Speeches and interviews given by policymakers between ECB Governing Council meetings can move financial markets just as much as the monetary policy decisions themselves. This blog shows how they can also help measure the effects of monetary policy on euro area inflation and unemployment. The formal policy announcement that follows each Governing Council meeting held approximately every six weeks is the ECBs primary channel for communicating its monetary policy stance. However, communication does not stop between meetings. Central banks can also shape economic outcomes through their communication with experts and the wider public.
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