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Economic Interests and Public Support for the Euro
Unformatted Document Text:  15 believes the current situation of the economy is "very good" has a probability of supporting the euro that is 21 percent greater than a person who believes the current situation is "very bad". Concerns about high inflation rates also appear to dampen support for the euro. Those who believe that inflation exceeds five percent or those who are unsure about the rate are less likely to support the euro than those who believe the inflation rate is less than two percent. These results provide evidence that concern about rising prices dampens support for the euro. However, the effects of inflation do not appear to be as substantial as one might expect; the change in probability in support for the euro between those who perceive inflation as high compared to those who perceive it as low is just six percent. In comparison, attitudes about EU membership exert a powerful influence. A citizen who believes that their country's membership is a good thing has a probability of supporting the euro that is 29 percent greater than a citizen who believes that their country's membership is a bad thing. Outside the eurozone, the economic effects are not at all clear. While economic stability associated with EU membership is significant, national economic performance has no influence. These differences strongly suggest that citizens within the eurozone are linking economic performance to the euro. Whereas the economic indicators have less influence outside the eurozone, identity appears to play a greater role. Both national and EU identity are significant and in the expected direction. While national identity reduces support, attachments to the European Union exert a more powerful influence on support for the euro. In comparison, within the eurozone, the results for identity are mixed; while EU identity is positive and significant, the coefficient for national identity is not significant.

Authors: Banducci, Susan., Karp, Jeffrey. and Loedel, Peter.
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15
believes the current situation of the economy is "very good" has a probability of
supporting the euro that is 21 percent greater than a person who believes the current
situation is "very bad".
Concerns about high inflation rates also appear to dampen support for the
euro. Those who believe that inflation exceeds five percent or those who are unsure
about the rate are less likely to support the euro than those who believe the inflation
rate is less than two percent. These results provide evidence that concern about rising
prices dampens support for the euro. However, the effects of inflation do not appear to
be as substantial as one might expect; the change in probability in support for the euro
between those who perceive inflation as high compared to those who perceive it as
low is just six percent. In comparison, attitudes about EU membership exert a
powerful influence. A citizen who believes that their country's membership is a good
thing has a probability of supporting the euro that is 29 percent greater than a citizen
who believes that their country's membership is a bad thing.
Outside the eurozone, the economic effects are not at all clear. While
economic stability associated with EU membership is significant, national economic
performance has no influence. These differences strongly suggest that citizens within
the eurozone are linking economic performance to the euro. Whereas the economic
indicators have less influence outside the eurozone, identity appears to play a greater
role. Both national and EU identity are significant and in the expected direction.
While national identity reduces support, attachments to the European Union exert a
more powerful influence on support for the euro. In comparison, within the eurozone,
the results for identity are mixed; while EU identity is positive and significant, the
coefficient for national identity is not significant.


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