Flash Eurobarometer 386 THE EURO AREA REPORT

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1 Eurobarometer THE EURO AREA REPORT Fieldwork: October 2013 Publication: November 2013 This survey has been requested by the European Commission, Directorate-General for Economic and Financial Affairs and co-ordinated by Directorate-General for Communication. This document does not represent the point of view of the European Commission. The interpretations and opinions contained in it are solely those of the authors. Eurobarometer - TNS Political & Social

2 Eurobarometer The euro area Conducted by TNS Opinion & Social at the request of the European Commission, Directorate-General for Economic and Financial Affairs (DG ECFIN) Survey co-ordinated by the European Commission, Directorate-General for Communication (DG COMM Research and Speechwriting Unit)

3 FLASH EUROBAROMETER TABLE OF CONTENTS INTRODUCTION... 3 MAIN FINDINGS SUPPORT FOR THE EURO The impact of the euro on the country The impact of the euro on the European Union The euro and European identity EURO COINS AND BANKNOTES Recognising and handling euro coins Difficulties with euro coins Satisfaction with the current selection of euro coins Recognising and handling euro banknotes THE EURO AS A MENTAL BENCHMARK FOR PRICE CALCULATIONS Exceptional purchases Common purchases The usefulness of dual price displays in Estonia THE EURO S IMPACT ON TRAVEL Travelling abroad International usefulness of the euro MACROECONOMIC ASSESSMENTS The economic coordination in the euro area Last year s inflation rate Expectation of this year s inflation rate Price increases in Estonia in the changeover period

4 FLASH EUROBAROMETER 6. ECONOMIC REFORM Underlying attitudes towards economic reform Evaluation of sectorial reforms Evaluation of importance of reforms PERSONAL ECONOMIC OUTLOOK ANNEXES Technical specifications Questionnaire Tables 2

5 FLASH EUROBAROMETER INTRODUCTION The euro is the official currency in 17 member states of the EU: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. These countries are collectively known as the euro area or the eurozone. Estonia is the country that has joined the euro area most recently, in January Euro coins and banknotes were launched in 2002, and euro is now the currency of around 332 million 1 people within Europe. The European Commission has repeatedly measured changes in public perception of the euro in the euro area countries. This report presents results from the latest wave of one such survey. The original survey, in March 2000 ( 76), dealt with respondents expectations about the euro. Subsequent waves of this survey have been adapted to include additional measurements, reflecting the expansion of the euro area into new countries. The current wave of the study surveyed respondents in the euro area about a range of topics including: Perceptions of and support for the euro Practical use of the euro: handling coins and banknotes The use of the euro as a mental benchmark for making calculations when making purchases The euro s impact on travel Macroeconomic assessments Economic policy and reforms in the euro area Perceptions of current and future household income. This survey was carried out by TNS Opinion & Social network in the 17 euro area countries between 07 and 09 October Some 15,528 respondents from different social and demographic groups were interviewed by telephone in their mother tongue on behalf of the European Commission, Directorate-General for Economic and Financial Affairs (DG ECFIN). The methodology used is that of Eurobarometer surveys as carried out by the Directorate-General for Communication ( Research and Speechwriting Unit) 2.. A technical note on the manner in which interviews were conducted by the Institutes within the TNS Opinion & Social network is appended as an annex to this report. Also included are the interview methods and confidence intervals The results tables are included in the annex. It should be noted that the total of the percentages in the tables of this report may exceed 100% when the respondent has the possibility of giving several answers to the question. 3

6 FLASH EUROBAROMETER Note: In this report, countries are referred to by their official abbreviation. The abbreviations used in this report correspond to: ABBREVIATIONS BE Belgium LU Luxembourg DE Germany MT Malta EE Estonia NL The Netherlands EL Greece AT Austria ES Spain PT Portugal FR France SI Slovenia IE Ireland SK Slovakia IT Italy FI Finland CY Republic of Cyprus* EUROZ Euro Area * Cyprus as a whole is one of the 28 European Union Member States. However, the acquis communautaire has been suspended in the part of the country which is not controlled by the government of the Republic of Cyprus. For practical reasons, only the interviews carried out in the part of the country controlled by the government of the Republic of Cyprus are included in the CY category and in the Euro Area average. * * * * * We wish to thank the people throughout the euro area countries who have given their time to take part in this survey. Without their active participation, this study would not have been possible. 4

7 FLASH EUROBAROMETER MAIN FINDINGS Support for the euro More than half (57%) of those living in the euro area regard the euro as a good thing for their country. A higher proportion of respondents say that the euro is a good thing for the EU (68%). Around a quarter (24%) of respondents says that having the euro makes them feel more European. Euro coins and banknotes A large majority of respondents (94%) say that euro banknotes are easy to distinguish and handle. More than three-quarters of respondents (77%) say that they find euro coins easy to distinguish and handle. The 2-cent (70%) and 1-cent (62%) coins are the most often mentioned by respondents who experienced difficulties. In addition, almost half (49%) mentions the 5-cent coin, 39% mention the 20-cent coin and 31% the 10-cent coin. Almost two-thirds (63%) say that there is just the right number of denominations of euro coins, 30% say there are too many, and 4% say there are not enough. The 1-cent and 2-cent coins are the ones that respondents would most likely remove (89% and 83% respectively). The euro as a mental benchmark for price calculations Almost two-thirds (68%) rely solely on the euro for calculating prices when making common purchases. Conversely, almost a quarter (24%) mention they still convert these prices to their old national currency. However, when respondents calculate the cost of exceptional purchases, just half (50%) rely on the euro and two in five (41%) still convert the cost of these purchases to their former national currency. A majority of respondents in four countries are still reliant on their former currency when purchasing exceptional items: Malta (61%), Slovakia (57%), Belgium (55%) and Spain (51%). This compares to just 7% in Ireland. The more respondents use their own currency to convert to the euro for exceptional purchases, the more likely they are to do so for common purchases. Three-quarters of respondents in Estonia (76%) say that it is not useful for shopkeepers to continue to display prices in both the old and new currency (+ 27 percentage points since 2011) and just 23% say that they still find it useful. 5

8 FLASH EUROBAROMETER The euro s impact on travel Half of all respondents (50%) across the euro area mention travelling outside their own country at least once a year. This ranges from 89% of respondents in Luxembourg to 29% of respondents in Greece. Just under three-quarters of respondents (73%) say that the euro makes it easier to compare prices in different EU countries. Just under half (48%) say the euro has made travelling easier and less costly. 29% of respondents say that the euro has reduced banking charges when they are in EU countries. Unsurprisingly, respondents who travel abroad at least once a year are more likely to say that the euro has made price comparisons easier when travelling (86%), that it has made travelling easier and less costly (58%) and that banking charges when travelling abroad have been reduced (36%). Macroeconomic assessments Nearly three quarters (72%) of respondents think that there should be more coordination of economic policy, including budgetary policies, amongst euro area governments. This view is held by the majority of respondents in all countries although to a lesser extend in Estonia (43%). Six in ten (61%) of respondents in the euro area are able to correctly estimate their country s inflation rate for last year. Those living in the euro area remain pessimistic about inflation, with a relative majority (43%) expecting it to increase in 2012, however 37% expect it to stay the same. More than nine out of ten respondents in Estonia (93%) think prices have increased during the changeover period. Economic reform 79% of respondents think that there is a need for significant reforms to improve economic performance, and 76% think that governments need to save more today to prepare public finances for ageing populations. 72% say economic reforms would be more effective if carried out in a coordinated way at EU level. 50% think that successful reforms in other euro area countries have facilitated reforms in their country. 71% disagree that the retirement age should be increased. 6

