Citizens’ Attitudes Towards the ECB, the Euro and Economic and Monetary Union

Economic Bulletin, European Central Bank, issue 4/2020.

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)

Hanni Schölermann

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

Date Written: June 18, 2020

Abstract

Building on the literature on trust in institutions, the article looks at the state, evolution and sociodemographic breakdown of citizens’ trust in the ECB and support for the euro. Drawing on a novel typology of attitudes towards Economic and Monetary Union (EMU) and using microdata from Eurobarometer surveys since the introduction of the single currency, the analysis tracks the prevalence of supporters and sceptics of EMU over time and across euro area countries. It further explores the sociodemographic characteristics, economic perceptions and, more broadly, European sentiments within these groups. In this way, it provides insights into the factors shaping citizens’ attitudes towards the ECB, the euro and EMU, and helps identify possible avenues for enhancing trust. The analysis indicates that popular support for EMU – in particular, trust in the ECB – hinges to a large extent on citizens’ perceptions of their personal situation and the overall economic context, as well as their broader attitudes towards the European Union, while other sociodemographic indicators seem to be less relevant.

Keywords: Trust in the ECB, support for the euro, attitudes towards Economic and Monetary Union, EU public opinion, Economic and Monetary Union, political economy

JEL Classification: E58; G53; R10; Z13

Suggested Citation

Bergbauer, Stephanie and Hernborg, Nils and Jamet, Jean-Francois and Persson, Eric and Schölermann, Hanni, Citizens’ Attitudes Towards the ECB, the Euro and Economic and Monetary Union (June 18, 2020). Economic Bulletin, European Central Bank, issue 4/2020., Available at SSRN: https://ssrn.com/abstract=3646056

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

Hanni Schölermann

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

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

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