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 preparation of the survey’s questions.
The survey runs eight times a year. The survey’s pilot phase began in April 2019 and is expected to last until the end of 2020. During the pilot phase, the questionnaire will be published on the ECB website. Results will be published after the pilot phase.
- 23 November 2020
- ECB Survey of Monetary Analysts (SMA), December 2020
- 12 October 2020
- ECB Survey of Monetary Analysts (SMA), October 2020
- 24 August 2020
- ECB Survey of Monetary Analysts (SMA), September 2020
- 29 June 2020
- ECB Survey of Monetary Analysts (SMA), July 2020
- 18 May 2020
- ECB Survey of Monetary Analysts (SMA), June 2020
- 14 April 2020
- ECB Survey of Monetary Analysts (SMA), April 2020
- 24 February 2020
- ECB Survey of Monetary Analysts (SMA), March 2020
- 6 January 2020
- ECB Survey of Monetary Analysts (SMA), January 2020
- 25 November 2019
- ECB Survey of Monetary Analysts (SMA), December 2019
- 7 October 2019
- ECB Survey of Monetary Analysts (SMA) - questionnaire
- 26 August 2019
- ECB Survey of Monetary Analysts (SMA) - questionnaire
- 8 July 2019
- ECB Survey of Monetary Analysts (SMA) - questionnaire
- 15 May 2019
- ECB Survey of Monetary Analysts (SMA) - questionnaire
- 13 March 2019
- ECB Survey of Monetary Analysts (SMA) - questionnaire
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.
The survey’s pilot phase began in April 2019 and has been extended until the end of 2020. The questionnaire is published on the ECB’s website at the same time that it is being distributed to the survey participants. The ECB will publish the results after the pilot phase. The selection of respondents and the questionnaire will be reviewed at the end of the pilot phase.
- Bank of Ireland
- Barclays
- Bayerische Landesbank
- BBVA
- Belfius Bank
- BNP Paribas
- BPCE/Natixis
- Caixa Geral de Depósitos
- Caixabank
- Citigroup
- Commerzbank
- Credit Agricole CIB
- Credit Suisse
- Deutsche Bank
- DZ Bank
- Erste Bank
- Goldman Sachs
- HSBC
- ING
- Intesa Sanpaolo
- LBBW
- Mediobanca
- Morgan Stanley
- Muzinich
- Nomura
- Nordea
- Santander
- Société Générale
- State Street
- Unicredit
Last updated 25 September 2019