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href="/mopo/eaec/diversity/html/index.en.html">Economic diversity</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.en.html">Labour market</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.en.html">Market contact groups</a><a href="#" class="subpages" title="toggle subpages for Market contact groups"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.en.html">Bond market (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.en.html">Money market (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.en.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.en.html">ECB Operations managers group (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.en.html">Foreign exchange (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.en.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.en.html">Payments & financial stability</a><a href="#" class="subpages" title="toggle subpages for Payments & financial stability"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Payments & financial stability</div> <p>Insights into our work on financial stability and payments and market infrastructures</p> <a href="/paym/html/index.en.html">Overview of payments and financial stability</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Digital euro</a></li> <li><a href="/press/intro/html/index.en.html">Payments news & events</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use 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href="/paym/target/t2/governance/html/index.en.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.en.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.en.html">Pricing</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.en.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.en.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.en.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.en.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.en.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.en.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET professional use documents & links</a><a href="#" class="subpages" title="toggle subpages for TARGET professional use documents & links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.en.html">Shared features documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.en.html">T2 documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.en.html">T2S documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.en.html">TIPS documents & links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.en.html">ECMS documents & links</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.en.html">Integration and innovation</a><a href="#" class="subpages" title="toggle subpages for Integration and innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.en.html">Distributed ledger technologies</a><a href="#" class="subpages" title="toggle subpages for Distributed ledger technologies"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.en.html">Exploratory work</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.en.html">Retail payments</a><a href="#" class="subpages" title="toggle subpages for Retail payments"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.en.html">Retail payments strategy</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.en.html">ECB as a catalyst</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.en.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.en.html">Instant payments</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.en.html">Collateral management harmonisation</a><a href="#" class="subpages" title="toggle subpages for Collateral management harmonisation"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.en.html">Implementation</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.en.html">FAQ</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.en.html">Cyber resilience</a><a href="#" class="subpages" title="toggle subpages for Cyber resilience"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.en.html">Financial market infrastructures</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.en.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.en.html">Oversight</a><a href="#" class="subpages" title="toggle subpages for Oversight"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.en.html">Payment systems</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.en.