Poll: Europe's economic woes weigh on continent's unity

By Peter Schroeder - 05/29/12 11:14 AM ET

Unity within the European Union is fraying as the continent's debt crisis continues, according to a new poll.

The Pew Research Center found that Europeans are largely down on the role the European Union (EU) and the euro currency has played on the economy, and have a bleak view of the economy in upcoming months. Nonetheless, the survey found Europeans are still reluctant to dissolve the multinational arrangement and return to native currencies.

The poll comes as European leaders continue to grapple with their debt crisis, and doubts continue to mount as to the ability of Greece to remain within the eurozone as a result of its fiscal problems.

Just 34 percent of those surveyed thought the EU strengthened the economy, and the favorability of capitalism itself is also on the decline among Europeans. Less than half of Europeans have a favorable view of the European Central Bank, which is playing a leading role in steering through the crisis. And citizens of the nations that opted to avoid the euro and stick with their own currencies are quite happy with standing pat, including nearly three-quarters of British participants in the survey. In contrast, just 37 percent of those living in the five eurozone nations surveyed see the euro as a good thing.

While 52 percent of Americans expect the economy will improve over the next year, just 22 percent of Europeans, and 9 percent of Greeks, feel the same way.

"What started out four years ago as a sovereign debt crisis, morphed into a euro currency crisis and led to the fall of several European governments, has now triggered a full-blown crisis of public confidence: in the economy, in the future, in the benefits of European economic integration, in membership in the European Union, in the euro and in the free market system," Pew wrote.

But despite all those concerns and gripes, 60 percent of Europeans surveyed still hold a favorable view of the EU, and more than half of those surveyed across the eurozone would like to keep the euro as their currency and not return to each country's own unique currency.

The survey also indicated that among European nations, there are widely varying views within the EU about the current situation and their fellow members.

For evidence, one need look no further than when Pew asked citizens of eight different European nations about stereotypes. When asked which nation was the most hardworking, all but Greece said it was the Germans. Greeks surveyed named themselves. When asked which country was the least hardworking, five of the eight identified Greece.

Among the nations surveyed, 80 percent of Germans have a positive view on how their nation's leaders have handled the crisis, while 62 percent of Greeks and 69 percent of the Polish and Czech participants surveyed have a negative perspective on how leaders have handled matters.

On the matter of bailing out ailing nations, there is a wide divergence of opinion depending on which side of the equation a nation falls. Those surveyed from struggling nations like Spain and Greece were vastly opposed to the notion that other EU nations should not provide assistance, while more or roughly half of those from Britain, France or Germany agreed with that idea.

However, nations across the board thought efforts to cut spending had gone too far, pushing back against the recent pursuit of austerity by nations across Europe.