Beyond technocracy: Toward a holistic approach to central bank trust

We examine public trust in the European Central Bank (ECB) and its correlates using survey data from the Bundesbank Online Panel of Households for Germany. Drawing on insights from political science and psychology, we move beyond technocracy and develop a more holistic account of central bank trust. We show that trust in the ECB is associated with both competence aspects, defined as effectiveness in maintaining price stability and reliance on rules, scientific analysis and data—and value aspects, particularly the integrity of senior policymakers, honest communication and broader societal concern. Respondents who report that competence matters more report significantly higher trust in the ECB. In contrast, those who place greater importance on values tend to express lower trust. Trust in the ECB is also strongly associated with trust in political institutions more generally and, to a lesser extent, interpersonal trust. Together, our findings offer a fresh perspective on trust in central banks, in which respondents report value-related considerations alongside competence. Integrity and transparent communication are already part of the ECB’s existing ethics and accountability framework, so placing weight on these considerations raises no question about its mandate.