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.en.html">Electronic payments</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.en.html">Securities settlement systems and central counterparties</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.en.html">Critical service providers</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.en.html">Correspondent and custodian banks</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.en.html">SecuRe Pay forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.en.html">Reserve management services</a><a href="#" class="subpages" title="toggle subpages for Reserve management services"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.en.html">Key aspects</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.en.html">Range of services</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.en.html">Cash professionals</a><a href="#" class="subpages" title="toggle subpages for Cash professionals"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.en.html">Cash handling</a><a href="#" class="subpages" title="toggle subpages for Cash handling"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.en.html">Authentication devices</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.en.html">Recirculation of banknotes</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.en.html">Common detector interface specifications</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.en.html">Banknote manufacturer accreditation</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.en.html">Payment contact groups</a><a href="#" class="subpages" title="toggle subpages for Payment contact groups"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.en.html">Advisory groups on market infrastructures</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.en.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.en.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.en.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Financial stability</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.en.html">Introduction to financial stability</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.en.html">Macroprudential Measures</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.en.html">Financial stability contact groups</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.en.html">Statistics</a><a href="#" class="subpages" title="toggle subpages for Statistics"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistics</div> <p>Access to all ECB statistics and background information</p> <a href="/stats/html/index.en.html">Overview of ECB statistics</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Main figures</a></li> <li><a href="https://data.ecb.europa.eu/">ECB Data Portal</a></li> <li><a href="/press/stats/html/index.en.html">Statistical releases</a></li> </ul> </div> <a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">THE ECB BLOG - Improved data: how climate change impacts banks</div> <div class="image-date">18 April 2024</div> </a> </div></div><ul><li class="clearfix"><span>Frequently accessed</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.en.html">Euro exchange rates</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.en.html">Key ECB interest rates</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.en.html">Euro short-term rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro short-term rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.en.html">Interest rate benchmarks</a><a href="#" class="subpages" title="toggle subpages for Interest rate benchmarks"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.en.html">Working group on euro risk-free rates</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.en.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.en.html">Euro area yield curves</a></li><li class="clearfix"><span>All statistics & background</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.en.html">All key statistics</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.en.html">All data services</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.en.html">Data reporting & standards</a><a href="#" class="subpages" title="toggle subpages for Data reporting & standards"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.en.html">Governance and quality framework</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.en.html">Co-operation and standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.en.html">Banks’ data reporting</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.en.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.en.html">AnaCredit Q&A</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.en.html">Public consultations</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.en.html">Banking industry dialogue on ESCB statistics and integrated reporting</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.en.html">SDMX – statistical data exchange model</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.en.html">INEXDA - granular data network</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.en.html">The euro</a><a href="#" class="subpages" title="toggle subpages for The euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">The euro</div> <p>All you need to know about our common currency</p> <a href="/euro/html/index.en.html">Overview of the euro</a> <hr> <div class="nav-title">Quick links</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Cash professionals</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Banknote and coins statistics</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro exchange rates</a></li> </ul> </div> <a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Study on the payment attitudes of consumers in the euro area (SPACE) – 2024</div> <div class="image-date">19 December 2024</div> </a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.en.html">Digital euro</a><a href="#" class="subpages" title="toggle subpages for Digital euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.en.html">What it is</a><a href="#" class="subpages" title="toggle subpages for What it is"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.en.