12 January 2022
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 8, 2021
- Abstract
- This box reviews how the ECB’s communication on the economic outlook has evolved over time and how it compares with that of two other major central banks. Standard metrics reveal that over time the communication on the economic outlook has gradually become clearer, making monetary policy more transparent and effective. The ECB’s communication differs from that of the Bank of England and the Federal Reserve Board, reflecting the differences in their monetary policy strategies. The ECB uses the term “money” more often, while the Bank of England and the Federal Reserve Board communicate the terms “unemployment” and “slack” more frequently. Textual analysis underscores the importance of narratives in communicating quantitative economic forecasts. To build informative narratives, the ECB relies on a wide range of economic models, tools and surveys.
- JEL Code
- E30 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→General
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
12 January 2022
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 8, 2021
- Abstract
- How central banks communicate matters. Communication has become a key instrument to make policy more effective and improve central banks’ transparency and accountability, ultimately helping to build trust among the wider public whom they serve. As part of its recent strategy review, the ECB analysed how its communication, in particular with the wider public, can be improved. This article further complements the findings of the strategy review. The article aims to provide a better understanding of the ECB’s audiences among the wider public, what matters to them, and what happens between the sending and the receiving end of ECB communication. The findings point to possible avenues to make the ECB’s monetary policy communication more effective.
- JEL Code
- E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
29 November 2021
SPEECH
Lectio Magistralis by Christine Lagarde, President of the ECB, at the Accademia Nazionale dei Lincei
26 November 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Gerald Braunberger, Dennis Kremer and Christian Siedenbiedel on 23 November and published on 26 November 2021
23 November 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Carolynn Look and Alexander Weber on 22 and published on 23 November 2021
10 July 2021
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patrick Bernau and Dennis Kremer on 8 July and published on 10 July 2021
14 June 2021
INTERVIEW
Interview with Christine Lagarde, President of the ECB, conducted by Johanna Treeck and Florian Eder on 11 June 2021 in Frankfurt
31 January 2021
INTERVIEW
Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Markus Zydra on 26 January and published on 1 February 2021 as a shortened version in Süddeutsche Zeitung
20 October 2020
THE ECB BLOG
Blog post by Isabel Schnabel, Member of the Executive Board of the ECB
- Summary
- High-quality data and statistics provide indispensable input for sound policy decisions, including at the ECB, writes Executive Board member Isabel Schnabel. Today’s World Statistics Day reminds us of the importance of data we can trust.
30 September 2020
SPEECH
Speech by Christine Lagarde, President of the ECB, at the “ECB and Its Watchers XXI” conference
13 July 2020
INTERVIEW
Transcript of an interview with Isabel Schnabel, Member of the Executive Board of the ECB, with ARD “plusminus”, conducted by Markus Gürne on 8 July 2020
7 July 2020
INTERVIEW
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Beunderman on 1 July 2020
9 June 2020
INTERVIEW
Interview on Twitter with Isabel Schnabel, Member of the Executive Board of the ECB, conducted and published on 9 June 2020
27 February 2020
SPEECH
Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Barclays International Monetary Policy Forum
6 February 2020
SPEECH
Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament
23 January 2020
INTRODUCTORY STATEMENT
Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020
24 October 2019
INTRODUCTORY STATEMENT
Mario Draghi, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 24 October 2019
27 August 2019
SPEECH
Intervention by Luis de Guindos, Vice-President of the ECB, at the ECB policy panel of the Annual Congress of the European Economic Association, Manchester, 27 August 2019
1 July 2019
SPEECH
Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Bank of Finland conference on Monetary Policy and Future of EMU
25 May 2018
SPEECH
Panel remarks by Benoît Cœuré, Member of the Executive Board of the ECB, at a conference on the occasion of Sveriges Riksbank’s 350th anniversary, Stockholm, 25 May 2018