9 FLASH EUROBAROMETER 21% say labour market reforms have had a negative impact on their national economy. The majority of respondents think it is important their national government introduces reforms to increase growth and employment, particularly on the labour market (93%), the health system (89%), the education (88%) and the pension system (87%). Personal Economic Outlook Thinking about the change in their household income since last year, respondents are fairly evenly divided between those who say their income remained the same (43%) and those who say it decreased (39%). When asked to look to the future, respondents are more positive; a little over half (54%) anticipate that their household income will stay the same, and 27% that it will decrease. 7

10 FLASH EUROBAROMETER 1. SUPPORT FOR THE EURO This first section assesses the extent to which those living in the euro area feel that the euro is a good thing for their country and for the EU as a whole. It also investigates the impact of the euro on their sense of European identity The impact of the euro on the country Views on whether or not the euro is a good thing for their country are slightly more positive than last year More than half (57%) of those living in the euro area regard the euro as a good thing for their country. On the other hand, one in three (33%) says that it is a bad thing, while 7% say that they can't decide if it is good or bad. These findings represent a positive shift in opinion since the last wave in 2012 when 55% described the euro as a good thing and 35% said that it is a bad thing. With the exception of Portugal and the Republic of Cyprus, more than half of respondents in each of the countries in the euro area say that having the euro is good for their country. Respondents in Ireland (72%), Luxembourg (70%) and Finland (69%) are particularly likely to say that the euro is a good thing, along with 65% of German respondents. Opinion is most negative in Portugal (46%) and the Republic of Cyprus (43%) where fewer than half describe it as a good thing for their country. 8

11 FLASH EUROBAROMETER Respondents living in Estonia are the most likely to be undecided about whether or not the euro is a good thing for their country (19%). This is notably higher than the euro area average of 7%. Consequence of having the euro for the country Socio-demographic analysis indicates that men are more likely than women to say that the euro is a good thing for their country (64% vs. 51%). There are also differences by age of respondent with year olds most likely to say that the euro is a good thing for their country (65%), particularly compared with respondents aged and 55+ (both 55%). In addition, the longer a respondent stayed in education, the more likely they are to say the euro is a good thing for their country. Those who are either still studying (72%) or left education aged 20+ (67%) are particularly positive about the effect the euro is having on their country compared with those who left education at 15 (38%) or between 16 and 19 (51%). Furthermore, people living in large towns (61%) are more likely to say the euro is a good thing for their country than those who are living somewhere less urban: living in a small or mid-size town 57% and rural village 55%. It is also the case that respondents who are employees (64%) or self-employed (61%) are more likely than those who are not working (55%) or are manual workers (39%) to be positive about the euro. Three in four (75%) of those who think that having the euro is a good thing for the EU say that it is also a good thing for their country. In comparison, 16% of those who say that having the euro is a bad thing for the EU say it is a good thing for their country. 9

12 FLASH EUROBAROMETER 10

13 FLASH EUROBAROMETER 1.2. The impact of the euro on the European Union Just over two thirds of those living in the euro area think the euro is a good thing for the EU Just over two thirds (68%) of those living in the euro area say that the euro is a good thing for the EU. Over a fifth (22%) think the euro is a bad thing for the EU, while 5% are undecided and 5% do not know. Once again, for the third consecutive year, the proportion of respondents saying that it is a good thing for the EU has not changed. However, there has been a slight decrease in those who say it is a bad thing (22% vs. 24% in 2012). A majority of respondents in each country consider the euro to be a good thing for the EU. Opinion is particularly positive in Ireland (77%), with seven in ten or more respondents in Luxembourg (72%), Finland, Spain and Malta (all 71%) and Germany (70%) saying that the euro is a good thing for the EU. On the other hand, the Republic of Cyprus is least likely to describe the euro as a good thing for the EU (54%), with 28% saying that it is a bad thing. Other countries with a higher than average proportion of respondents describing the euro as a bad thing are Belgium (29%) and the Netherlands (28%). Respondents in Estonia are once again the most likely to say they cannot decide (20%). 11

14 FLASH EUROBAROMETER Consequence of having the euro for the EU Socio-demographic analysis highlights that, as for the question about the impact on their country, men are more likely than women to say that the euro is good for the EU (72% vs. 65%). Younger people aged are also most likely to say that it is a good thing (73%), followed by those aged (70%). Furthermore, the longer a respondent remained in education, the more likely they are to say that the euro is a good thing for the EU. For example, 77% of those who are still studying and 76% of those who left education aged 20+ describe the euro as a good thing for the EU, compared with 53% of those who left at 15 and 64% of those who left aged Respondents living in large towns are the most likely to say the euro is a good thing for the EU (70%), compared to those living in small/mid-sized towns and rural villages (both 68%). In addition, employees (73%) and the self-employed (72%) are most likely to say that the euro is a good thing for the EU; just 55% of manual workers and 66% of those who are not working think it is a good thing. Nine out of ten of those who think that having the euro is a good thing for their country say that it is also a good thing for the EU. In comparison, 35% of those who say that having the euro is a bad thing for their country say it is a good thing for the EU. 12

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16 FLASH EUROBAROMETER 1.3. The euro and European identity Just under a quarter of respondents say that having the euro makes them feel more European Around one quarter (24%) of respondents say that having the euro makes them feel more European, which is exactly the same as at the previous wave and very similar to the finding for the last six waves of the survey. Once again, 74% say that the euro does not have an impact in terms of making them feel more European. Respondents living in Malta (38%), Ireland (35%) and Italy (33%) are the most likely to say that the euro makes them feel more European. On the other hand, respondents in Greece (14%) and the Netherlands (16%) are the least likely to say the euro has made them feel more European. Findings for Estonian respondents are very similar to those for the euro area overall; 25% say the euro has made them feel more European. 14

17 FLASH EUROBAROMETER The euro and European identity The socio-demographic analysis demonstrates that men are more likely to say that the euro makes them feel more European (28% vs. 21% of women). Similarly, those aged 54 and under (26%) are more likely than those aged 55+ (21%) to say that it makes them feel more European. Furthermore, the longer a respondent remained in education, the more likely they are to say that the euro makes them feel European. For example, 28% of those who are still studying and 31% of those who left education at 20+ feel more European as a result of the euro, compared with 14% of those who left education at 15 and 20% of those who left aged Following the trend of earlier questions, respondents living in large towns, employed people and the self-employed are the most likely to express positive views and say that the euro makes them feel more European (all 28%). 15

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19 FLASH EUROBAROMETER 2. EURO COINS AND BANKNOTES This section examines attitudes to euro notes and coins, in particular the ease with which those in the euro area recognise and handle them, as well as their overall level of satisfaction with them Recognising and handling euro coins More than three quarters find it easy to distinguish and handle euro coins More than three-quarters of respondents (77%) say that they find euro coins easy to distinguish and handle. On the other hand, one in five (21%) says that they are difficult to distinguish and handle. Overall since 2003 the proportion who says that it is easy to distinguish and handle euro coins has generally increased. The exceptions are the period 2009 and 2010 when the proportion decreased from 78% in 2008 to 72% in At the current wave there has been a small downward shift of 1 percentage point in the proportion describing them as easy to distinguish and handle compared with the last wave in