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.en.html">How it works</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.en.html">Why we need it</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.en.html">Timeline and progress</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.en.html">In-depth information</a><a href="#" class="subpages" title="toggle subpages for In-depth information"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.en.html">Governance and stakeholder engagement</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.en.html">Technical documents and research</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.en.html">Scheme rulebook</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="clearfix"><span>Cash</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.en.html">The Eurosystem cash strategy</a><a href="#" class="subpages" title="toggle subpages for The Eurosystem cash strategy"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.en.html">The role of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.en.html">Issuance and circulation</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.en.html">Access to and acceptance of cash</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.en.html">Frequently asked questions</a></li></ul></li><li class="has-subpages"><a 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<div class="header fast image-attribution -small" data-image-webp="/pub/shared/img/header.webp" data-image="/pub/shared/img/header.jpg"> <div data-image="/pub/shared/img/header.jpg" data-image-webp="/pub/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="title"> <h1>Simon Mee</h1> </div><div class="profile-box -top-arrow -portrait-img"><div class='upper'> <div data-image='/pub/research/authors/profiles/profile_pics/author_picture_simon-mee.jpg'></div> <div class='content-box'> <h4>Counsel to the Executive Board</h4> <dl> <dt>Current Position</dt> <dd> <p>Senior Economist</p> </dd><dt>Fields of interest</dt> <dd> <p>Macroeconomics and Monetary Economics,International Economics</p> </dd><dt>Email</dt> <dd> <p><a href='mailto:simon.mee@ecb.europa.eu'>simon.mee@ecb.europa.eu</a></p> </dd> </dl> </div> </div><div class='lower'><div class='tabs-container -white-blue'><input id='t1' name='author-tab-group' type='radio' checked> <label for='t1'><span class='arrow'></span>Biography</label> <div class='tab-content'> <dl><div> <dt>Education</dt><dd><span>2012-17</span><p>DPhil in Economic and Social History, University of Oxford, United Kingdom</p> </dd><dd><span>2010-11</span><p>MPhil in Modern European History, University of Cambridge, United Kingdom</p> </dd><dd><span>2005-09</span><p>BA (Hons.) in Economics and History, Trinity College Dublin, Ireland</p> </dd></div><div> <dt>Professional experience</dt><dd><span>2022-2024</span><p>Economist - Counsel to the Executive Board, European Central Bank</p> </dd><dd><span>2019-2022</span><p>Graduate Programme Participant - European Central Bank</p> </dd><dd><span>2018-2019</span><p>Communications Specialist - Global Media Relations Division, Directorate General Communications, European Central Bank</p> </dd><dd><span>2017-2018</span><p>Trainee - Global Media Relations Division, Directorate General Communications, European Central Bank</p> </dd><dd><span>2011-12</span><p>Financial Journalist - Treasury Today Magazine</p> </dd><dd><span>2011-11</span><p>Nico Colchester Fellow - Financial Times</p> </dd></div><div> <dt>Awards</dt><dd><span>2020</span><p>Choice Outstanding Academic Title Award, ACRL Choice</p> </dd><dd><span>2017</span><p>PhD Prize of the German Historical Institute London, GHIL</p> </dd><dd><span>2009</span><p>Gold Medal in Economics and History, Trinity College Dublin</p> </dd></div> </dl> </div><input id='t2' name='author-tab-group' type='radio'> <label for='t2'><span class='arrow'></span>ECB publications</label> <div class='tab-content'><div class="definition-list "><dl><dt isoDate="2022-10-13"><div class="date">13 October 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog221013~49c1c90896.en.html" >A plain-speaking central bank: contradiction in terms?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/gabriel-gloeckler.en.html" >Gabriel Glöckler</a></li><li><a href="/pub/research/authors/profiles/simon-mee.en.html" >Simon Mee</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog221013~49c1c90896.