UCL School of Slavonic and East European Studies (SSEES)


Exploring the Interplay between Financial Markets and Public Trust in the ECB

15 May 2024, 1:00 pm–2:00 pm

A photo of a calculator, money, pen, glasses and 'trust' written on a clipboard

A Research Student seminar with Xianni Ding

This event is free.

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In recent years, the erosion of public trust in central banks has emerged as a pressing concern. This presentation sets out to explore how the performance of financial markets, particularly bond, real estate and stock markets, affects public trust in the European Central Bank (ECB). This study expands the understanding of the factors that influence public trust in the ECB, highlighting the important impact of financial market dynamics and policy interventions. It opens the way for further exploration of policy strategies to strengthen the relationship between central banks and the public.

At the core of the investigation lies a dual methodological approach that integrates macro and micro analysis. On the macro level, comprehensive assessments of public trust in the ECB are conducted across 20 Eurozone states from 1999 to 2023. Through quantitative analyses of bond markets, real estate markets, stock markets, and the indirect impact of Quantitative Easing (QE) policies, overarching trends and patterns contributing to fluctuations in public trust levels are discerned. Simultaneously, on the micro level, individual-level perceptions are explored through Eurobarometer surveys. By triangulating macroeconomic data with micro-level insights, the aim is to offer a holistic understanding of public trust that captures both systemic trends and individual experiences. Additionally, this research would serve as a comprehensive chapter in a PhD thesis.


Xianni Ding is a SSEES PhD student specializing in macroeconomics with a keen focus on public trust, central banks, financial markets, and unconventional policies. Her work delves into understanding the intricate dynamics shaping the public trust amidst economic fluctuations, particularly in central bank policies and their impact on financial markets.

Image credit: Nick Youngson on Pix4free.org