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
Date Written: January 17, 2020
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: Suggested Citation