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Related</div></div><div class="content-box"><div class="definition-list "><dl><dt isoDate="2022-08-24"><div class="date">24 August 2022</div></dt><dd><div class="category">THE ECB BLOG</div><div class="title"><a href="/press/blog/date/2022/html/ecb.blog220824~3262248a2e.en.html" >Can the ECB gain credibility by explaining its strategy?</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/michael-ehrmann.en.html" >Michael Ehrmann</a></li><li><a href="/pub/research/authors/profiles/dimitris-georgarakos.en.html" >Dimitris Georgarakos</a></li><li><a href="/pub/research/authors/profiles/geoff-kenny.en.html" >Geoff Kenny</a></li></ul></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/blog/date/2022/html/ecb.blog220824~3262248a2e.en.html"> <span class="ecb-full">English</span></a></span></div></dd></dl></div></div></div></dd><dt isoDate="2022-01-12"><div class="date">12 January 2022</div></dt><dd><div class="category">ECONOMIC BULLETIN - ARTICLE</div><div class="title"><a href="/press/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html" >ECB Communication with the wider public</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/marius-gardt.en.html" >Marius Gardt</a></li><li><a href="/pub/research/authors/profiles/siria-angino.en.html" >Siria Angino</a></li><li><a href="/pub/research/authors/profiles/simon-mee.en.html" >Simon Mee</a></li><li><a href="/pub/research/authors/profiles/gabriel-gloeckler.en.html" >Gabriel Glöckler</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 8, 2021</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/articles/2022/html/ecb.ebart202108_02~5c1e5a116d.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>How central banks communicate matters. Communication has become a key instrument to make policy more effective and improve central banks’ transparency and accountability, ultimately helping to build trust among the wider public whom they serve. As part of its recent strategy review, the ECB analysed how its communication, in particular with the wider public, can be improved. This article further complements the findings of the strategy review. The article aims to provide a better understanding of the ECB’s audiences among the wider public, what matters to them, and what happens between the sending and the receiving end of ECB communication. The findings point to possible avenues to make the ECB’s monetary policy communication more effective.</dd><dt>JEL Code</dt><dd><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2021-09-21"><div class="date">21 September 2021</div></dt><dd><div class="category">OCCASIONAL PAPER SERIES - No. 274</div><div class="title"><a href="/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf?63436ac843159bdf4afcf0115e7f146f" >Clear, consistent and engaging: ECB monetary policy communication in a changing world</a></div><div class="authors"><div class='accordion'><div class="header"><div class="title">Work stream on monetary policy communications</div></div><div class="content-box"><ul><li><a href="/pub/research/authors/profiles/katrin-assenmacher.en.html" >Katrin Assenmacher</a></li><li><a href="/pub/research/authors/profiles/gabriel-gloeckler.en.html" >Gabriel Glöckler</a></li><li><a href="/pub/research/authors/profiles/sarah-holton.en.html" >Sarah Holton</a></li><li><a href="/pub/research/authors/profiles/peter-trautmann.en.html" >Peter Trautmann</a></li><li><a href="/pub/research/authors/profiles/demosthenes-ioannou.en.html" >Demosthenes Ioannou</a></li><li><a href="/pub/research/authors/profiles/simon-mee.en.html" >Simon Mee</a></li><li><a href="/pub/research/authors/profiles/conception-alonso.en.html" >Conception Alonso</a></li><li><a href="/pub/research/authors/profiles/eleni-argiri.en.html" >Eleni Argiri</a></li><li><a href="/pub/research/authors/profiles/filippo-arigoni.en.html" >Filippo Arigoni</a></li><li><a href="/pub/research/authors/profiles/klara-bakk-simon.en.html" >Klára Bakk-Simon</a></li><li><a href="/pub/research/authors/profiles/stephanie-bergbauer.en.html" >Stephanie Bergbauer</a></li><li><a href="/pub/research/authors/profiles/marie-therese-bitterlich.en.html" >Marie Therese Bitterlich</a></li><li><a href="/pub/research/authors/profiles/jennifer-byron.en.html" >Jennifer Byron</a></li><li><a href="/pub/research/authors/profiles/alexandre-carvalho.en.html" >Alexandre Carvalho</a></li><li><a href="/pub/research/authors/profiles/marco-catenaro.en.html" >Marco Catenaro</a></li><li><a href="/pub/research/authors/profiles/evangelos-charalampakis.en.html" >Evangelos Charalampakis</a></li><li><a href="/pub/research/authors/profiles/marjolein-deroose.en.html" >Marjolein Deroose</a></li><li><a href="/pub/research/authors/profiles/michael-ehrmann.en.html" >Michael Ehrmann</a></li><li><a href="/pub/research/authors/profiles/ricardo-fernandez.en.html" >Ricardo Fernandez</a></li><li><a href="/pub/research/authors/profiles/clodomiro-ferreira.en.html" >Clodomiro Ferreira</a></li><li><a href="/pub/research/authors/profiles/giuseppe-ferrero.en.html" >Giuseppe Ferrero</a></li><li><a href="/pub/research/authors/profiles/marius-gardt.en.html" >Marius Gardt</a></li><li><a href="/pub/research/authors/profiles/dimitris-georgarakos.en.html" >Dimitris