6  There is also evidence in the literature that trade openness positively contributes to Life Satisfaction; see Bjornskov, Dreher and Fischer (2007). 2  BIS Review 144/2007  have enough “punch” to turn things in the direction that European citizens want.
This creates a “demand” for more “Europe” in the globalisation process, to which Europe does not seem to be responding in the right way. I will come back to this later. In my opinion, policy-makers (including central banks) have to take these perceptions seriously. In economics, perceptions shape reality.