20 FLASH EUROBAROMETER A majority of respondents in each country describe euro coins as easy to distinguish and handle. Those living in Portugal (95%), Finland (92%), Greece (92%) and Spain (91%) are particularly likely to describe euro coins as distinguishable and easy to use. Although views are generally positive, in some countries a quarter or more of respondents describe euro coins as difficult to distinguish and handle: Estonia, the country that most recently adopted the euro (32%), Germany (30%), France (30%), the Netherlands (29%), Slovakia (29%), Belgium (27%) and Austria (25%). It is important to note however that even though nearly a third of Estonians expressed a negative view of euro coins, 61% said that they are easy to distinguish and handle, which is similar to the finding at the last wave (63%). Recognising and handling the euro coins Socio-demographic analysis shows that women report the most difficulty in distinguishing and handling euro coins (24% vs. 19% of men). Furthermore as age increases, so does the percentage who say that it is difficult to distinguish and handle euro coins: 9% of those aged say this, compared to 25% of those age and 29% of those aged 55+. Views are also more negative among those who think the euro is a bad thing for their country and/or the EU. More than one in four (27%) of those who say that the euro is bad for their country and 29% of those who think the euro is bad for the EU also say that it is difficult to distinguish and handle euro coins. 18

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22 FLASH EUROBAROMETER 2.2. Difficulties with euro coins The lower denomination coins are the most difficult to distinguish and handle Those respondents who experience difficulties distinguishing and handling euro coins were asked which coins cause the most problems for them. They are most likely to say that the 2-cent (70%) and 1-cent (62%) coins cause difficulties, although almost half (49%) mention the 5-cent coin, 39% mention the 20-cent coin and 31% the 10-cent coin. Fewer experience difficulties with the 50-cent coin (23%), the 1-euro (12%) and 2- euro coins (11%). It is worth noting that fewer respondents in the current wave say that they have difficulties with the 20-cent coin (39% vs. 43% at the last wave) and the 50-cent coin (23% vs. 27% at the last wave). On the other hand, there has been an increase of two percentage points in those saying that they find the 1-cent and 2-euro coins difficult. Respondents in most euro countries cite the two smallest denomination coins as the more difficult to use. Four in five or more respondents in Luxembourg (89%), Slovakia (85%), Belgium (82%), France (81%) and Italy (80%) mention the 2-cent coin and this pattern is very similar for the 1-cent coin. In fact the 2-cent coin is most cited in ten countries and the 1-cent coin is most mentioned in five euro countries. As in previous waves of the survey, views are quite different in the Netherlands and Finland where nearly four in five respondents say they have difficulties with the 20-cent euro coin (79% and 78% respectively). 20

23 FLASH EUROBAROMETER It is also worth noting that respondents in Greece are particularly likely to mention the 5- cent coin (61%) and respondents in Slovenia are particularly unlikely to cite the 10-cent, 20-cent, 50-cent, 1-euro and 2-euro coins. Difficulties with euro coins Socio-demographic analysis demonstrates that men are more likely than women to say that they have difficulties with the 1-cent, 5-cent, 20-cent and 50-cent coins. The views of different age groups are fairly similar, although respondents aged 40+ are the most likely to say they experience difficulties with the 20 and 50-cent euro coins. Interestingly, respondents views of whether or not the euro is a good thing for their country and the EU do not seem to influence their attitudes to individual coins. For example 43% of those who think the euro is a good thing for their country also say that they have difficulty with the 20-cent coin compared with 34% of those who think the euro is a bad thing. 21

24 FLASH EUROBAROMETER 2.3. Satisfaction with the current selection of euro coins More than three in five consider there is just the right number of euro coins When respondents were asked for their views on the number of denominations of euro coins, 63% say that there is just the right number, 30% say there are too many, and 4% say there are not enough. Overall the proportion of euro area respondents who think there is just the right number of euro coins has been steadily increasing since 2003, however, at the current survey fewer respondents say that it is about right (63% vs. 66% in 2012) and more say that there are too many (30% vs. 26% in 2012). Most euro area countries think that there is just the right number of different euro coin denominations. Finland is the country most likely to be happy with the current number of denominations (88%), followed by Slovenia (73%) and Portugal (72%). At the other end of the scale, slightly fewer than half of respondents from Belgium (45%), Ireland (48%), Slovakia (49%) and Austria (49%) say there is just the right number of denominations of euro coins. It is also worth noting that exactly half of respondents in Estonia say that the current number of denominations is just right while 43% say that there are too many. 22

25 FLASH EUROBAROMETER The chart below shows the findings for those who said just the right number for the last two years. Notable decreases in the percentage of respondents saying that there are just the right amount of euro coins can be seen in Ireland (-14 percentage points) and Austria (-11 percentage points). In contrast, there have been smaller, but still notable, increases in the percentage of respondents saying that there are just the right amount of euro coins in the Republic of Cyprus (+8 percentage points) and Italy (+6 percentage points). In terms of socio-demographic analysis women are more likely than men to say that there is the right number of denominations (64% vs. 62%). The youngest respondents and those who are still studying are also particularly positive with 71% of year olds and 72% of students saying that there is the right number of euro coins. Self-employed respondents are least likely to say that there is just the right number of euro coins (58%) compared with 64% of those not working and 63% of both employees and manual workers. Respondents with positive views about the effect of the Euro on their country are more likely to say there is just the right number of euro coins when compared to those who think the euro is a bad thing for their country (65% vs. 60%). This trend also applies to those who think the euro is a good thing for the EU (64% v. 59%). 23

26 FLASH EUROBAROMETER Those respondents who say that there are too many denominations of euro coins were asked whether they think any should be removed, and if so, which ones. The 1-cent and 2-cent euro stand out as the coins that respondents would most like to be removed and are mentioned by 89% and 83% respectively. Both are mentioned by a similar proportion of respondents as last year. In direct contrast to the last wave, fewer respondents now say that they would like the 5-cent, 10-cent, 20-cent, ands 1-euro coins to be removed. 24

27 FLASH EUROBAROMETER Which Euro coins should be removed? Respondents in 14 countries are most likely to nominate the 1-cent euro for removal. In 12 of these countries more than nine in ten name the 1-cent coin, with almost all Maltese (98%) and Irish (97%) respondents nominating it. More than nine in ten respondents in Luxembourg (93%) cite the 2-cent coin, while a particularly high proportion of respondents in Finland would like to see the 5-cent coin removed (84%). Respondents living in Finland are also the most likely across Europe to mention the 10-cent coin (27%), while respondents in Greece are more likely than others to say that the 1-euro, 2-euro and 50-cent coins should be removed (15%, 21% and 3% respectively). 25

28 FLASH EUROBAROMETER Base: those who answered there are too many coins with different values, % EURO AREA Socio demographic analysis doesn t show notable differences. 26

29 FLASH EUROBAROMETER 2.4. Recognising and handling euro banknotes Over nine in ten people in the euro area say that it is easy to recognise and handle euro banknotes A large majority of respondents (94%) say that euro banknotes are easy to distinguish and handle; just 4% describe them as difficult in this regard. This is exactly the same result as in the previous wave, and in general there have only been small changes in this measure since In 14 countries nine in ten or more respondents say that euro banknotes are easy to distinguish and handle. The most positive views are to be found in Finland (98%) and Greece (97%), while respondents living in Slovakia, Estonia, and Slovenia are a little less likely to describe them as easy (86%, 87% and 88%). It is worth noting that a higher than average proportion of respondents in Estonia (6%) say that they find euro banknotes neither easy nor difficult to distinguish and handle. 27

