The reputation of the euro and the European Central Bank: interlinked or disconnected?. Issue 8 (2nd August 2020)

• Record Type: Journal Article
• Authors: Bergbauer, Stephanie; Hernborg, Nils; Jamet, Jean-Francois; Persson, Eric
• Is Part Of: Journal of European public policy. Volume 27:Issue 8(2020)
• Page Start: 1178
• Page End: 1194
• Publication Date: 2020-08-02
• Subjects: Economic and Monetary Union -- euro -- European Central Bank -- Euroscepticism -- public opinion -- trust; European Union countries -- Politics and government -- Periodicals; Political planning -- European Union countries -- Periodicals; Politique publique -- Pays de l'Union européenne -- Périodiques; Pays de l'Union européenne -- Politique et gouvernement -- Périodiques; 361.61094
• DOI: 10.1080/13501763.2020.1712463
• Languages: English
• ISSNs: 1350-1763

Abstract

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.