Europeans show record support for the euro

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This article is brought to you in association with the European Commission.

More than three in four citizens think that the single currency is good for the European Union, according to the latest Eurobarometer results. This is the highest support since surveys began in 2002. 

According to the results of the latest Eurobarometer survey on the euro area, 76% of respondents think the single currency is good for the EU. This is the highest support since the introduction of euro coins and banknotes in 2002 and a 2-percentage point increase since last year’s already record levels. Similarly, a majority of 65% of citizens across the euro area think that the euro is beneficial for their own country: this is also the highest number ever measured. The common currency is supported by a majority of citizens in all 19 euro area Member States.

Jean-Claude Juncker, President of the European Commission, said: “Almost 28 years after I added my name to the Maastricht Treaty, I remain convinced that this was the most important signature I ever made. The euro – now 20 years young – has  become a symbol of unity, sovereignty and stability. We have worked hard over the past five years to turn the page of Europe’s crisis, ensure that the benefits of jobs, growth and investment are reaching all Europeans and make Europe’s Economic and Monetary Union stronger than ever. The euro and I being the only survivors of the Maastricht Treaty, I am glad to see this record-high support for our single currency on my last days in office as President of the European Commission. The euro has been the fight of a lifetime and it is one of Europe’s best assets for the future. Let’s make sure that it continues to deliver prosperity and protection to our citizens.”

Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, said: ”The euro today is stronger than ever, bringing numerous benefits for people, businesses and countries from replacing 19 different currencies with one. It is not a coincidence that most Europeans support the euro. This record-high support gives us a clear mandate to work on further strengthening of our Economic and Monetary Union and reinforcing the international role of the euro.”

Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Long gone are the days when the integrity of the single currency was in question. The euro is one of the biggest European success stories, and ithas brought tangible benefits to European citizens, businesses and governments alike. We have strengthened our Economic and Monetary Union since the crisis and since the start of this Commission, but the work is not yet finished. The future of the euro is still to be written. We must make sure that this support continues to rise and that the benefits of the euro are shared more equally among all of our citizens.”

The euro makes it easy

Still a young currency, the euro has just turned 20 this year. Nevertheless, Europeans clearly see the very practical benefits it has brought to their everyday lives. Four fifths of respondents agree that the euro has made it easier to do business across borders, compare prices and shop in other countries, including online. An absolute majority in the euro area also think that the euro has made traveling easier and less costly.

The euro is more than just the coins and notes in our pockets: it is a symbol of Europe’s unity and global strength. Today, it is already the currency of 340 million Europeans in 19 Member States. It has brought tangible benefits to all: stable prices, lower transaction costs, protected savings, more transparent and competitive markets, increased trade, easier travel and higher living standards. Some 60 countries around the world link their currencies to the euro in one way or another.

Strong support for reforms, coordinated economic policies, but also for abolishing one- and two-cent coins

Asked about their views on the coordination of economic policy, including budgetary policies, 69% of Europeans see the need for more coordination in the euro area, whilst only 7% would like to see less cooperation.There is also continued strong support at 80% for economic reforms to improve the performance of national economies. This is also reflected in national results, with clear majorities in all euro area countries.

A majority of 65% of respondents said they were in favour of doing away with inconvenient one- and two-euro cent coins through the mandatory rounding of the final price of purchases in shops and supermarkets to the nearest five cents. An absolute majority supports this idea in 16 out of the 19 euro area countries.

Background

Citizens replied to a set of questions focusing on issues ranging from perception and practical aspects of the euro to their assessment of the economic situation, policy and reforms in their country and in the euro area. In addition, the survey asked citizens about their views and expectations regarding household income and inflation.

Some 17,500 respondents across the 19 euro area countries were interviewed by phone between 14 and 19 October 2019.