Micro-Economic Responses to a Macro-Economic Crisis : A Pan-European Perspective

This article asks: To what extent has the macro-economic crisis of national governments and financial institutions affected ordinary Europeans at the micro-economic level? The first section sets out hypotheses about which individual and national characteristics are most likely to influence individuals coping or falling into economic difficulties. The following section uses multi-level statistical modelling to test these hypotheses with evidence from a 2009 Eurobarometer survey covering all 27 EU member states. It finds that the individual characteristics that affected their ability to cope before the crisis began are much more important than those that could make people vulnerable in crisis circumstances. Given the distinctive circumstances of Russia as against Central and East European economies, the third section compares New Russia Barometer survey data with that for CEE countries. It finds that similar influences apply. The conclusion considers continuing effects of the shock on the mass of people in European societies and political stability