30 FLASH EUROBAROMETER Recognising and handling the euro bank notes Socio-demographic analysis shows that once again men are most positive with 95% saying the euro bank notes are easy to distinguish and handle compared with 94% of women. Those aged 55+ are the least likely to say that it is easy to distinguish and handle euro notes, particularly compared to those aged (92% vs. 96%). Furthermore, those who completed their education prior to age 16 and those who are manual workers are less likely than their counterparts to be able to distinguish and handle euro notes (89% and 91% respectively). 28

31 FLASH EUROBAROMETER 3. THE EURO AS A MENTAL BENCHMARK FOR PRICE CALCULATIONS This section explores the extent to which the euro has replaced national currencies as a mental benchmark for calculating prices. The usefulness of displaying prices in euros and the national currency during the transition period in Estonia is also discussed. Respondents living in the euro area are less likely than at the last wave to convert from euros to their former currency when making all types of purchases Almost seven in ten respondents (68%) do not tend to convert from euros to their former currency when making common purchases, while around one in five (24%) say that they still convert these prices to their old national currency. The proportion of respondents who rely solely on the euro for calculating prices on common purchases has increased since the last wave by 4 percentage points. However, when respondents calculate the cost of exceptional purchases just half (50%) rely on the euro and two in five (41%) still convert the cost of these purchases to their former national currency. This represents a shift since the last wave in 2012 when 48% of respondents just used the euro for their calculations and 45% still converted their purchases to their former currency. The euro as a mental benchmark for price calculations 29

32 FLASH EUROBAROMETER 3.1. Exceptional purchases A majority of respondents in four countries are still reliant on their former currency when purchasing exceptional items: Malta (61%), Slovakia (57%), Belgium (55%) and Spain (51%). Respondents in Ireland are the most likely to rely solely on the euro (89%). However, two thirds or more of those in the Republic of Cyprus (69%), Finland (68%), Greece (66%) and Slovenia (66%) are also able to rely just on the euro. It is worth noting that the proportion of respondents in Estonia who rely solely on the euro has increased significantly since the last wave of the survey, from 31% to 44% in Exceptional purchases such as the purchase of a car or a house for example Socio-demographic analysis reveals that men are more likely than women to use the euro as their benchmark when making exceptional purchases (55% vs. 46%). Younger respondents aged are also most likely to solely rely on the euro (72%), particularly when compared with those aged (44%) and 55+ (45%). Level of education would also seem to determine how respondents use the euro with those who left education later most able to rely solely on the euro: 79% of those still studying and 55% of those who left education aged 20+ compared with 38% of those who left education at 15+. It is also worth noting that the self-employed are the most likely to use the euro as a benchmark (57%), while manual workers are least likely (41%). On the other hand, respondents living in rural villages are the most likely to convert exceptional purchases to their former currency (45%) compared with those in small/midsize and large towns (40% and 38% respectively). 30

33 FLASH EUROBAROMETER Those who are positive towards the euro in terms of whether or not it is a good thing for their country or the EU are more likely than those who think it is a bad thing to use the euro as a benchmark when buying exceptional purchases. More than three in five (61%) of those who think that having the euro is a good thing for their country say they use the euro as a benchmark compared to 35% of those who say it is a bad thing. The same pattern applies for those who consider the euro a good thing for the EU (56% vs. 38%). 31

34 FLASH EUROBAROMETER 3.2. Common purchases A majority of respondents in every country rely solely on the euro when making common everyday purchases although this varies from a high of 92% of those in Ireland to 51% in Slovakia. A particularly high proportion of respondents also use the euro as their benchmark in Finland (84%) and Republic of Cyprus (83%). In contrast, respondents in Slovakia are particularly likely to say that they usually convert from euros into their old currency (40%). It is also worth noting that nearly seven in ten respondents in Estonia (69%) say that they usually don t convert from euros into their old national currency while 19% do still convert. Common purchases such as day-to-day shopping Socio-demographic analysis reveals that once again men are more likely than women to use the euro as their benchmark when making everyday purchases (72% vs. 65%). Younger respondents aged are also most likely to solely rely on the euro (85%), particularly when compared with those aged (65%) and 55+ (63%). Level of education would also seem to determine how respondents use the euro day-to-day, with those who left education later most able to rely solely on the euro: 90% of those still studying and 74% of those who left education aged 20+ compared with 54% of those who left education at 15+. It is also worth noting that those who are employed are the most likely to use the euro as a benchmark (71%), while manual workers are least likely (62%). Respondents living in large towns are the most likely to use the euro as a benchmark for buying everyday items (72%) compared with those in small/mid-size (68%) and rural villages (67%). Once again, those who are positive towards the euro in terms of whether or not it is a good thing for their country or the EU are more likely than those who think it is a bad thing to solely rely on the euro when making everyday purchases. 32

35 FLASH EUROBAROMETER Nearly four in five (79%) of those who think that having the euro is a good thing for their country say that they use the euro as a benchmark compared to 51% of those who say it is a bad thing. The same pattern applies for those who consider the euro a good thing for the EU (75% vs. 51%). 33

36 FLASH EUROBAROMETER The graph below plots respondents reliance on their own currency to convert prices to the euro when making exceptional purchases against when they buy everyday items. It demonstrates that there is a relationship between the two and that those who still use their own currency to convert to the euro for exceptional purchases are also more likely to do so for common purchases The usefulness of dual price displays in Estonia Respondents in Estonia are increasingly more likely to say that they are comfortable with just having euro prices displayed Since Estonia joined the euro in 2011 respondents in Estonia have been asked a separate question about the usefulness of having prices displayed in both the euro and the former national currency. As the chart below illustrates, every year respondents in Estonia become more comfortable with just having euro prices displayed. In fact, now threequarters (76%) say that it is not useful for shopkeepers to continue to display prices in both the old and new currency (+ 27 percentage points since 2011) and just 23% say that they still find it useful (- 25 percentage points since 2011). 34

37 FLASH EUROBAROMETER Socio-demographic analysis reveals that younger respondents aged (30%) and (28%) are most likely to say that they it would be useful to continue having dual display of prices. This is also the case for respondents who are still studying (34%) and those living in rural villages (29%). The self-employed are most likely to want a dual display of prices to continue (30%), while respondents who think the euro is a bad thing for their country are more likely to say they would like it to continue (35%), compared with those who say they euro is a good thing for their country (20%). 35

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39 FLASH EUROBAROMETER 4. THE EURO S IMPACT ON TRAVEL This section examines how often respondents travel abroad and the perceived impact of the euro on their travels in terms of price comparisons, ease of travel, costs and banking charges Travelling abroad Half of respondents in the euro area travel abroad at least once a year Half of all respondents (50%) across the euro area say they travel outside their own country at least once a year. This result is exactly the same as at the last wave. Findings are not consistent across all countries. In fact there are wide variations, with those living in Luxembourg (89%), Slovenia (77%), the Netherlands (75%), Ireland (74%) and Belgium (72%) the most likely to travel abroad at least once a year. At the opposite end of the scale are respondents in Greece (29%) and respondents in Spain (33%). Travelling at least once a year outside the country 37

40 FLASH EUROBAROMETER Although there are some small year-on-year changes in the amount people are travelling, none of them are statistically significant. Socio-demographic analysis indicates that men are more likely than women to travel abroad at least once a year (55% vs. 46%). The most frequent travellers also tend to be younger respondents aged (63%), those who are either still studying (66%) or left education at 20+ (61%), those living in large towns (55%), those living in larger households of 4+ (58%), employees (60%) and the self-employed (64%). In addition, respondents who think that having the euro is a good thing for their country are much more likely to say they travel outside their country at least once a year compared to those who say it is a bad thing (60% vs. 38%). The same pattern applies for those who consider the euro a good thing for the EU (55% vs. 43%). 38

