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| 2. |
- Roth, Felix, et al.
(författare)
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After 25 Years as Faithful Members of the EU. Public Support for the Euro and Trust in the ECB in Austria, Finland and Sweden
- 2020
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century. Support for the euro in the two euro-area members Austria and Finland has remained high and relatively stable since the physical introduction of the new currency nearly 20 years ago, while the euro crisis significantly reduced support for the euro in Sweden. Since the start of the crisis, trust in the ECB was strongly influenced by the pronounced increase in unemployment in the euro area, demonstrating that the ECB was held accountable for macroeconomic developments. Our results indicate that citizens in the EU, both within and outside the euro area, judge the euro and the ECB based on the economic performance of the euro area. Thus, the best way to foster support for the euro and trust in the ECB is to pursue policies aimed at achieving low unemployment and high growth.
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| 3. |
- Roth, Felix, et al.
(författare)
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COVID-19 and Public Support for the Euro
- 2023
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro reached historically high levels in a majority of the 19 Euro Area member states in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly contributed to this outcome, while the monetary measures taken by the European Central Bank did not have a similar effect.
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| 4. |
- Roth, Felix, et al.
(författare)
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COVID-19 and public support for the Euro
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Ingår i: Empirica. - 1573-6911.
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Tidskriftsartikel (refereegranskat)abstract
- The COVID-19 pandemic had disastrous effects on health and economic activity worldwide, including in the Euro Area. The application of mandatory lockdowns contributed to a sharp fall in production and a rise in unemployment, inducing an expansionary fiscal and monetary response. Using a uniquely large macro database, this paper examines the effects of the pandemic and the ensuing economic policies on public support for the common currency, the euro, as measured by the Eurobarometer survey. It finds that public support for the euro increased in a majority of the 19 Euro Area member states and reached historically high levels in the midst of the pandemic. This finding suggests that the expansionary fiscal policies initiated at the EU level significantly contributed to this outcome, while the monetary measures taken by the European Central Bank did not have a similar effect.
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| 5. |
- Roth, Felix, et al.
(författare)
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Crisis and Public Support for the Euro
- 2022
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Ingår i: Public Support for the Euro : Essays on Labor Productivity, Monetary Economics, and Political Economy - Essays on Labor Productivity, Monetary Economics, and Political Economy. - Cham : Springer International Publishing. - 1431-1933 .- 2197-7178. - 9783030860233 - 9783030860264 ; 2, s. 157-163
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Bokkapitel (refereegranskat)abstract
- The Eurozone crisis has meant slow growth, rising unemployment and social unrest. This contribution gauges the impact of these negative developments on European citizens’ opinion about the euro and the EU institutions. Using Eurobarometer surveys, the authors find that, within the Eurozone, the crisis has only marginally lowered support for the euro but has led to a sharp fall in public trust in the European Central Bank.
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| 6. |
- Roth, Felix, et al.
(författare)
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Crisis and Public Support for the Euro, 1990–2014
- 2016
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Ingår i: Journal of Common Market Studies. - : Wiley. - 0021-9886 .- 1468-5965. ; 54:4, s. 944-960
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Tidskriftsartikel (refereegranskat)abstract
- This article analyses the evolution of public support for the single European currency, the euro, from 1990 to 2014 for a 12-country sample of the euro area (EA-12), focusing on the most recent period of the financial and sovereign debt crisis, starting in 2008. We find that citizens’ support for the euro on average was marginally reduced during the first six years of the crisis, and that support has remained at high levels. While the pronounced increase in unemployment in the EA-12 throughout the crisis has led to a marked decline in trust in the European Central Bank (ECB), it is only weakly related to support for the euro.
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| 7. |
- Roth, Felix, et al.
