Little trust in the euro – According to the GfK Global Trust Report 2013, there is great skepticism about the single currency

Against the background of the ongoing economic and financial crisis, the GfK Verein investigated population’s trust in their currency in 25 countries. Across all nations, almost 65 percent of respondents trusted their currency. However, the average of the seven eurozone countries also included in the survey is a much lower 39 percent. Belgians and the Dutch have the highest level of trust in the single currency. Overall, Canada, Switzerland and Sweden registered the best values.

As part of the GfK Global Trust Report 2013, the GfK Verein asked citizens about the trust in their own currency. An international comparison reveals a similar picture. In a number of countries, a clear majority trusts in its currency. Quite often, respondents even put greater trust in their currency than in other institutions such as the police and the military. This includes Canada (trust index: 91 percent), Switzerland (90 percent), Sweden (87 percent), Turkey (81 percent), Brazil and Indonesia (both 80 percent).

In contrast, distrust in their currency predominates in other countries. With the exception of Argentina, trust is below 50 percent in survey countries which have the euro. The lowest level of trust is among Italians (30 percent), Spaniards (35 percent) and Germans (38 percent). Only in two eurozone countries is the level significantly higher than 50 percent: Belgium (66 percent) and the Netherlands (60 percent). Both countries have a small domestic market and are therefore exceptionally dependent on trading partners for their products and services, without any risk of exchange rate fluctuations. In Belgium, there is the added factor that it is the political center of Europe, as a result of which there is an above-average sense of identification with the idea of a unified Europe.

These findings are an extract from the GfK Global Trust Report 2013, which is based on around 28,000 interviews that were carried out on behalf of the GfK Verein in a total of 25 countries worldwide between September and November 2012. 
The survey investigates trust using the following scale: “trust completely”, “mostly trust”, “don’t really trust” and “don’t trust at all”.

The GfK Verein was established in 1934 as a non-profit organization for the promotion of market research. Its membership consists of approximately 600 companies and individuals. The purpose of the Verein is to develop innovative research methods in close cooperation with academic institutions, to promote the training and further education of market researchers, to observe the structures and developments in society, the economy and politics that play a key role in private consumption, and to research their effects on consumers. Survey results are made available to the membership free of charge. The GfK Verein is a shareholder in GfK SE.
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