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42 FLASH EUROBAROMETER 4.2. International usefulness of the euro Respondents were asked a series of questions about their views of the euro when travelling abroad. Three quarters say the euro has made it easier to compare prices in different countries Just under three-quarters of respondents (73%) say that the euro makes it easier to compare prices in different EU countries; 16% say that it hasn t made this any easier. Just under half (48%) say the euro has made travelling easier and less costly while almost two in five (38%) disagree with this statement. On the other hand, just 29% of respondents say that the euro has reduced banking charges when they are in EU countries, while 35% disagree that this is the case. These findings are very similar as at the previous wave of the survey with the exception of ease of comparing prices when in different EU countries which has decreased by one percentage point. 40

43 FLASH EUROBAROMETER The following chart compares the results of all respondents with those of respondents who travel abroad at least once per year. It is interesting that the views of respondents who travel abroad at least annually are more positive than the total sample, which includes people who don t travel abroad at least once a year. In each case, they are more likely to say that the euro has made price comparisons easier when travelling (86%), that it has made travelling easier and less costly (58%) and that banking charges when travelling abroad have been reduced (36%). A high majority of those living in Ireland (81%) say that travelling abroad is easier and less costly with the euro. More than three in five respondents in Malta (69%) and in Finland (62%) respondents agree that the euro has a positive effect on the cost and ease of travelling. Italy is the only country where respondents are more likely to say that the euro has not made travelling easier (45% vs. 37% Yes ). Views in Greece, France and Slovenia are split fairly evenly between those who think it has got easier and less costly and those who do not. A majority of respondents in Estonia (54%) say that travelling is easier and less costly since the euro, however 18% disagree and a high of 28% say that they do not know. 41

44 FLASH EUROBAROMETER The euro has made travelling easier and less costly The chart below shows that there are only four significant changes in the results since the last wave. Respondents in Malta and Estonia are now more likely to say that the euro has made travelling easier and less costly (+ 12 and +7 percentage points respectively). However, fewer respondents in Luxembourg now say that the euro has made travelling easier and less costly compared to 2012 (-5 percentage points). 42

45 FLASH EUROBAROMETER In every country in the euro area two in three or more respondents say that the euro has made it easier to compare prices when travelling in different EU countries. More than nine in ten respondents in Ireland (91%) say this, as do eight in ten or more respondents in Malta (85%), Luxembourg (84%), the Netherlands (81%) and Finland (80%). At the other end of the scale, just two in three respondents in Slovakia (65%), Estonia (66%) and France (66%) say that the euro has made it easier to compare prices when travelling in different EU countries. In fact 29% of those in France say that the euro has not made it easier to compare prices when travelling. It is worth noting that almost three in ten respondents in Estonia (28%) say they do not know whether is easier to compare prices when travelling in different EU countries. The euro has made it easier for you to compare prices when in different EU countries 43

46 FLASH EUROBAROMETER There are a few significant changes in the findings by country since the last wave of the survey. Those in Greece and Slovenia are now less likely to say that the euro has made it easier to compare prices when travelling in different EU countries (-4 percentage points), while respondents in Belgium and Malta are more likely to say this (both +4 percentage points). The chart below shows that a significant proportion of respondents in each euro area country are unable to assess whether the euro has reduced banking charges when travelling. In fact, in Estonia nearly three-quarters of respondents (74%) are unable to answer the question. It also shows that Malta is the only country where a majority of respondents (60%) think that the euro has reduced banking charges when travelling in other EU countries. In contrast, 45% of respondents in France think that the euro has not reduced these banking charges. 44

47 FLASH EUROBAROMETER The euro has reduced banking charges when travelling in different EU countries Comparing the findings for the countries in the euro area with those from the last wave of the survey shows that Slovakia is the only country that has seen a significant increase in the proportion saying that the euro has reduced banking charges when travelling to different EU countries (+ 5 percentage points). On the other hand, in Greece (-5 percentage points), the Netherlands (-5 percentage points) and Ireland (- 5 percentage points) there have been decreases in the proportion saying that the euro has reduced banking charges. It is also worth noting that there has been an increase in the proportion of respondents in the Republic of Cyprus who say that the euro has not reduced banking charges when travelling to other EU countries (+5 percentage points). 45

48 FLASH EUROBAROMETER Socio-demographic analysis illustrates some clear patterns across each of the three benefits of travelling within the euro area. Men are significantly more likely to be positive about each of the three benefits. For example 33% of men say the euro has reduced banking charges when travelling in different countries compared with 25% of women. Age also seems to determine respondents attitudes to the usefulness of the euro when travelling in the euro area. Respondents aged 55+ are the least likely to say the euro has made it easier to compare prices when travelling (65%), or that the euro has reduced banking charges when travelling (24%). It is also the case for each of the three benefits that those who are still in education or left at 20+ are most likely to be positive about them. For example 86% of those who are still studying and 83% of those who left education aged 20+ agree that the euro has made it easier for them to compare prices when in different EU countries, compared with 51% of those who left education at 15 and 69% of those who left between the ages of 16 and 19. Similarly, employees and the self-employed are more likely to be positive about each of the three benefits than manual workers and those who are not working. Respondents who believe that the euro is a positive thing for their country are more likely to agree with each of the statements about the benefits of the euro when travelling in the euro area. For example 59% of those who say the euro is a good thing for their country agree that the euro has made travelling easier and less costly, compared to 31% of those who say the euro is bad for their country. This trend also applies when analysing the same benefit by those who think the euro is a good or bad thing for the EU (55% vs 32%). It is also the case that respondents who express positive views about the international benefits of one benefit are more likely to agree with the other two. For instance, 87% of respondents who say the euro makes travelling easier and less costly also think that it has made it easier to compare prices when in different EU countries, compared to 62% of those who say travelling is not easier or less costly. 46

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50 FLASH EUROBAROMETER 5. MACROECONOMIC ASSESSMENTS This section of the report discusses the perceptions of the coordination of economic policy in the euro area as well as respondents perceptions and expectations linked to the inflation rate in their country. In addition, the perceived impact of the introduction of the euro on prices in Estonia will be reviewed The economic coordination in the euro area Respondents were asked if they felt there was an appropriate amount of coordination of economic policy, including budgetary policies, within the euro area. Nearly, three quarters (72%) think that there should be more co-ordination of such policies. Fewer than one out of ten think there is currently an appropriate level of co-ordination (9%), while 8% say there should be less co-ordination of economic policy, including budgetary policies. Around one in ten (11%) are unsure. There has been no significant change in opinion since the last wave of the survey. Respondents in Finland are the most likely to say that there is already an appropriate level of coordination of economic policy, including budgetary policies in the euro area (22%), but even so 46% of respondents in Finland still think that there should be more coordination in this area. 48

51 FLASH EUROBAROMETER In fact, a majority of respondents in all countries think that there should be more coordination of economic policy, including budgetary policies. Respondents in Spain and Italy (both 83%) are the most likely to say this, followed by those in Portugal (82%) and Greece (81%). In contrast, just 43% of respondents in Estonia say the same. However, the latter also have high levels of uncertainty on this issue (37%), as do respondents in Malta (25%) and Finland (22%). The economic coordination in the euro area Socio-demographic analysis illustrates that respondents aged 25+ are more likely to say that there should be more coordination of economic policy (72% of year olds, 73% of 40-54s and 72% of 55+) compared to those aged (68%). Those who completed their education aged (73%) and those who did so aged 20+ are also more likely to say there should be more co-ordination (74%). Respondents living in large and small/mid-size towns (both 73%) and employees, the self-employed and those not working (all 72%) are also more likely to say that there should be more coordination of economic policy in the euro area. Respondents who think the euro is a good thing for their country are more likely to say there should be more co-ordination compared to those who say the euro is a bad thing for their country (74% vs. 68%). The same pattern applies for those who think the euro is a good or bad thing for the EU (75% vs. 67%). 49

