Scandinavian Working Papers in Economics

Working Papers,
Lund University, Department of Economics

No 2018:9: Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery

Felix Roth (), Edgar Baake (), Lars Jonung () and Felicitas Nowak-Lehmann ()
Additional contact information
Felix Roth: University of Hamburg
Edgar Baake: University of Hamburg
Lars Jonung: Department of Economics, Lund University, Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund, Sweden
Felicitas Nowak-Lehmann: University of Göttingen

Abstract: This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using uniquely large macro and micro databases and applying up-to-date econometric techniques, we revisit the growing literature on public support for the euro. First, we find that a majority of respondents support the euro in nearly all 19 euro area member states. Second, we offer fresh evidence that economic factors are the main determinants of changes in the level of support for the euro: crisis reduces support while periods of recovery bode well for public support. This result holds for both macroeconomic and microeconomic factors. Turning to a broad set of socio-economic variables, we find clear differences in support due to education and perceptions of economic status.

Keywords: Euro; public support for the euro; ECB; EU; euro crisis; unemployment; inflation; monetary union

JEL-codes: C23; E24; E31; E32; E42; E58; J64; O52

31 pages, April 18, 2018

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