The euro disconnect

There’s something a bit odd about the contrast between a) economists debating the prospect of the euro supplanting the dollar as the world’s reserve currency, and b) the fact that Europeans don’t like the euro all that much. The Financial Times’ Ralph Atkins explains: An overwhelming majority of citizens in the big eurozone countries believe ...

By , a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast.

There's something a bit odd about the contrast between a) economists debating the prospect of the euro supplanting the dollar as the world's reserve currency, and b) the fact that Europeans don't like the euro all that much. The Financial Times' Ralph Atkins explains: An overwhelming majority of citizens in the big eurozone countries believe the euro has damaged their national economies, highlighting the popular scepticism that still surrounds Europe?s eight-year-old monetary union. More than two-thirds of the French, Italians and Spanish ? and more than half of Germans ? believe the single currency has had a ?negative impact?, according to an FT-Harris poll. In France, just 5 per cent said the euro has had a positive effect on the French economy.... [M]ore than half of citizens in countries using the euro say they prefer their former national currency, according to the poll of 5,314 adults in Germany, the UK, France, Spain and Italy, which was conducted between January 10 and January 22. Almost two-thirds of Germans say they preferred their former currency, the D-Mark.UPDATE: Henry Farrell provides an explanation for the oddity.

There’s something a bit odd about the contrast between a) economists debating the prospect of the euro supplanting the dollar as the world’s reserve currency, and b) the fact that Europeans don’t like the euro all that much. The Financial Times’ Ralph Atkins explains:

An overwhelming majority of citizens in the big eurozone countries believe the euro has damaged their national economies, highlighting the popular scepticism that still surrounds Europe?s eight-year-old monetary union. More than two-thirds of the French, Italians and Spanish ? and more than half of Germans ? believe the single currency has had a ?negative impact?, according to an FT-Harris poll. In France, just 5 per cent said the euro has had a positive effect on the French economy…. [M]ore than half of citizens in countries using the euro say they prefer their former national currency, according to the poll of 5,314 adults in Germany, the UK, France, Spain and Italy, which was conducted between January 10 and January 22. Almost two-thirds of Germans say they preferred their former currency, the D-Mark.

UPDATE: Henry Farrell provides an explanation for the oddity.

Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner

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