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53 FLASH EUROBAROMETER 5.2. Last year s inflation rate The majority of respondents in the euro area place the inflation rate in their country at between 1.5% and 4% in A third (33%) say the inflation rate was between 1.5% and 2.5% and 28% say it was between 2.5% and 4%. Less than one in ten (7%) estimate that the 2012 inflation rate was below 1.5%, while 11% say it was considerably higher - between 4% and 10%. More than one out of ten (15%) are unable to give an estimate. Given that the 2012 inflation rate for the 17 country euro area was 2.5% 4, this means 61% of the euro area population chose a range that encompasses the correct inflation rate. These results are broadly in line with the 2012 survey, where 32% estimated the 2011 inflation rate at between 1.5% and 2.5%, slightly fewer than three out of ten (28%) put inflation at between 2.5% and 4% and 14% said it was between 4% and 10%. The chart below presents the results by country with the range corresponding to the 2012 annual inflation rate circled. In a number of countries respondents tend to overestimate the inflation rate in their country, and this is particularly the case for respondents in Greece (65%), Spain (45%) and Ireland (45%)

54 FLASH EUROBAROMETER Respondents in Germany (47%), France (37%), Ireland (34%), Italy (31%) and Slovenia (30%) are most likely to correctly estimate their country's inflation rate in 2012, although none of these represent an absolute majority. More than 40% of respondents in the Netherlands (47%), Finland, Belgium (both 45%), Estonia (44%), Austria (42%) and Luxembourg (41%) underestimate their 2012 inflation rate. A substantial proportion of respondents are unable to assess the 2012 inflation rate in Cyprus (50%), Malta (39%), Estonia (31%), Greece (28%), Spain (28%), and Portugal (28%). Respondents in these countries also recorded high levels of uncertainty in the last wave of the survey Expectation of this year s inflation rate Those living in the euro area remain relatively pessimistic about inflation, with most expecting it to increase in 2012 Respondents were asked what they expected to happen to inflation this year. The majority (43%) expect it to increase, while 37% think it will remain the same, and 15% think it will be lower. 52

55 FLASH EUROBAROMETER These figures represent significant changes from those recorded in 2012 and For instance, in 2012 more than half (57%) expected inflation to increase (the same figure was also recorded on this measure in 2011), 28% thought it would stay the same, and one in ten (10%) thought it would decrease. The majority of respondents in 9 countries think that the inflation rate will be higher in 2013 than it was in A half of respondents in Slovenia (52%) and Italy (50%) think this way, as do 48% of those living in Germany. In contrast, just a quarter (25%) of respondents in Malta think that the inflation rate will be higher in Respondents in Finland (48%), Austria (47%), and Luxembourg (46%) are the most likely to expect inflation to remain the same in 2013 as it was in Respondents in Spain (26%) and Greece (24%), on the other hand, are the most likely to expect inflation to fall in

56 FLASH EUROBAROMETER The inflation rate: expectation for the present year The clear pattern shown in the following chart is that all of the 17 euro countries have recorded lower proportions of respondents that think that the inflation rate will be higher in 2013 than was the case in the previous wave asking about inflation rate expectation in The change in expectation between waves on this measure is particularly great in respondents from the following countries: Malta (-24 points), Spain (-23), Slovakia (- 22), Portugal (-21) and Greece (-21). 54

57 FLASH EUROBAROMETER Socio-demographic analysis reveals the following differences. Women are more likely than men to expect inflation to be higher this year (48% vs. 38%). Younger people aged (50%) and (45%) are more likely to expect inflation to rise than those aged (40%) or 55+ (42%). Those who think the euro is a bad thing for their country are more likely to expect inflation to increase (53% bad thing vs. 37% good thing) as are those who think the euro is a bad thing for the EU (55% bad thing vs. 39% good thing) Price increases in Estonia in the changeover period More than nine out of ten respondents in Estonia think prices have increased during the changeover period. More than nine out of ten (93%) respondents in Estonia think the introduction of the euro has had an impact on prices during the changeover period. Seven in ten (70%) think that all prices have increased, while a further 23% think that prices in only some categories have increased. One in twenty (5%) thinks that prices have remained more or less the same. This pattern of responding is very similar to the last wave in 2012 and also the wave before that in In both 2012 and % said all prices had increased, while 27% said some prices had increased. 55

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59 FLASH EUROBAROMETER 6. ECONOMIC REFORM This section examines respondents attitudes toward economic reforms in general as well as the positive and negative effects reforms have had on the national economy in various sectors. The perceived need for national governments to introduce reforms in a number of sectors in order to boost growth and employment is also considered Underlying attitudes towards economic reform Attitudes to economic reforms are generally positive - with the marked exception of a reform to increase the retirement age Respondents were given five statements about economic reform and asked the extent to which they agreed or disagreed with each one. Almost eight out of ten agree that there is need for significant reform to improve economic performance (79%), and three quarters agree that governments need to save more now to prepare public finances for an ageing population (76%). Almost three quarters think that economic reforms would be more effective if they were implemented in a coordinated way at the EU level (72%). In contrast respondents are most likely to disagree that successful reforms in other euro area countries have facilitated reforms in their own countries (50% disagree). Furthermore, respondents are strongly opposed to increasing the retirement age - 71% disagree with this idea, just a quarter (26%) agree. 57

60 FLASH EUROBAROMETER At least two thirds of respondents in each euro area country agree there is a need for significant reforms to improve economic performance. Around nine out of ten respondents in Italy (91%) and Cyprus (89%) think this way, as do 88% of those in Ireland. Respondents in Spain are the least likely to agree with this statement, but even so more than two thirds agree (67%). There is a need for significant reforms to improve the performance of our economy The higher the education level of the respondent, the more likely they are to agree that there is a need for significant reforms to improve economic performance. For example, 81% of those who completed their education aged 20+ and 85% of those still studying agree there is a need for economic reform, compared to 72% of those who completed education prior to age 16. Manual workers (74%) are the least likely to agree when compared to other occupation groups, such as the self-employed (81%) or employees (80%). In addition, respondents who think the euro is a good thing for their country are more likely to agree than those who think the euro is a bad thing (84% vs. 71%). The same pattern applies for those who think the euro is a good thing for the EU (83% vs. 70%). 58

61 FLASH EUROBAROMETER There is much more variation in opinion between countries when it comes to whether successful reforms in other euro countries have facilitated reforms in their own country. Almost seven out of ten (68%) respondents in the Netherlands agree that this is the case, as do 66% of those in Belgium, 62% of those in Malta and 60% of those in Ireland. In contrast just 30% of respondents in Greece and Italy agree. Six out of ten (59%) respondents in Greece disagree that successful reforms in other euro countries have facilitated reforms in their own country, as do 57% of respondents in Italy and 55% of respondents in Spain. 59

