help for the euro earlier than and after adoption

4 November 2025

By Ferdinand Dreher and Nils Hernborg

When nations put together to undertake the euro, public sentiment is commonly hesitant or break up. People have a tendency to fret about costs going up, in addition to a lack of their nation’s sovereignty or sense of nationwide identification. They can be sceptical as as to if the advantages will really outweigh the prices. This is comprehensible: a foreign money is a robust image of nationwide identification, and main adjustments naturally create uncertainty.

Yet survey knowledge reveal a placing and constant pattern: combined sentiment previous to adoption shifts as help for the euro rises considerably after adoption. This sample holds true throughout all eight nations that joined the euro space after 2002.^[1]

Why does public opinion shift so markedly as soon as individuals have the euro of their arms? This weblog put up attracts on knowledge from Eurobarometer surveys to make clear this phenomenon. As Bulgaria prepares to affix the euro space on 1 January 2026, this evaluation helps us perceive how public opinion might evolve after the changeover.

How public help adjustments earlier than and after euro adoption

Eurobarometer knowledge from the eight nations that joined the euro space after 2002 reveal a remarkably constant sample: public help for the euro tends to rise sharply after adoption.

In the ultimate survey earlier than accession, public opinion is commonly combined. Support sometimes begins to extend barely simply earlier than adoption, across the time when the nation will get formal approval to affix the euro space. However, essentially the most important shift happens instantly after the changeover. On common, help for the euro jumps by 11 share factors from the final survey earlier than adoption to the primary survey carried out afterward. Following adoption, public opinion stabilises at a transparent majority in favour in all nations, with a mean of 73 % supporting the euro and solely 22 % towards. That is a big internet help of 51 %.

The enhance might be noticed throughout all eight accession nations, whatever the preliminary stage of help. For instance, in Estonia and Slovenia, help rose by 8 share factors, whereas in Latvia, it elevated by 15 factors. In Croatia – the most recent nation to affix the euro space in 2023 – help for the euro elevated by 11 share factors between the final survey earlier than introduction of the euro (July 2022) and the primary survey after (February 2023). The optimistic shift can be noticed in all sociodemographic teams – younger and previous, women and men, completely different training ranges and no matter whether or not individuals stay in cities or the countryside. And, importantly, as Chart 1 exhibits, help stays on the increased ranges within the years after adoption.

Main issues earlier than euro adoption

Why are individuals sceptical of giving up their foreign money previous to adoption? Survey knowledge reveal completely different underlying elements.

The most speedy and widespread concern is that costs will rise when the previous foreign money is changed by the euro. On common, about three out of 4 residents worry that the changeover will result in increased costs (Chart 2). This nervousness is commonly fuelled by uncertainty about how outlets will convert costs and whether or not the transition will probably be used as an excuse for “rounding up” costs.^[2]

Another concern is shedding an emblem of nationwide identification. Banknotes and cash carry historical past, pictures and collective reminiscence. Replacing a nationwide foreign money can really feel like giving up a small a part of individuals’s widespread identification, particularly for older generations for whom the foreign money is entwined with pivotal moments in life. While this concern is much less pronounced than fears about costs, about half of members in pre-adoption surveys specific fear about shedding an emblem of their nationwide identification (Chart 2).

A 3rd fear is the perceived lack of nationwide management over financial coverage. The concept that rates of interest and different key choices will probably be set exterior one’s personal nationwide borders might be unsettling. And so, on common, round 4 in ten residents surveyed earlier than adoption consider that switching to the euro will imply shedding management over their nation’s financial coverage.

Beyond these particular issues, individuals can also fear concerning the sensible challenges of switching currencies. The advantages of euro adoption – comparable to simpler journey, decrease overseas trade prices and smoother commerce – can appear distant or summary earlier than the changeover. In distinction, the hassles of twin pricing, new notes and cash, and changing wages and pensions really feel speedy and concrete. In an surroundings the place data is incomplete or partisan, loss aversion can dominate the narrative and lead individuals to be extra sceptical about euro adoption.

Why does help enhance after adoption?

The first and most essential issue driving the rise in public help after euro adoption could possibly be that most of the preliminary fears merely don’t materialise. EU establishments and nationwide authorities rigorously plan the transition. They present clear data, twin worth shows and shopper hotlines. Also, they facilitate voluntary “fair pricing” charters with retailers. As money machines dispense euros, salaries arrive on time, and outlets are open about how they set costs, belief within the new foreign money grows. Once the euro turns into the brand new establishment, individuals are likely to heat to it by way of day by day publicity – a psychological phenomenon known as “mere exposure effect”. Fears of worth spikes can also fade as customers sometimes observe that the changeover has restricted results on inflation.^[3]

At the identical time, the advantages of adopting the euro turn into tangible and present up in survey knowledge (Chart 3). Travellers expertise the benefit of paying in the identical foreign money throughout a lot of the continent. Online customers evaluate and pay throughout borders with out worrying about trade charges. Firms expertise fewer foreign-exchange dangers. Banks start to supply merchandise on higher phrases. And buyers deal with the nation as half of a bigger foreign money space, which might increase commerce and funding.^[4] There is nice purpose to consider that these sensible benefits reinforce optimistic attitudes in the direction of the euro among the many new foreign money customers.

Meanwhile, survey knowledge additionally point out that identification adapts. The euro doesn’t erase nationwide identification. It provides a European layer on high of it (Chart 3, panel a). National symbols are minted on home euro cash, whereas cultural life and language stay unchanged. Over time, being a part of the euro space can itself turn into a supply of satisfaction and an emblem of European integration and stability. Being a member of a membership that points a foreign money of worldwide standing – and because of this wields political and financial affect – provides to the financial advantages and might outweigh issues about ceding financial autonomy.

Ultimately, public help (proven alongside the horizontal axes in Chart 3) stays excessive and rises additional because the euro continues to ship repeated, sensible advantages that make life simpler. Data additionally present that immediately after adoption a big proportion of residents already really feel the advantages of the euro talked about above (vertical axes of Chart 3, panels b and c). And, importantly, this sentiment will increase over time in tandem with help for the euro.

Looking forward: classes from euro adoption

The expertise of the nations which have adopted the euro since 2002 provides a transparent lesson: preliminary scepticism and concern usually give technique to broad public help as soon as the foreign money is in use.

The euro space will all the time comprise completely different histories, cultures and preferences. What retains it collectively by way of recessions, pandemics and vitality shocks is a shared sense that the widespread foreign money offers concrete advantages and due to this fact enjoys broad public help. In this sense, the euro is greater than only a foreign money. It is a robust image of unity, stability and shared prosperity. Countries which have adopted the euro since 2002 have seen fears give technique to tangible advantages, from smoother commerce and journey to a stronger sense of belonging in Europe.

As Bulgaria prepares to affix the euro space in 2026, the experiences from previous changeovers present precious insights on the way to construct sturdy foundations for public help for the euro after adoption. Transparent communication, cautious planning, and measures to reassure the general public are important to making sure a clean transition and collectively lay the groundwork for long-term success.

The views expressed in every weblog entry are these of the writer(s) and don’t essentially signify the views of the European Central Bank and the Eurosystem.

Check out The ECB Blog and subscribe for future posts.

For matters referring to banking supervision, why not take a look at The Supervision Blog?