Public attitudes towards central bank independence: Lessons from the foundation of the ECB

This study examines public opinion in 15 European countries, on the proposal to establish an independent European Central Bank (ECB). Using data from Eurobarometer surveys for 1998 to 2000, which included a specific question on this issue, we show that inflation performance is not sufficient to explain people's preference for an independent central bank: personal characteristics and circumstances have a stronger impact, with gender, employment status, education level, income quartiles, and degree of information and civic concern showing particular relevance.

► Public attitudes to CBI are analyzed using the case study of the foundation of the ECB. ► A country's inflation history cannot explain support for an independent central bank. ► Except if central bank independence reflects such a history. ► Individual personal characteristics have a much greater impact. ► Gender, education and income, are among those with greatest relevance.