62 FLASH EUROBAROMETER I think successful reforms in other euro-area countries have facilitated reforms in our country The older the respondent, the less likely they are to agree that successful reforms in other euro countries have facilitated reforms in their own country (15-24:51%, 55+:36%). Manual workers (32%) are also less likely to agree compared to other occupation groups such as the self-employed, for example (45%). In addition, respondents who think the euro is a good thing for their country are more likely to agree than those who think the euro is a bad thing (47% vs. 28%). The same pattern applies for those who think the euro is a good thing for the EU (45% vs. 28%). 60

63 FLASH EUROBAROMETER There is majority support in all countries in the euro area for the idea that governments should be saving more now to prepare public finances for an ageing population. Nine out of ten respondents in Malta agree with this statement (91%), as do 87% of those in Ireland, 86% of those in Luxembourg and 85% of those in Belgium. Agreement is weakest in Greece and Spain, but even in these countries at least six out of ten are in agreement (62% and 66% respectively). 61

64 FLASH EUROBAROMETER Governments need to save more today in order to prepare public finances for the ageing of populations Those that live in a large town (73%) are less likely to agree that governments should be saving more today than do those that live in a rural village (78%) or a small/medium sized town (77%). Respondents who think the euro is a good thing for their country are more likely to agree that governments should be saving more now to prepare public finances for an ageing population compared to those who think the euro is a bad thing (80% vs. 72%). The same pattern applies for those who think the euro is a good thing for the EU (good thing: 79% vs. bad thing: 72%). 62

65 FLASH EUROBAROMETER The majority of respondents in all countries disagree that the retirement age should be increased to ensure the sustainability of the pension system. Four out of five (80%) of respondents in Slovakia, Spain and Italy, 79% of respondents in Germany, and 77% of respondents in Greece disagree that the retirement age should be increased. Almost half (48%) respondents in the Netherlands agree that the retirement age should be increased. The retirement age should be increased to ensure sustainability of the pension system Respondents who agree that the retirement age should be increased to ensure sustainability of the pension system are more likely to be: male (29% male vs. 23% female) aged 55+ (32%) have the highest education levels (31% of those who completed education aged 20+ and 33% of those still studying) be self-employed (29%) or not working (29%) In addition, respondents who think the euro is a good thing for their country are more likely to agree that the retirement age should be raised (31% vs. 20% who say the euro is a bad thing). The same pattern applies for those who think the euro is a good thing for the EU (29% good thing vs. 19% bad thing). 63

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67 FLASH EUROBAROMETER A majority of respondents in all euro area countries think that economic reforms would be more effective if they are carried out in a coordinated way at EU level. Eight out of ten respondents in Italy (80%) agree with this statement, as do 77% of those in Portugal and France. At the other end of the scale, the lowest levels of agreement were in Estonia (49%) and Finland (also 49%). Disagreement is highest amongst respondents in Finland (40%), the Netherlands (40%), Austria (34%) and Slovakia (28%). Economic reforms would be more effective if they are carried out in a coordinated way at EU level Respondents who agree that economic reforms would be more effective if they are carried out in a coordinated way at EU level are more likely to be: male (76% men vs. 67% women) aged (75%) have the highest education levels (74% of those completing education 20+, 77% of those still studying) employees (73%), not working (71%), or self-employed (71%) In addition, respondents who think the euro is a good thing for their country are more likely to agree that economic reforms would be more effective if they are carried out in a coordinated way at EU level (79% vs. 61% who say the euro is a bad thing). Similarly, almost four out of five (79%) of those who think the euro is good for the EU say that economic reforms would be more effective if they are carried out in a coordinated way at EU level, compared to 61% of those who say the euro is a bad thing for the EU. 65

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69 FLASH EUROBAROMETER 6.2. Evaluation of sectorial reforms Two thirds of respondents are unable to assess the impact of economic reforms Respondents were asked to nominate the sectors where they thought reforms have had the most positive impact on their national economy. When given the opportunity to respond spontaneously almost two thirds (65%) are unable to name any sectors. Almost one out of ten (8%) mention the labour market, while one out of twenty mention market reforms (5%), slightly fewer mention education systems (4%) and other reforms (4%). However, 17% spontaneously mentioned reforms in other specific areas as being the ones that have had the most positive impact on their national economy. Evaluation of sectorial reforms In all but four countries in the euro area, the majority of respondents are unable to name any sectors where reforms have had the most positive impact. The exceptions are Slovakia (63%), Slovenia (59%), Luxembourg (58%) and Ireland (51%) where respondents mentioned at least one sector. In fact, respondents in Slovakia are the most likely across the euro area to mention multiple sectors detailed in the table below. Within Slovakia the labour market is the most mentioned (26%) followed by the education system (16%), taxation (14%) and reforms in general (13%). 67

70 FLASH EUROBAROMETER Across the euro area respondents are most likely to spontaneously mention reforms in other specific areas in the Netherlands (30%), while respondents in Luxembourg are most likely to mention market reforms (16%), social security reforms (15%) and reforms in general (13%). Pension system reforms were most likely to be mentioned by respondents in Slovenia (12%). The following chart illustrates that respondents find it easier to nominate sectors where economic reforms have had the most negative impact on the economy. One out of five (21%) mention the labour market, while 12% nominate the education system, 11% the social security system and one in ten (10%) the pension system. However, respondents in the euro area are the most likely to spontaneously indicate reforms in other specific areas (26%) as having had the most negative effect on their national economy. In addition 37% are unable to nominate any sectors at all. 68

71 FLASH EUROBAROMETER Respondents in Slovenia (82%) Spain (79%), Italy (76%), Greece (70%), Slovakia (69%) and the Netherlands (69%) are the most likely to be able to nominate at least one sector where they think reforms have had the most negative impact. Respondents in Italy are most likely to mention the labour market (39%) and also reforms in general (15%), while those in Spain are most likely to mention the education (28%) and social security systems (25%). Respondents in Slovenia are most likely to mention reforms to the pension system (24%), taxation (24%) and market reforms (10%) as having the most negative economic impact. Respondents in 13 countries are most likely to mention reforms in other specific areas not covered in the table. This is particularly the case for respondents in the Netherlands and Portugal (both 40%). 69

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73 FLASH EUROBAROMETER 6.3. Evaluation of importance of reforms The majority of respondents think their national government should introduce reforms to increase growth and employment Although many respondents have difficulty in naming sectors where reforms have had a positive impact on their national economy, most of them agree that it is important for their government to introduce reforms in specific areas to help increase growth and employment. Almost all (93%) think it is important that their national government introduces labour market reforms to help increase growth and employment, and 89% think health system reforms are important. At least eight out of ten also say that it is important to introduce education (88%), pension (87%) and social security system reforms (85%) to help increase growth and employment. Four out of five (80%) mention taxation, while almost two thirds (65%) mention market reforms as important reforms for their national government to introduce to help increase growth and employment. These results are comparable to those of

74 FLASH EUROBAROMETER High majorities of respondents in every euro area country think it is important for their national government to introduce labour market reforms to help increase growth and employment. Nine out of ten or more respondents in all countries, with the exception of Slovenia (87%), Greece (87%), Spain (87%) and Estonia (84%), agree with this statement at this high level. Labour market Women are slightly more likely than men to say that it is important for their national government to introduce labour market reforms (95% vs. 92%). Manual workers (97%) are more likely to say this than other workers (93% for all other types). Those aged (96%) are also more likely to say this than those in older age groups (92% of those aged 55+ for example). 72

