If the euro enjoys a very strong attachment of the European population, the action of the ECB does not convince the general public. A real problem, because the confidence of citizens is essential for the central bank to carry out its mandate. The subject will be key in the strategic review.
It is a paradox. The European Central Bank (ECB) has mobilized like never before to support the European economy in the face of the coronavirus crisis, putting 1.850 billion euros for its emergency program on the table and offering financing at negative rates to banks . But despite these efforts, the institution continues to lose the confidence of European citizens. This is underlined by the most recent publication of the Eurobarometer study commissioned by the European Commission.
The phenomenon is not new. “ Confidence in the ECB has declined significantly since the financial crisis, notes Michael Schubert, economist at Commerzbank. For the past ten years or so, net trust – that is to say the difference between the share of respondents who trust the ECB and the share of those who do not trust it – has almost systematically been in negative territory. . With the launch of its large asset purchase program in 2015, the central bank had managed to recover. But since the end of 2019, the results have deteriorated again.