Speeches and interviews by European Central Bank (ECB) policymakers can move markets as much as formal monetary policy announcements, according to an ECB study published on Thursday. The research, by economists Klodiana Istrefi, Florens Odendahl and Giulia Sestrieri, found that markets respond not only to the ECB's monetary policy decisions every six weeks, but also to what prominent policymakers say between meetings. These interventions can shape market expectations about the direction of monetary policy, which in turn affects inflation and unemployment across the euro area.
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