(Bloomberg) -- The euro enjoys a high level of public support that has defied its turbulent crises, but that cheer hides a darker truth.
Bank of France researchers say the wider backing for the currency is accompanied with an undercurrent of jealousy running deep among voters in member states.
“A paradox exists in public opinion,” the researchers say, citing data from the European Commission's Eurobarometer survey. “Each country appears to believe that the single currency is more beneficial for the EU as a whole than it is for itself.”
The task of dealing with what they call the “grass is always greener feeling” may begin at home. According to the paper by Laurent Abraham and Jean-Baptiste Gossé, the countries where people feel they are missing out the most are also the countries where people have the least trust in their own national institutions.
“An improvement in the functioning of national institutions could thus contribute to strengthening the benefits of the adoption of the single currency,” the researchers say.
To contact the reporter on this story: William Horobin in Paris at whorobin@bloomberg.net
To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, ;Craig Stirling at cstirling1@bloomberg.net, Zoe Schneeweiss
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