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Public support for institutionalised solidarity: Europeans' reaction to the establishment of eurobonds

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Daniele, Gianmarco; Geys, Benny

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Corporate Editor Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract As part of a collective answer to the threat posed by the Great Recession to several Member States' public finances, the European Commission's November 2011 Green Paper discussed the introduction of Stability Bonds (or Eurobonds) that would partially or completely replace the national bonds of the Euro Area's Member States. Having triggered fierce debates among policy-makers across and within European countries, this article investigates European citizens' opinions about Eurobonds, and the step towards further European fiscal integration they represent. Using a novel dataset derived from the Eurobarometer surveys, we show that, at the individual level, political ideology, distrust towards EU institutions and altruism appear more relevant than self-interest in shaping preferences for/against Eurobonds. However, at the country level, opinion towards Eurobonds strongly reflects the expected costs/benefits from Eurobonds' introduction for ones country. Finally, a notable intra-generational divide exists across young citizens of PIIGS and non-PIIGS countries, reflecting the diverse expected future costs and benefits of Eurobonds across both regions. (author's abstract)
Keywords public opinion; European integration; Eurobarometer; bonds; stability
Classification European Politics; Economic Policy
Free Keywords Eurobonds
Document language English
Publication Year 2012
City Berlin
Page/Pages 19 p.
Series Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Schwerpunkt Märkte und Politik, Forschungsprofessur und Projekt The Future of Fiscal Federalism, SP II 2012-112
Status Published Version; reviewed
Licence Deposit Licence - No Redistribution, No Modifications