EN Official Journal of the European Union CE 84/133

(2004/C 84 E/0171)

WRITTEN QUESTION E-4028/03

by Juan Naranjo Escobar (PPE-DE) to the Commission

(12 January 2004)

Subject: The euro and public opinion

January 2004 will see the second anniversary of the introduction of the euro.

According to the latest Eurobarometer poll, published on 15 December 2003, 59 % of EU citizens and 67 % of citizens of the eurozone countries think the single currency is a good thing. These figures show a fall of 7 and 8 percentage points respectively if compared to those for the first half of 2003.

Does the Commission believe the economic downturn in some of the eurozone Member States could be influencing their citizens' views on the pros and cons of the single currency?

Does the Commission expect this negative trend of public opinion to worsen? What measures does it intend to take on the matter?

Does the Commission believe that Ecofin's decisions of 25 November 2003 concerning the stability pact could affect the euro's credibility?

Answer given by Mr Solbes Mira on behalf of the Commission

(12 February 2004)

The Eurobarometer figures (Standard Eurobarometer 60 published on 15 December 2003) that the Honourable Member refers to indeed indicate that support for the euro has declined to 67 % in the euro area and 59 % in the EU as a whole. On logical grounds, one would expect that the economic situation in the euro area has an impact on the public perception of the euro and the benefits of monetary union as such. At the same time, many other elements play a role. For example, support for the euro stood at its highest in the period between spring 2002 and spring 2003 (see page 9 of the survey), a period characterised by relatively low growth. A broader analysis over the period 1998-2003, moreover, shows that support for the euro remains traditionally rather stable and fluctuates between 60 % and 75 % both in the euro area and the EU as a whole. It would, therefore, be premature to draw clear conclusions from the declining support registered in autumn 2003.

The survey that the Honourable Member refers to was conducted between 1 October and 7 November 2003. Therefore, the public debate about the Stability and Growth Pact (SGP) preceding the decision taken at the Ecofin Council of 25 November 2003 could indeed have influenced the results published on 15 December 2003. The results of the Flash Eurobarometer 153 (also published on 15 December 2003) concerning the SGP, point to a possible link between the debate on the Pact and the perception of the euro, since a clear majority (71 %) of the euro-area citizens agree with the statement that the SGP is a useful instrument and that, thanks to that, the euro is a stable and strong currency.

The Commission continues to believe that sound public finances and fiscal discipline in line with the requirements of the EC Treaty and the SGP are essential. The Commission will, therefore, continue to exercise fully its role in budgetary surveillance in the framework of the SGP. But the 25 November 2003 events also show that it is time to take a further step forward. The Commission is preparing a new initiative to enhance the framework for economic governance in the Union. Improvements in the implementation of the SGP will form part of this initiative.