The Effect of the Financial Crisis on Systemic Trust

CEPS Working Document No. 316

12 Pages Posted: 25 Jul 2009

See all articles by Felix Roth

Felix Roth

University of Goettingen (Gottingen)

Date Written: July 17, 2009


The financial crisis had a significant impact on the levels of trust that citizens place in the system and its institutions. Recent data from Eurobarometer show a significant fall in confidence on the part of European citizens in the EU’s institutions. For the first time since its creation, a majority of European citizens no longer trust the European Central Bank. However, confidence levels in national governments have actually risen, supporting a contrasting trend between confidence levels in European and national institutions. This decrease in confidence towards the ECB is flanked in the case of Germany by strong anti-capitalist sentiments and a sharp decline in support for the social market economy.

Keywords: Social welfare policies, Financial Crisis, Market, Economy

Suggested Citation

Roth, Felix, The Effect of the Financial Crisis on Systemic Trust (July 17, 2009). CEPS Working Document No. 316. Available at SSRN: or

Felix Roth (Contact Author)

University of Goettingen (Gottingen) ( email )

Wilhelmsplatz 1
Göttingen, 37073

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