75 FLASH EUROBAROMETER At least eight out of ten respondents in all but one country think it is important their national government introduce health system reforms to help improve growth and employment. Support ranges from 97% of respondents in Ireland and 96% of those in Malta, to 80% of those in Spain. Health system Women are slightly more likely than men to say that it is important for their national government to introduce health system reforms (92% vs. 87%). Manual workers (92%) are more likely to say this than other types of workers. Respondents aged (92%) are more likely to say this than those in older age groups (87% of those aged 55+ for example). 73

76 FLASH EUROBAROMETER A large majority of respondents in each euro area country say it is important that their national government introduces pension system reforms to increase growth and employment. In excess of nine out of ten respondents in Ireland (92%), Malta (92%), France (92%), and Belgium (91%) say this. At the other end of the scale, slightly fewer than three quarters (74%) respondents in Estonia and Slovenia think these reforms are important. Pension system There are few substantial differences along socio-demographic lines; although men (84%) and those aged 55+ (85%) are less likely to think that pension reforms are important when compared to women (89%) and younger respondents (87-89%). 74

77 FLASH EUROBAROMETER More than three quarters of respondents in each country say that it is important for their national government to introduce social security system reforms to improve growth and employment. Nine out of ten respondents in Ireland (90%) and Italy (89%) say this is important, compared to 78% of those in Estonia and Cyprus. Social security system Women are slightly more likely than men to think it is important to introduce social security reform (87% vs. 82%), and manual workers are more likely to think this way than those who are self-employed (88% vs. 82%). 75

78 FLASH EUROBAROMETER There is a greater range of opinion across the euro area when it comes to market reforms, as in telecom, gas/electricity (e.g. opening sectors for free competition, privatisation). Despite the wider range of responses an absolute majority of respondents in each country still think these reforms are important. At least eight out of ten respondents in Malta (88%), Ireland and Belgium (both 82%) think it is important their national government introduces market reforms to improve growth and employment. In contrast, just over half of respondents in Estonia (53%) and the Netherlands (53%) agree. Market reforms Manual workers are more likely to think it is important their government introduces market reforms (68%) than employees (63%). 76

79 FLASH EUROBAROMETER A majority of respondents in each country think it is important their government introduces taxation reform to help increase growth and employment. Respondents in Italy (92%) are most likely to think this way, compared to 62% of those in Slovenia and 63% of those in Estonia. At least one quarter of respondents in Spain (25%) and Slovenia (31%) think that it is not important to introduce taxation reforms. Taxation Respondents aged are less likely to think that taxation reforms are important to help increase growth and employment (75% vs % for older groups). The selfemployed (84%) and manual workers (83%) are more likely to think taxation reforms are important than those who are employees (79%) or not working (80%). 77

80 FLASH EUROBAROMETER A majority of respondents in each euro area country agree that introducing reforms in the education system is important to increase growth and employment. Respondents in Italy (93%), Germany, Austria and Portugal (all 92%) and Ireland (91%) are the most likely to think this way, compared to 64% of those in Finland and 67% of those in Estonia. Finland has the highest proportion of respondents who say that education system reforms are not important with more than three out of ten saying this (32%). Education system The youngest respondents are more likely to think that introducing reforms in the education system is important to increase growth and employment (15-24: 91% vs. 55+: 87%). Those who left education aged 15 or younger are less likely to think that education reforms are important (85%) compared to those who were aged 16+ when they left education or are still studying (88-89%). 78

81 FLASH EUROBAROMETER 7. PERSONAL ECONOMIC OUTLOOK This section looks at respondents' views on their personal financial situation in the past year and for the coming year. Expectations for this year are a little more positive than assessments of last year's household income Respondents were asked to say how their household income had changed since last year, and how they expected it to change in the current year. As the following charts illustrate, expectations for the future are a little more positive then the assessment of the past year, with greater numbers expecting their income to stay the same and fewer expecting it to decrease in the current year. Thinking about the change in their household income since last year, 43% of respondents say their income remained the same and 39% say it decreased. Fewer (16%) say their household income has increased since last year. When asked to look to the future respondents are more positive about maintaining the status quo. Just over half (54%) think that their household income will stay the same, 27% think it will decrease and 16% think their household income will go up. 79

82 FLASH EUROBAROMETER The charts below show the trends in perceptions of household income since The proportion of respondents who report that their household income has increased since last year has declined gradually over the period (-5 points). During the same period there has been a considerable increase in the proportion of respondents who say that their household income has decreased since last year (+14). It is notable that the period saw the largest increase in those who say their household income has gone down (+6 percentage points). There is a similar pattern for expectations about the coming year. In the period the proportion of respondents that say they expect their household income to increase has dropped by 11 percentage points. Over the same period the proportion that expects their household income to decrease has gone up by 9 points overall. However it is notable that the 2013 figure of 27% respondents expecting a decrease in household income is significantly lower than the equivalent finding from 2012 (32%). Change in household income In many of the countries in the euro area, respondents are most likely to say that their household income has stayed the same compared to last year. This is particularly the case for respondents in Malta (61%), Finland (60%), Belgium (58%) and Austria (55%). In marked contrast, more than eight out of ten respondents (83%) in Greece say that their household income has decreased since last year. This is also the opinion of a majority of respondents in Cyprus (76%), Portugal (66%), Spain (59%), Ireland (53%), Italy (48%) and Slovenia (45%). Respondents in Luxembourg (31%), Germany and Estonia (both 29%), are the most likely to say that their household income has increased since last year. 80

83 FLASH EUROBAROMETER Change in household income last year There has been a notable rise in the proportion of respondents who say their household income has decreased since last year in Cyprus (+15 percentage points), and the Netherlands (+8 points), but there has been a decrease since last year for this measure among respondents from Spain (-7 points) and Greece (-7 points). Socio-demographic analysis shows that: Those aged 25+ are the most likely to say that household income has decreased since last year (e.g. 41% of those aged 55+ vs. 33% of 15-24s) The less educated the respondents, the more likely they are to say that household income has decreased since last year (lowest education level: 45%, highest: 34%) Employees (32%) and manual workers (38%) are the least likely to say that their household income has decreased since last year (compared to 42% of the self-employed and 43% of those not working). 81

84 FLASH EUROBAROMETER 82

85 FLASH EUROBAROMETER Across the euro area, respondents in most countries expect their household income to remain the same in the current year. This is particularly the case amongst respondents in Belgium (64%), Germany and Finland (both 63%), and Austria (62%). In contrast, the majority of respondents in Greece (56%), Cyprus (52%) and Portugal (49%) are the most likely to expect their household income to decrease in the current year. Respondents in these countries are also the most likely to say their household income has decreased since last year. Those living in Malta (36%), Luxembourg (33%) and Estonia (28%) are the most likely to say they expect their household income to increase in the current year. Expectation about the change in household income for this year There has been a considerable decrease in the proportion that say they expect their household income to go down in the current year amongst respondents in Greece (-17 percentage points), Portugal (-12), and Spain (-10). Socio-demographic analysis highlights that those aged 55+ are the most likely to say they expect their household income to decrease in the current year (31% vs % of younger age groups). Those with the lowest education levels are also more likely to expect their household income to go down compared to those that remained in education for longer (31% of those who left education 15 or below vs. 19% of those still studying). 83

86 FLASH EUROBAROMETER The scatter charts below illustrate the perceptions of household income in 2012 and The quadrants of the charts represent the following groups: Upper right hand quadrant: positive perception in comparison to last year and positive expectations for the future Lower right hand quadrant: positive perception and low expectations Upper left hand quadrant: negative perception and high expectations Lower left hand quadrant: negative perception and low expectations 84

87 FLASH EUROBAROMETER 85

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