The Reputation of the Euro and the European Central Bank: Interlinked or Disconnected?

Journal of European Public Policy, DOI: 10.1080/13501763.2020.1712463, 2020

Posted: 4 Aug 2020

See all articles by Stephanie Bergbauer

Stephanie Bergbauer

European Central Bank (ECB) - Directorate General International and European Relations

Nils Hernborg

European Central Bank (ECB)

Jean-Francois Jamet

European Central Bank (ECB)

Eric Persson

European Central Bank (ECB)

Date Written: January 17, 2020

Abstract

The euro and the European Central Bank (ECB) are inextricably linked at the institutional level, yet public opinion diverges: support for the euro remained high even at the height of the crisis while trust in the ECB saw a steep decline. How can we explain divergences between support for the euro and trust in the ECB? The present paper seeks to complement the existing literature by developing a unified analytical framework of public support for Economic and Monetary Union (EMU) and introducing a novel typology of euro and ECB sceptics and supporters. Empirical findings show that support for the euro is predominantly value-based, whereas perceived performance matters comparatively more for trust in the ECB. They suggest that value-based support has been critical during the crisis in ensuring continued public support for EMU despite perceptions of underperformance.

Keywords: Economic and Monetary Union, euro, European Central Bank, Euroscepticism, public opinion, trust

JEL Classification: C83; E58; E59; R10; Z13

Suggested Citation

Bergbauer, Stephanie and Hernborg, Nils and Jamet, Jean-Francois and Persson, Eric, The Reputation of the Euro and the European Central Bank: Interlinked or Disconnected? (January 17, 2020). Journal of European Public Policy, DOI: 10.1080/13501763.2020.1712463, 2020, Available at SSRN: https://ssrn.com/abstract=3645984

Stephanie Bergbauer

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Nils Hernborg

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Jean-Francois Jamet (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Eric Persson

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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