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Lars Jonung. Photo.

Lars Jonung

Professor emeritus

Lars Jonung. Photo.

The Enduring Popularity of the Euro throughout the Crisis

Author

  • Felix Roth
  • Lars Jonung
  • Felicitas Nowak-Lehmann D

Summary, in English

This paper analyses the evolution of public support for the euro from 1990 to 2011, using a popularity function approach, focusing on the most recent period of the financial and sovereign debt crisis. Exploring a huge database of close to half a million observations, covering the 12 original euro area member countries, we find that the ongoing crisis has only marginally reduced citizens’ support for the euro – at least so far. This result is in stark contrast to the sharp fall in public trust in the European Central Bank. We conclude that the crisis has hardly dented popular support for the euro while the central bank supplying the single currency has lost ground in public trust. Thus, the euro appears to have established a credibility of its own – separate from the institutional framework behind the currency.

Department/s

  • Department of Economics

Publishing year

2022

Language

English

Pages

169-185

Publication/Series

Contributions to Economics

Volume

2

Document type

Book chapter

Publisher

Springer Science and Business Media B.V.

Topic

  • Economics

Keywords

  • ECB
  • Euro
  • Euro area
  • Financial and sovereign debt crisis
  • Monetary Union
  • Public support
  • Trust

Status

Published

ISBN/ISSN/Other

  • ISSN: 1431-1933
  • ISSN: 2197-7178
  • ISBN: 978-3-030-86026-4