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Economic Interests and Public Support for the Euro
Unformatted Document Text:  6 feel closer to other countries,” and “In sharing the same single currency I feel more connected with the rest of Europe,” illustrate the ability of the currency to bring European together and build a sense of shared identity (European Commission 2004, 8). Though there was some nostalgia among the elderly participants for the old currency such as franc or the drachma (“the oldest currency in the world”). Negative reactions to the currency centered on the feeling that prices had risen considerably with the introduction of the euro. The sentiment that purchasing power had been reduced was expressed across all categories of individuals and in all countries and was particularly true in the Netherlands and Germany (European Commission 2004, 20). For example, a person in Ireland noted the increase in the price of Guinness in a pub. Generally, people expressed that feeling that their money was not “lasting as long”, “buying as much” or “going as far” as before. The source of the increase in prices was identified as rounding up and businesses taking advantage of the change in currency to raise prices. One Dutch respondent said, “There’s no doubt that prices have gone up…people have taken advantage of it,” with another adding “Prices have been rounded up just about everywhere” (European Commission 2004, 21). Clearly, as is noted in the qualitative research conducted directly after the introduction of the euro currency, European citizens are concerned about price increases. While a majority of respondents found the benefits of cheaper and easier travel and easier price comparison noteworthy, many citizens are still convinced that the euro introduction would still increase prices (especially in the removal of small denominations from their own national currencies). More pointedly, respondents widely believe that the euro has had negative effect on prices. Nearly all citizens (93 percent) state the euro has added to the increases in prices. Looking at any socio-

Authors: Banducci, Susan., Karp, Jeffrey. and Loedel, Peter.
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feel closer to other countries,” and “In sharing the same single currency I feel more
connected with the rest of Europe,” illustrate the ability of the currency to bring
European together and build a sense of shared identity (European Commission 2004,
8). Though there was some nostalgia among the elderly participants for the old
currency such as franc or the drachma (“the oldest currency in the world”).
Negative reactions to the currency centered on the feeling that prices had risen
considerably with the introduction of the euro. The sentiment that purchasing power
had been reduced was expressed across all categories of individuals and in all
countries and was particularly true in the Netherlands and Germany (European
Commission 2004, 20). For example, a person in Ireland noted the increase in the
price of Guinness in a pub. Generally, people expressed that feeling that their money
was not “lasting as long”, “buying as much” or “going as far” as before. The source of
the increase in prices was identified as rounding up and businesses taking advantage
of the change in currency to raise prices. One Dutch respondent said, “There’s no
doubt that prices have gone up…people have taken advantage of it,” with another
adding “Prices have been rounded up just about everywhere” (European Commission
2004, 21).
Clearly, as is noted in the qualitative research conducted directly after the
introduction of the euro currency, European citizens are concerned about price
increases. While a majority of respondents found the benefits of cheaper and easier
travel and easier price comparison noteworthy, many citizens are still convinced that
the euro introduction would still increase prices (especially in the removal of small
denominations from their own national currencies). More pointedly, respondents
widely believe that the euro has had negative effect on prices. Nearly all citizens (93
percent) state the euro has added to the increases in prices. Looking at any socio-


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