scheiber, 2013. "Trust in the EU in CESEE," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 77-90.

    More about this item

    Keywords

    Trust; Eurobarometer; Global financial crisis; Public opinion; European Central Bank;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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