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Survey of Monetary Analysts

The ECB Survey of Monetary Analysts (SMA) collects information on market participants’ expectations about the future evolution of key monetary policy parameters, financial market variables, and the economy. It is formulated by ECB staff; members of the ECB’s decision-making bodies are not involved in the formulation of the survey.

The first round of the pilot phase of the survey began in April 2019, and it transitioned to a steady state in June 2021. The questionnaire is published on the ECB website at the same time as it is distributed to respondents. The survey results are published in aggregate form for each round on the Friday of the week following the Governing Council meeting.

About the survey

The ECB Survey of Monetary Analysts (SMA) runs eight times a year. Its frequency is aligned to the six-week cycle of the Governing Council’s monetary policy meetings. The survey questionnaire aims to gather regular and systematic information on market participants’ expectations about the future evolution of monetary policy instruments and initiatives that the ECB has already announced, as well as about financial markets and the economy. Questions never presume or signal intentions to undertake any particular policy action in the future.

Survey respondents are selected from financial institutions participating in the ECB Market Contact Groups (i.e. the Money Market, Bond Market, and Foreign Exchange Contact Groups). Selection of survey respondents is based on the fulfilment of the following criteria: market relevance, geographic diversity, commitment to regular participation in subsequent rounds of the survey, and whether the institution is active in the field that is being surveyed.

Philip R. Lane, Member of the Executive Board of the ECB, has a regular dialogue with a group of monetary analysts from the institutions participating in the survey.

List of survey respondents

  • Amundi
  • Bank of Ireland
  • Barclays
  • Bayerische Landesbank
  • BBVA
  • Belfius Bank
  • Blackrock
  • BNP Paribas
  • BPCE/Natixis
  • Caixa Geral de Depositos
  • Caixabank
  • Citigroup
  • Commerzbank
  • Credit Agricole CIB
  • Deutsche Bank
  • DZ Bank
  • Erste Bank
  • Goldman Sachs
  • ING
  • Intesa Sanpaolo
  • LBBW
  • Mediobanca
  • Morgan Stanley
  • Muzinich
  • Nordea
  • Société Générale
  • State Street
  • Unicredit
  • Union Investment

Last updated 18 February 2022

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