Georgarakos</a></li><li><a href="/pub/research/authors/profiles/pavel-gertler.en.html" >Pavel Gertler</a></li><li><a href="/pub/research/authors/profiles/alessandro-giovannini.en.html" >Alessandro Giovannini</a></li><li><a href="/pub/research/authors/profiles/olga-goldfayn-frank.en.html" >Olga Goldfayn-Frank</a></li><li><a href="/pub/research/authors/profiles/robert-goodhead.en.html" >Robert Goodhead</a></li><li><a href="/pub/research/authors/profiles/roel-grandia.en.html" >Roel Grandia</a></li><li><a href="/pub/research/authors/profiles/jenni-hellstroem.en.html" >Jenni Hellström</a></li><li><a href="/pub/research/authors/profiles/nils-hernborg.en.html" >Nils Hernborg</a></li><li><a href="/pub/research/authors/profiles/niko-herrala.en.html" >Niko Herrala</a></li><li><a href="/pub/research/authors/profiles/mathias-hoffmann.en.html" >Mathias Hoffmann</a></li><li><a href="/pub/research/authors/profiles/patrick-huertgen.en.html" >Patrick Huertgen</a></li><li><a href="/pub/research/authors/profiles/michael-ioannidis.en.html" >Michael Ioannidis</a></li><li><a href="/pub/research/authors/profiles/klodiana-istrefi.en.html" >Klodiana Istrefi</a></li><li><a href="/pub/research/authors/profiles/krista-kalnberzina.en.html" >Krista Kalnberzina</a></li><li><a href="/pub/research/authors/profiles/danielle-kedan.en.html" >Danielle Kedan</a></li><li><a href="/pub/research/authors/profiles/geoff-kenny.en.html" >Geoff Kenny</a></li><li><a href="/pub/research/authors/profiles/georgi-kocharkov.en.html" >Georgi Kocharkov</a></li><li><a href="/pub/research/authors/profiles/tobias-linzert.en.html" >Tobias Linzert</a></li><li><a href="/pub/research/authors/profiles/marta-manrique.en.html" >Marta Manrique</a></li><li><a href="/pub/research/authors/profiles/victor-marquez.en.html" >Víctor Márquez</a></li><li><a href="/pub/research/authors/profiles/ricardo-mestre.en.html" >Ricardo Mestre</a></li><li><a href="/pub/research/authors/profiles/justus-meyer.en.html" >Justus Meyer</a></li><li><a href="/pub/research/authors/profiles/emanuel-moench.en.html" >Emanuel Mönch</a></li><li><a href="/pub/research/authors/profiles/stefano-nardelli.en.html" >Stefano Nardelli</a></li><li><a href="/pub/research/authors/profiles/elisa-newby.en.html" >Elisa Newby</a></li><li><a href="/pub/research/authors/profiles/nele-nomm.en.html" >Nele Nomm</a></li><li><a href="/pub/research/authors/profiles/lora-pavlova.en.html" >Lora Pavlova</a></li><li><a href="/pub/research/authors/profiles/adrian-penalver.en.html" >Adrian Penalver</a></li><li><a href="/pub/research/authors/profiles/reet-reedik.en.html" >Reet Reedik</a></li><li><a href="/pub/research/authors/profiles/kilian-rieder.en.html" >Kilian Rieder</a></li><li><a href="/pub/research/authors/profiles/corina-ruhe.en.html" >Corina Ruhe</a></li><li><a href="/pub/research/authors/profiles/anna-samarina.en.html" >Anna Samarina</a></li><li><a href="/pub/research/authors/profiles/martin-santa.en.html" >Martin Šanta</a></li><li><a href="/pub/research/authors/profiles/fabian-schupp.en.html" >Fabian Schupp</a></li><li><a href="/pub/research/authors/profiles/guido-schultefrankenfeld.en.html" >Guido Schultefrankenfeld</a></li><li><a href="/pub/research/authors/profiles/geert-sciot.en.html" >Geert Sciot</a></li><li><a href="/pub/research/authors/profiles/maria-silgoner.en.html" >Maria Silgoner</a></li><li><a href="/pub/research/authors/profiles/ifigeneia-skotida.en.html" >Ifigeneia Skotida</a></li><li><a href="/pub/research/authors/profiles/aliki-stylianou.en.html" >Aliki Stylianou</a></li><li><a href="/pub/research/authors/profiles/eva-taylor.en.html" >Eva Taylor</a></li><li><a href="/pub/research/authors/profiles/johannes-tischer.en.html" >Johannes Tischer</a></li><li><a href="/pub/research/authors/profiles/andrea-tiseno.en.html" >Andrea Tiseno</a></li><li><a href="/pub/research/authors/profiles/michael-weber.en.html" >Michael Weber</a></li><li><a href="/pub/research/authors/profiles/bernhard-winkler.en.html" >Bernhard Winkler</a></li></ul></div></div></div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='pdf' lang="en" href="/pub/pdf/scpops/ecb.op274~9aca14e6f6.en.pdf"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to expert and non-expert audiences is essential in an environment of an ever-increasing need by central banks to reach these audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was established, the communications landscape has changed dramatically and continues to evolve. This paper outlines how better communication, including greater engagement with the wider public, could help boost people’s understanding of and trust in the Eurosystem.