EUROPROJECT EUROPROJECT U.I.P.E.C. SPAINU.I.P.E.C. SPAIN

University of Valencia Unit of Research in Consumer and

Economic Psychology

EUROPEAN UNION PROJECT

THE INTRODUCTION OF THE NEW COIN ,

THE “EURO”

SPANISH ATTITUDES TOWARD “EURO”

A Research Project Among A Research Project Among 15 Countries 15 Countries

Universities from all members of Universities from all members of the European Union participated the European Union participated in this project. This project was in this project. This project was supported by the European supported by the European Union in order to obtain Union in order to obtain information from citizens information from citizens regarding attitudes toward the regarding attitudes toward the new currency.new currency.

Some information…..Some information…..• On January 1st, 1999: EU introduced On January 1st, 1999: EU introduced

the Euro (transactions, public debt the Euro (transactions, public debt and so on) but not the coin or notesand so on) but not the coin or notes

Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, and Finland.• On January 1st, 2002: EU will introduce the coin to the population (6 month later, the national currency will be out of the market)

The Euro coins……...The Euro coins……...

The Euro-notesThe Euro-notes

Exchange rate….EUROExchange rate….EURO

USA: 1.13404

SPAIN: 165.88

IntroductionIntroduction

Money is not only an economic matter but also a symbol that conveys many different things to people: status, power, national identity, pride, economic growth, and so on.

Moreover, the meaning of money is different in each country.

Some previous research:Some previous research:

• Furnham (beliefs about money)Furnham (beliefs about money)

• Fank (Money-Handling Inventory)Fank (Money-Handling Inventory)

• Tang (MAS, Money Ethic Scale)Tang (MAS, Money Ethic Scale)

• Luna, Quintanilla & Diaz (Luna, Quintanilla & Diaz (Escala de Escala de Actitudes hacia el dineroActitudes hacia el dinero, Attitudes , Attitudes toward money Scale)toward money Scale)

ATTITUDES TOWARD ATTITUDES TOWARD EUROEURO

Attitudes toward the European Monetary Union are important to the success of the EURO. Attitudes toward the EURO indicate clearly the disposition of the Spanish people (Spaniards) to accept or reject the EURO. A scale was developed to measure this. This scale has high internal consistency (Cronbach’s Alpha = .9036) and measures opinions and attitudes related to the EMU.

The sample…..mail surveyThe sample…..mail survey

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Population

Sample

410 individuals from different areas of the Country (p=q=50% with a confidence level of 95% and sample error being +/-5%).

Spaniards opinion…….Spaniards opinion…….

In general, participants expressed positive attitudes toward the new EURO. In fact, 71% of the participants agreed to replace the peseta with the EURO, while only 14% disagreed.

The role of information….The role of information….

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OBJECTIVE INFORMATION (0-6)

SUBJECTIVEINFORMATION

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NATIONAL IDENTITY …...NATIONAL IDENTITY …...

Spanish people were reluctant to leave their own country.

76% were against settling down in a foreign country if the possibility existed to do so in their own.

52.9% agreed that it is important to differentiate Spain from the rest of the member states

European Identity…...European Identity…...

The introduction of the EURO could be seen as an important motivation towards the feeling of being more European.

NATIONAL PRIDENATIONAL PRIDE

Among Spanish people,

77.65% of them were proud of their language, culture, traditions, and customs,

70.5% were proud of their Spanish history,

58.5% were proud of their King,

28.8% were proud of the peseta as being something national.

Regression model….Regression model….

• 1- Economic growth in Spain• 2- Feeling of 'belonging' to Europe• 3- Microeconomic expectations • 4- Travel between countries • 5 - Adaptation to the EMU• 6- Reduction in budget provisions for social welfare• 7- Dependency on a central European government • 8- Personal importance of the EMU

Attitude towards the EURO (Dependent Variable)