ECB communicates ‘intensively’ on fiscal policy, says paper


A working paper published by the European Central Bank (ECB) today (September 25) examines how central banks communicate on fiscal policy.

The authors, Julien Allard, Marco Catenaro, Jean-Pierre Vidal and Guido Wolswijk, find the ECB communicates "intensively" on fiscal policy. Whereas the Federal Reserve, the Bank of Japan, and the Bank of England devote about 2–4% of their main monetary policy communication outlet to fiscal issues, about 12% of the ECB's introductory statements focus on fiscal

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