(författare)
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Crisis and Public Support for the Euro, 1999–2014
- 2022
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Ingår i: Public Support for the Euro : Essays on Labor Productivity, Monetary Economics, and Political Economy - Essays on Labor Productivity, Monetary Economics, and Political Economy. - Cham : Springer International Publishing. - 1431-1933 .- 2197-7178. - 9783030860264 ; 2, s. 55-91
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Bokkapitel (refereegranskat)abstract
- This contribution analyses the evolution of public support for the single European currency, the euro, from 1990 to 2014 for a 12-country sample of the euro area (EA-12), focusing on the most recent period of the financial and sovereign debt crisis, starting in 2008. We find that citizens’ support for the euro on average was marginally reduced during the first six years of the crisis, and that support has remained at high levels. While the pronounced increase in unemployment in the EA-12 throughout the crisis has led to a marked decline in trust in the European Central Bank (ECB), it is only weakly related to support for the euro.
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| 8. |
- Roth, Felix, et al.
(författare)
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Public Support for the Euro
- 2022
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Ingår i: Public Support for the Euro : Essays on Labor Productivity, Monetary Economics, and Political Economy - Essays on Labor Productivity, Monetary Economics, and Political Economy. - Cham : Springer International Publishing. - 1431-1933 .- 2197-7178. - 9783030860264 ; 2, s. 47-54
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Bokkapitel (refereegranskat)abstract
- The euro as a common currency has recently been the subject of harsh criticism by economists from both sides of the Atlantic, including claims that citizens in some Eurozone countries are turning against it. This contribution argues that, in fact, the euro currently enjoys comfortable popular support in each of the 12 original member states of the Eurozone and that potential upcoming referenda in any of these countries do not appear to pose a threat to the currency. In contrast, popular support for the euro has declined sharply in non-Eurozone EU member states since the recent crisis, with the UK standing out as the country with the most negative view.
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| 9. |
- Roth, Felix, et al.
(författare)
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Public Support for the Euro and Trust in the ECB. The First Two Decades of the Common Currency
- 2019
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This chapter examines the evolution of public support for the euro and public trust in the European Central Bank (ECB) during the new currency’s first two decades. Using a unique set of opinion poll data that is not available for any other currency, we find that a majority of citizens in every member country of the euro area (EA) support the euro. The economic crisis in the EA following the Great Recession and the euro crisis led to a slight decline in public support for the euro but a sharp fall in trust in the ECB. The recent economic recovery has strengthened support for the euro as well as trust in the ECB. We suggest that support for the euro as a medium of exchange was not strongly affected by the crisis, while trust in the ECB, as the framer of monetary policy, was measurably weakened by the crisis. Our econometric work demonstrates that unemployment is a key driver of support for the euro and its governance. Given these developments, we discuss whether the present levels of support for the euro equip the currency to weather populist challenges in the coming decade.
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| 10. |
- Roth, Felix, et al.
(författare)
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Public Support for the Euro and Trust in the ECB : The First Two Decades of the Common Currency
- 2022
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Ingår i: Public Support for the Euro : Essays on Labor Productivity, Monetary Economics, and Political Economy - Essays on Labor Productivity, Monetary Economics, and Political Economy. - Cham : Springer International Publishing. - 1431-1933 .- 2197-7178. ; 2, s. 1-19
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Bokkapitel (refereegranskat)abstract
- This contribution examines the evolution of public support for the euro since its introduction as a virtual currency in 1999, using a unique set of data not available for any other currency. We focus on the role of economic factors in determining the popularity of the euro. We find that a majority of citizens support the euro in each individual member country of the euro area (EA). The economic crisis in the EA provoked by the Great Recession led to a slight decline in public support, but the recent economic recovery has strengthened that support, which is now approaching historically high levels after two decades of existence. A similar, but less pronounced upturn in trust in the ECB can also be detected during the recovery. Our econometric work demonstrates that unemployment is a key driver of support behind the euro. Given these developments, we discuss whether the large and persistent majority support enjoyed by the euro equips the currency to weather populist challenges during its third decade.
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