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E-book Public Support for the Euro : Essays on Labor Productivity, Monetary Economics, and Political Economy

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Penilaian

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The euro, the common European currency adopted in 1999, is now entering its thirddecade. The euro is unique in at least two ways. First, a large number of independentcountries, EU member states, have handed over responsibility for their monetarypolicy to an independent central bank, the European Central Bank (ECB), whilemaintaining domestic control overfiscal policy. Second, the euro, to the best of ourknowledge, is the only currency for which we have a long and consistent time seriesshowing public support for the currency and public trust in the central bank thatsupplies the currency. No such opinion poll data exist for the dollar, the pound, orany other currency for that matter. This unique data set enables us to conductinnovative studies of the determinants of support for a currency actively incirculation.The purpose of this contribution is to examine how the European public hasviewed the euro throughout itsfirst two decades. It also examines how trust in theECB and in national governments has evolved among the EU member states withinthe euro area (EA) and those outside. We stress that we are looking at support for theeuro and its governance from the perspective of the public as revealed in publicopinion polls, which is not the typical approach adopted by economists. The lattertend to study currencies via other analytical methods, such as the optimum currencyarea (OCA) approach developed by Robert Mundell (1961) or the process ofdivergence and convergence within a monetary union. Our approach should beviewed as a complementary strategy to these more conventional ways.This paper is structured as follows. Section2 discusses the role of public supportfor the sustainability of a common currency within a monetary union. Section3summarises previous empiricalfindings. Section4 describes the Eurobarometer dataused in this study. Section5 offers a descriptive summary of the measures used toquantify popular support and trust. Section6 presents our macro-econometricfindings. Section7 explains the divergence in support for the euro and trust in theECB. Section8 offers an outlook on the future of the euro area. Section9 concludes.

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Ketersediaan

Informasi Detail

Judul Seri

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No. Panggil

332.41 ROT p

Penerbit

Switzerland : Springer Nature., 2022

Deskripsi Fisik

235 hlm

Bahasa

English

ISBN/ISSN

9783030860240

Klasifikasi

332.41

Tipe Isi

text

Tipe Media

computer

Tipe Pembawa

online resource

Edisi

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Subjek

Value of Money

Info Detail Spesifik

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Pernyataan Tanggungjawab

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Versi lain/terkait

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