</dd><dt>JEL Code</dt><dd><strong>E43</strong> : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd><dt isoDate="2020-07-30"><div class="date">30 July 2020</div></dt><dd><div class="category">ECONOMIC BULLETIN - BOX</div><div class="title"><a href="/press/economic-bulletin/focus/2020/html/ecb.ebbox202005_03~12b5ff68bf.en.html" >The impact of the ECB’s monetary policy measures taken in response to the COVID-19 crisis</a></div><div class="authors"><ul><li><a href="/pub/research/authors/profiles/john-hutchinson.en.html" >John Hutchinson</a></li><li><a href="/pub/research/authors/profiles/simon-mee.en.html" >Simon Mee</a></li></ul></div><div class="main-publication">Economic Bulletin Issue 5, 2020</div><div class="ecb-langSelector"><span class="offeredLanguage"><a class='arrow' lang="en" href="/press/economic-bulletin/focus/2020/html/ecb.ebbox202005_03~12b5ff68bf.en.html"> <span class="ecb-full">English</span></a></span></div><div class='accordion'><div class="header"><div class="title">Details</div></div><div class="content-box"><dl><dt>Abstract</dt><dd>This box examines the impact of the ECB’s monetary policy measures taken in response to the coronavirus (COVID-19) crisis, focusing on asset purchases and the targeted longer-term refinancing operations (TLTRO III). It outlines how the ECB’s response centred on addressing three key issues: (i) market stabilisation, (ii) providing central bank liquidity to maintain credit provision to the real economy, and (iii) ensuring that the overall monetary policy stance is sufficiently accommodative. The box sets out in detail how the ECB’s measures have indeed proved an effective and efficient response to the COVID-19 crisis, in turn providing crucial support to the real economy and to price stability across two dimensions, namely underpinning the medium-term growth and inflation outlook and removing tail risks around the baseline outlook. These measures are a proportionate response under current conditions given that the ECB’s price stability objective would have been subject to further downside risks in the absence of such measures.</dd><dt>JEL Code</dt><dd><strong>E50</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General<br/><strong>E52</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy<br/><strong>E58</strong> : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies<br/></dd></dl></div></div></dd></dl></div></div><input id='t3' name='author-tab-group' type='radio'> <label for='t3'><span class='arrow'></span>External publications</label> <div class='tab-content'><div class="definition-list"><dl><dt><div>2019</div></dt><dd><div class="category">Cambridge University Press</div><div class="title">Central Bank Independence and the Legacy of the German Past</div><div class="authors"><ul><li>Mee, S.</li></ul></div></dd></dl></div></div></div></div></div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Are you happy with this page?</div> <a class="button -inverted-color" id="feedback-yes">Yes</a> <a class="button -inverted-color" id="feedback-no">No</a> </div> <div class="second hidden"> <div class="title">What made you unhappy?</div> <a class="button -inverted-color" id="feedback-broken">Page not working</a> <a class="button -inverted-color" id="feedback-content">Information not useful</a> <a class="button -inverted-color" id="feedback-design">Design not attractive</a> <a class="button -inverted-color" id="feedback-other">Something else</a> </div> <div class="final hidden"> <div class="title">Thank you for letting us know!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"> <a href="/home/sitedir/html/index.en.html" title="Site Directory">Site directory</a> </div> <div class="socialLinks"> <a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Official social media channels">FOLLOW US</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS news feeds"></a> </div> </div><div class="ecb-footerBottom"> <p><span>Copyright 2025, </span>European Central Bank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Useful links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Work with us</a></li> <li><a href="/services/glossary/html/index.en.html">Glossary</a></li> <li><a href="/services/links/html/index.en.html">Other institutions</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Using our site</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Disclaimer & Copyright</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Privacy statement</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Language policy</a></li> <li><a href="/services/using-our-site/technical-updates/html/index.en.html">Technical updates to this site</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Corporate Policies</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Data Protection</a></li> <li><a href="/services/html/accessibility-statement.en.html">Accessibility statement</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Access to documents</a></li> <li><a href="/services/responsible-disclosure/html/index.en.html">Responsible disclosure</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Contact</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/ecb/contacts/html/index.en.html">Contacts</a></li> <li><a href="/services/contacts/address/html/index.en.html">Address</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Public holidays</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; 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