The reputation of the euro and the European Central Bank: interlinked or disconnected?

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.

欧元与欧洲中央银行（European Central Bank, ECB）在制度层面密不可分，但公众舆论却存在明显分歧：即便在危机最严峻之际，民众对欧元的支持率仍维持在较高水平，而对欧洲央行的信任度却出现了大幅下滑。我们该如何解释欧元支持度与欧洲央行信任度之间的这种分歧？本文旨在通过构建一套公众对经济与货币联盟（Economic and Monetary Union, EMU）支持度的统一分析框架，并提出一种全新的欧元与欧洲央行怀疑者、支持者分类类型学，以补充现有相关研究文献。实证研究发现，民众对欧元的支持主要基于价值取向，而对欧洲央行的信任则更多取决于其感知到的履职表现。研究结果表明，在危机期间，尽管民众认为欧洲央行履职不佳，但基于价值的支持对于维持公众对经济与货币联盟的持续支持至关重要。