Love at second sight: support for the euro before and after adoption

4 November 2025

By Ferdinand Dreher and Nils Hernborg

Many Bulgarians are still hesitant about giving up the Lev on 1 January. Mixed feelings are not uncommon in countries adopting the euro. However, survey data show that support significantly increases once people start using the euro in their daily lives.

When countries prepare to adopt the euro, public sentiment is often hesitant or split. People tend to worry about prices going up, as well as a loss of their country’s sovereignty or sense of national identity. They can also be sceptical as to whether the benefits will truly outweigh the costs. This is understandable: a currency is a powerful symbol of national identity, and major changes naturally create uncertainty.

Yet survey data reveal a striking and consistent trend: mixed sentiment prior to adoption shifts as support for the euro rises significantly after adoption. This pattern holds true across all eight countries that joined the euro area after 2002.^[1]

Why does public opinion shift so markedly once people have the euro in their hands? This blog post draws on data from Eurobarometer surveys to shed light on this phenomenon. As Bulgaria prepares to join the euro area on 1 January 2026, this analysis helps us understand how public opinion could evolve after the changeover.

How public support changes before and after euro adoption

Eurobarometer data from the eight countries that joined the euro area after 2002 reveal a remarkably consistent pattern: public support for the euro tends to rise sharply after adoption.

In the final survey before accession, public opinion is often mixed. Support typically begins to increase slightly just before adoption, around the time when the country gets formal approval to join the euro area. However, the most significant shift occurs immediately after the changeover. On average, support for the euro jumps by 11 percentage points from the last survey before adoption to the first survey conducted afterward. Following adoption, public opinion stabilises at a clear majority in favour in all countries, with an average of 73 percent supporting the euro and only 22 percent against. That is a large net support of 51 percent.

Chart 1

Cumulative change in public support for the euro

Sources: European Commission Standard Eurobarometer, ECB calculations.

Notes: The European Commission’s biannual Standard Eurobarometer survey asks people a straightforward question – whether they are for or against “a European economic and monetary union with one single currency, the euro”. For each country, we looked at how the share of those “for” the euro changed before and after they adopted the euro, using the last pre-adoption survey as a reference point (indexed at 0). The Standard Eurobarometer first asks its respondents about their support for the euro in its spring 2000 survey, at which point 11 of 12 countries introducing the euro into circulation in 2002 had already officially introduced the currency in 1999. The cumulative change in support for the euro is calculated as an arithmetic average across eight accession countries and is plotted against the respective survey count relative to the accession date of that country. The cumulative change is indexed at zero in the last survey before accession. The exact time of the year in which Standard Eurobarometer surveys were conducted varies slightly from year to year, especially during the Covid-19 pandemic. Usually, the biannual surveys consist of a spring release (conducted around Mar-May, i.e. around 4 months after the turn of the year) and autumn release (conducted around Sep-Nov, around 2 months before the turn of the year). To harmonise the visualisation across countries, the x-axis in Chart 1 plots changes in relation to the survey count. The number of months in brackets in the chart is only indicative and may be higher/lower for specific countries. The latest observation is for Autumn 2024 (fifth survey after accession in Croatia). Since the question is first posed in Slovenia in the Autumn 2004 survey, the first change in support for the euro for Slovenia is from the fourth survey before accession. Confidence bands show the minimum and maximum values.

The increase can be observed across all eight accession countries, regardless of the initial level of support. For example, in Estonia and Slovenia, support rose by 8 percentage points, while in Latvia, it increased by 15 points. In Croatia – the latest country to join the euro area in 2023 – support for the euro increased by 11 percentage points between the last survey before introduction of the euro (July 2022) and the first survey after (February 2023). The positive shift can also be observed in all sociodemographic groups – young and old, men and women, different education levels and regardless of whether people live in towns or the countryside. And, importantly, as Chart 1 shows, support stays at the higher levels in the years after adoption.

Main concerns before euro adoption

Why are people sceptical of giving up their currency prior to adoption? Survey data reveal different underlying factors.

The most immediate and widespread concern is that prices will rise when the old currency is replaced by the euro. On average, about three out of four citizens fear that the changeover will lead to higher prices (Chart 2). This anxiety is often fuelled by uncertainty about how shops will convert prices and whether the transition will be used as an excuse for “rounding up” prices.^[2]

Another concern is losing a symbol of national identity. Banknotes and coins carry history, images and collective memory. Replacing a national currency can feel like giving up a small part of people’s common identity, especially for older generations for whom the currency is entwined with pivotal moments in life. While this concern is less pronounced than fears about prices, about half of participants in pre-adoption surveys express worry about losing a symbol of their national identity (Chart 2).

A third worry is the perceived loss of national control over economic policy. The idea that interest rates and other key decisions will be set outside one’s own national borders can be unsettling. And so, on average, around four in ten citizens surveyed before adoption believe that switching to the euro will mean losing control over their country’s economic policy.

Beyond these specific concerns, people may also worry about the practical challenges of switching currencies. The benefits of euro adoption – such as easier travel, lower foreign exchange costs and smoother trade – can seem distant or abstract before the changeover. In contrast, the hassles of dual pricing, new notes and coins, and converting wages and pensions feel immediate and concrete. In an environment where information is incomplete or partisan, loss aversion can dominate the narrative and lead people to be more sceptical about euro adoption.

