Was the European Central Bank able to assure the relaunch of the European project after the weakening of the post-crisis period? To answer this question, this paper presents an empirical analysis connecting citizen trust in the European Union with a variable intended to be a measure of the monetary policy strategy of the European Central Bank, namely, the interest rate on government bonds extracted from the 1-year maturity yield curve. The dynamic panel technique, applied to nineteen Eurozone countries for the time span of 2004–2018, estimates the presence of a long-run common relationship between the variables despite allowing different short-run adjustment mechanisms. Results are revealed to be not univocal: the easy monetary policy strategy is associated for the whole period with a decline of trust, and therefore, despite its impressiveness, it was not sufficient to relaunch the European Union project. However, when considering the change in strategy of the post-2013 period, it seemed to have contributed to a slight inversion of the decline of trust. These results highlight the importance of non-conventional measures and call for further support from coordinated policy action as a response to the negative shock deriving from the COVID-19 pandemic.

在后危机时期减弱后，欧洲中央银行是否能够确保重新启动欧洲项目？为了回答这个问题，本文提出了一个实证分析，将公民对欧盟的信任与一个旨在衡量欧洲中央银行货币政策战略的变量联系起来，即从 1-年到期收益率曲线。动态面板技术在 2004-2018 年期间应用于 19 个欧元区国家，估计变量之间存在长期共同关系，尽管允许不同的短期调整机制。结果显示并非一成不变：宽松的货币政策策略在整个时期都与信任度下降有关，因此，尽管令人印象深刻，重新启动欧盟项目是不够的。然而，当考虑到 2013 年后时期的战略变化时，它似乎促成了信任度下降的轻微反转。这些结果凸显了非常规措施的重要性，并呼吁采取协调一致的政策行动进一步支持应对 COVID-19 大流行带来的负面冲击。