Collective Memories on the 2010 European Debt Crisis

Abstract

We examine whether collective memories on the aid and reform programs chosen to handle the 2010 European debt crisis differ between citizens from borrower and lender countries. We use new international survey data for non-experts and experts in member countries of the euro area. The results show that non-experts from borrower and lender countries remember aspects of the programs in different manners; indicating biases for assessments of how the crisis outcomes are perceived in borrower and lender countries. Nation-serving biases may well explain that the 2010 European debt crisis has reduced the sense of belonging rather than bringing European citizens closer together.