COVID-19 and public support for the Euro

Felix Roth (), Lars Jonung () and Aisada Most ()
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Aisada Most: University of Hamburg

Empirica, 2024, vol. 51, issue 1, No 3, 86 pages

Abstract: 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.

Keywords: COVID-19; Support for the euro; Unemployment; Monetary policies; Fiscal policies; ECB; EMU (search for similar items in EconPapers)
JEL-codes: C23 E24 E42 E52 E62 I18 (search for similar items in EconPapers)
Date: 2024
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Working Paper: COVID-19 and Public Support for the Euro (2023)
Working Paper: COVID-19 and Public Support for the Euro (2022)
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DOI: 10.1007/s10663-023-09596-7

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