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Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank

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  • KARL KALTENTHALER
  • CHRISTOPHER J. ANDERSON
  • WILLIAM J. MILLER

Abstract

This article explores whether Europeans distrust the European Central Bank (ECB) because they dislike its policies or think they cannot control the institution. Distrust of the ECB is a function of individuals believing the bank cannot be counted on to fulfill the duties that Europeans have assigned it.

Suggested Citation

  • Karl Kaltenthaler & Christopher J. Anderson & William J. Miller, 2010. "Accountability and Independent Central Banks: Europeans and Distrust of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 48(5), pages 1261-1281, November.
    • Handle: RePEc:bla:jcmkts:v:48:y:2010:i:5:p:1261-1281
    DOI: 10.1111/j.1468-5965.2010.02112.x
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    5. Jakob De Haan & Fabian Amtenbrink & Sandra Waller, 2004. "The Transparency and Credibility of the European Central Bank," Journal of Common Market Studies, Wiley Blackwell, vol. 42(4), pages 775-794, November.
    6. Marco Arnone & Bernard J Laurens & Jean-François Segalotto & Martin Sommer, 2009. "Central Bank Autonomy: Lessons from Global Trends," IMF Staff Papers, Palgrave Macmillan, vol. 56(2), pages 263-296, June.
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    Citations

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    Cited by:

    1. Arnold, Christine, Eliyahu V. Sapir and Galina Zapryanova, 2012. "Trust in the institutions of the European Union: A cross-country examination," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 16, February.
    2. Niţoi, Mihai & Pochea, Maria-Miruna, 2024. "Trust in the central bank, financial literacy, and personal beliefs," Journal of International Money and Finance, Elsevier, vol. 143(C).
    3. Hayo, Bernd & Neuenkirch, Edith, 2014. "The German public and its trust in the ECB: The role of knowledge and information search," Journal of International Money and Finance, Elsevier, vol. 47(C), pages 286-303.
    4. Siria Angino & Federico M Ferrara & Stefania Secola, 2022. "The cultural origins of institutional trust: The case of the European Central Bank," European Union Politics, , vol. 23(2), pages 212-235, June.
    5. Giorgio Liotti & Rosaria Rita Canale, 2021. "Trust in the European Union project and the role of ECB," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(2), pages 461-482, July.
    6. Braun, Benjamin, 2016. "Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing," MPIfG Discussion Paper 16/12, Max Planck Institute for the Study of Societies.
    7. Hayo, Bernd & Méon, Pierre-Guillaume, 2024. "Preaching to the agnostic: Inflation reporting can increase trust in the central bank but only among people with weak priors," Journal of International Money and Finance, Elsevier, vol. 142(C).
    8. Bernd Hayo & Florian Neumeier, 2021. "Explaining central bank trust in an inflation-targeting country: the case of the Reserve Bank of New Zealand," Oxford Economic Papers, Oxford University Press, vol. 73(1), pages 27-48.
    9. Ehrmann, Michael & Soudan, Michel & Stracca, Livio, 2012. "Explaining EU Citizens' Trust in the ECB in Normal and Crisis Times," Economics Series 289, Institute for Advanced Studies.
    10. Wälti, Sébastien, 2012. "Trust no more? The impact of the crisis on citizens’ trust in central banks," Journal of International Money and Finance, Elsevier, vol. 31(3), pages 593-605.
    11. Hayat, Muhammad Azmat & Farvaque, Etienne, 2012. "Public attitudes towards central bank independence: Lessons from the foundation of the ECB," European Journal of Political Economy, Elsevier, vol. 28(4), pages 512-523.
    12. Brouwer, Nils & de Haan, Jakob, 2022. "Trust in the ECB: Drivers and consequences," European Journal of Political Economy, Elsevier, vol. 74(C).
    13. Jae-Eun Lee & Seol-A Kwon, 2021. "A Study on the Public’s Crisis Management Efficacy and Anxiety in a Pandemic Situation—Focusing on the COVID-19 Pandemic in South Korea," Sustainability, MDPI, vol. 13(15), pages 1-17, July.
    14. Roth, Felix & Nowak-Lehmann D., Felicitas & Otter, Thomas, 2011. "Has the financial crisis shattered citizens’ trust in national and European governmental institutions? Evidence from the EU member states, 1999-2010," CEPS Papers 4159, Centre for European Policy Studies.
    15. Roth, Felix & Gros, Daniel & Nowak-Lehmann D., Felicitas, 2012. "Has the financial crisis eroded citizens' trust in the European Central Bank? Panel data evidence for the Euro area, 1999-2011," University of Göttingen Working Papers in Economics 124, University of Goettingen, Department of Economics.
    16. Zohal Hessami, 2011. "What Determines Trust in International Organizations?," Working Paper Series of the Department of Economics, University of Konstanz 2011-44, Department of Economics, University of Konstanz.
    17. Angino, Siria & Secola, Stefania, 2022. "Instinctive versus reflective trust in the European Central Bank," Working Paper Series 2660, European Central Bank.
    18. Carin van der Cruijsen & Anna Samarina, 2021. "Trust in the ECB in turbulent times," Working Papers 722, DNB.
    19. repec:got:cegedp:124 is not listed on IDEAS
    20. Thomas Otter, 2013. "Crisis and Trust in National and European Union Institutions — Panel Evidence for the EU, 1999 to 2012," EUI-RSCAS Working Papers 31, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    21. Nataliia Kostiuchenko, 2015. "A Challenge Of Trust: Can Distrust Kill The Euro?," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 1(1).
    22. Hessami, Zohal, 2011. "What determines trust in international organizations? An empirical analysis for the IMF, the World Bank, and the WTO," MPRA Paper 34550, University Library of Munich, Germany.

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