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ECB signals beyond meetings: insights from 5,100 events

Published on the 1st of August 2025

logo de l'euro sur la tour de la BCE à Francfort

Post No. 411. We track how markets reacted to over 5,000 communication events by Governing Council members. We find that communication between monetary policy meetings often moves markets as much as formal ECB decisions, and helps identify how monetary policy affects interest rate expectations, stock markets, inflation, and unemployment in the euro area.

Updated on the 1st of August 2025