Eurobarometer: Not a single answer about what the Banking Union will cost to citizens

Press conference by Cecilia Malmström, Member of the European Commission, presenting a Eurobarometer survey. Raising her hands, she seems helpless with the findings. (EC Audiovisual Services).

Press conference by Cecilia Malmström, Member of the European Commission, presenting a Eurobarometer survey. Raising her hands, she seems helpless with the findings. (EC Audiovisual Services).

At a critical time for the future of Eurozone, with the Banking Union still pending – the most important project since the euro – and the Eurobarometer survey failed to ask the citizens of the 18 euro area member states about that. Of course this is not a grave omission of the people who drafted the questionnaire, but of their political bosses, who have so far failed to inform the euro area citizens about the importance of the Banking Union project and what it means for them.

Understandably, this latest Eurobarometer public opinion survey is focused on the European elections of 2014, which constitute now the first priority for the EU parliamentarians. It’s about their jobs! The main questions asked in this survey are centred on the dynamism of the common future feeling. Citizens were asked “Are we better off economically when we act together? Should member states work in conjunction with others or are they better off on their own?”.

Like answers, like questions

Unfortunately the survey failed to explain the meaning of the common future. Not a question about what, the under construction Banking Union, will mean for hundreds of millions of citizens in the 18 euro area countries. Nothing mentioned about the future things to come, or about the financial liabilities which will be more or less shared by all.

Nobody in the EU speaks loud about all that. In this respect, the critical point which still remains unanswered and has blocked the creation of the Single Resolution Mechanism is the sharing of costs in resolving failing Eurozone banks. Will the taxpayers of all euro area countries be burdened by the cost of resolving banks in other member states? To what extent will central tackling of resolutions burden the Single Resolution Fund? How will this Fund be financed? No questions, no answers about those hot issues. The Eurobarometer didn’t want to bother citizens with difficult questions.

Answering those questions involves a much more advanced sense of a common future, than asking the citizens about ‘acting together’ in a completely abstract manner. EU politicians didn’t take any trouble to explain to their voters what does this ‘acting together’ involves. Consequently, the survey had nothing important to tell.

Meaningless survey

According to the findings of the Eurobarometer, “One in two Europeans reckons they would be better protected against the current economic crisis if their country worked together with another Member State on appropriate measures. This is in stark contrast to two-thirds of Brits who feel the UK should act on its own. At the same time the survey shows respondents in Eurozone countries in particular are more positive about coordinated action”.

This kind of response is meaningless because the questions asked have no concrete content at all. That’s why the answers given were quite predictable. The British have always been negative about the EU and Eurozone citizens are by definition more sensitive to joint action, because the euro now constitutes the base of their economic existence, or so they believe.

However, there is one more important drawback of the Parliament Press release communicating this Eurobarometer. Quite shamelessly, it restricts the information about what the citizens think about the single currency, to non-Eurozone citizens’ responses. It goes like this: “For a majority of respondents from outside the Eurozone the future of the single currency looks bright. 7 of 11 non-Eurozone countries are positive about their country introducing the euro by 2025.”

Unacceptable omission

It’s completely unacceptable to restrict the reference to citizens’ opinion about the euro, to non-Eurozone responders. In this way, it is evident what some Parliamentarians want to hide. It’s the disillusionment of the majority of citizens in the south about the euro.

In any case, this Eurobarometer survey is one of the most biased ever conducted and communicated. Of course this is the upper part of the iceberg. Beneath the water it’s the EU Parliamentarians who want to avoid informing the European Union citizens about the present stalemates in the Eurozone and the cost to resolve them.

the sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

European Commission: the LED lights of your Audi A6 shall save our planet

A new approach to scaling-up renewable power in emerging markets

Ensure that widows are ‘not left out or left behind’, UN chief urges on International Day

COVID-19 wave III and the lessons learned

Threats from mammoth banks and Brussels fuel May’s poll rates

EU and Amazon cut deal to end antitrust investigation over e-books deals

MEPs urge EU countries to be transparent about their COVID-19 vaccine supplies

Here’s how private investors can turn plastic into gold

Still a long way to go to achieve gender equality in all EU countries

Africa is set to get its first vertical forest

‘Millions facing starvation’ – Global political and business leaders on the economic impact of COVID-19

How the gender commuting gap could be harming women’s careers

Will 2020 be the year blockchain overcomes its hype?

Progress in medical research: leading or lagging behind?

Bacteria vs. humans: how to fight in this world war?

The future of energy is being shaped in Asia

What we know and what we don’t know about universal basic income

The first new university in the UK for 40 years is taking a very different approach to education

OECD household income up 0.7% in first quarter of 2018, outpacing GDP growth

First seat projections for the next European Parliament

The energy industry is changing. Are governments switched on?

What is the IMF telling Eurozone about fiscal and banking unification?

Trump ‘used’ G20 to side with Putin and split climate and trade packs


Re-thinking citizenship education: bringing young people back to the ballot box

Commission issues guidance on the participation of third country bidders in the EU procurement market

Car rentals: EU action leads to clearer and more transparent pricing

What’s going on in Chernobyl today?

Here’s how we get businesses to harmonize on climate change

Why are the Balkans’ political leaders meeting in Geneva this week?

Support for EU remains at historically high level despite sceptics

US pardons for accused war criminals, contrary to international law: UN rights office

European Business Summit 2015: In search of a vision for the future

Brexit casts a shadow over the LSE – Deutsche Börse merger: a tracer of how or if brexit is to be implemented

Migrants and refugees face higher risk of developing ill-health, says UN report on displaced people in Europe

Autumn 2019 Standard Eurobarometer: immigration and climate change remain main concerns at EU level

Stop the waste: UN food agencies call for action to reduce global hunger

The term AI overpromises. Let’s make machine learning work better for humans instead

How blended finance helped to keep energy supplies flowing during COVID-19

What will a post-pandemic economy look like? Here’s what chief economists expect

Innovation is the key to the pay-TV industry’s long-term growth

Mergers: Commission approves GlaxoSmithKline’s acquisition of Pfizer’s Consumer Health Business, subject to conditions

Coronavirus: Commission launches call for innovative response and recovery partnerships between EU regions

Parliament names radio studio after journalists murdered in December attack

4 things to know about the state of conflict today

World-famous cultural institutions closed due to coronavirus are welcoming virtual visitors

As Houthi forces withdraw from key Yemeni ports, UN monitoring chief welcomes ‘first practical step on the ground’

Get out, stay out: how financial resilience helps end poverty

The ‘ASEAN way’: what it is, how it must change for the future

30 years of tissue engineering, what has been achieved?

Businesses are lacking moral leadership, according to employees

Mental health and suicide prevention

‘Perseverance is key’ to Iraq’s future, UN envoy tells Security Council

Belgium: Youth Forum takes legal step to ban unpaid internships

European Commission recommends common EU approach to the security of 5G networks

The Future of Balkans: Embracing Education

The European Parliament fails to really restrict the rating agencies

Gas pipeline in the European Union. (Copyright: EU, 2012 / Source: EC - Audiovisual Service / Photo: Ferenc Isza)

EU Investment Bank approves € 1.5bn loan for Trans Adriatic Pipeline (TAP)

Could Europe become the first climate-neutral continent?

Venezuela’s needs ‘significant and growing’ UN humanitarian chief warns Security Council, as ‘unparalleled’ exodus continues

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s