Chart 2

Concerns prior to euro adoption

Sources: European Commission Flash Eurobarometer.

Notes: The data include the results from the Flash Eurobarometer (“Introduction of the euro in the Member States that have not yet adopted the common currency”) in the latest available survey prior to adoption for each country as follows: Slovenia (March-April 2006), Cyprus (September 2007), Malta (September 2007), Slovakia (May 2008), Estonia (September 2010), Latvia (April 2013), Lithuania (April 2014) and Croatia (April 2022). The questions covered and answers in brackets include “What impact, if any, do you think the introduction of the euro will have on prices in (THIS COUNTRY)? - [Will increase prices]”, “Could you tell me for each of the following statements if you agree or disagree…? Adopting the euro will mean that (OUR COUNTRY) will lose control over its economic policy (%) - [Totally agree + Tend to agree]” and “Could you tell me for each of the following statements if you agree or disagree…? Adopting the euro will mean that (OUR COUNTRY) will lose a part of its identity (%) - [Totally agree + Tend to agree]”.

Why does support increase after adoption?

The first and most important factor driving the rise in public support after euro adoption could be that many of the initial fears simply do not materialise. EU institutions and national authorities carefully plan the transition. They provide clear information, dual price displays and consumer hotlines. Also, they facilitate voluntary “fair pricing” charters with retailers. As cash machines dispense euros, salaries arrive on time, and shops are open about how they set prices, trust in the new currency grows. Once the euro becomes the new status quo, people tend to warm to it through daily exposure – a psychological phenomenon called “mere exposure effect”. Fears of price spikes may also fade as consumers typically observe that the changeover has limited effects on inflation.^[3]

At the same time, the benefits of adopting the euro become tangible and show up in survey data (Chart 3). Travellers experience the ease of paying in the same currency across much of the continent. Online shoppers compare and pay across borders without worrying about exchange fees. Firms experience fewer foreign-exchange risks. Banks begin to offer products on better terms. And investors treat the country as part of a larger currency area, which can boost trade and investment.^[4] There is good reason to believe that these practical advantages reinforce positive attitudes towards the euro among the new currency users.

Meanwhile, survey data also indicate that identity adapts. The euro does not erase national identity. It adds a European layer on top of it (Chart 3, panel a). National symbols are minted on domestic euro coins, while cultural life and language remain unchanged. Over time, being part of the euro area can itself become a source of pride and a symbol of European integration and stability. Being a member of a club that issues a currency of global standing – and as a result wields political and economic influence – adds to the economic benefits and can outweigh concerns about ceding monetary autonomy.

Ultimately, public support (shown along the horizontal axes in Chart 3) remains high and rises further as the euro continues to deliver repeated, practical benefits that make life easier. Data also show that directly after adoption a large proportion of citizens already feel the benefits of the euro mentioned above (vertical axes of Chart 3, panels b and c). And, importantly, this sentiment increases over time in tandem with support for the euro.

Chart 3

Support for the euro and its perceived benefits after adoption

Sources: Standard Eurobarometer and Flash Eurobarometer.

Notes: The x-axis in each panel shows the share of respondents expressing support for the euro, as measured in the Standard Eurobarometer in the first survey after adoption for each country and in the latest survey (2025). The y-axis in each panel shows the share of respondents that perceive the respective benefit of the euro, as measured in the Flash Eurobarometer (“The euro area”) in the first survey after adoption for each country and in the latest survey (2024). For the question on the euro making people feel more European than before, the latest data point available is 2023. The dots represent each one of the eight countries that adopted the euro after 2002. The questions covered and answers in brackets include “Does the euro make you personally feel more European than before, or would you say that your feeling of being European has not changed? (%) - [Yes, more European]”, “Do you think that the euro has made travelling easier and less costly? (%) - [Yes]” and “Do you think that the euro has made it easier to compare prices and shop in different EU countries, including online? (%) - [Yes]”.

a) Does the euro make you personally feel more European than before?	b) Has the euro made travelling easier and less costly?	c) Has the euro made it easier to compare prices?
(percentages)	(percentages)	(percentages)

Looking ahead: lessons from euro adoption

The experience of the countries that have adopted the euro since 2002 offers a clear lesson: initial scepticism and concern often give way to broad public support once the currency is in use.

The euro area will always contain different histories, cultures and preferences. What keeps it together through recessions, pandemics and energy shocks is a shared sense that the common currency provides concrete benefits and therefore enjoys broad public support. In this sense, the euro is more than just a currency. It is a powerful symbol of unity, stability and shared prosperity. Countries that have adopted the euro since 2002 have seen fears give way to tangible benefits, from smoother trade and travel to a stronger sense of belonging in Europe.

As Bulgaria prepares to join the euro area in 2026, the experiences from past changeovers provide valuable insights on how to build strong foundations for public support for the euro after adoption. Transparent communication, careful planning, and measures to reassure the public are essential to ensuring a smooth transition and together lay the groundwork for long-term success.

The views expressed in each blog entry are those of the author(s) and do not necessarily represent the views of the European Central Bank and the Eurosystem.

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